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Rapid Market Growth

• Current Market Size: Increased from $13.74 billion in 2023 to $16.05 billion in 2024.
• Growth Rate: Compound annual growth rate (CAGR) of 16.8%.
• Key Drivers:
  • Cost containment in healthcare.
  • Rising demand for affordable healthcare.
  • Extended lifecycle of equipment.
  • Environmental sustainability.
  • Access to advanced technology at lower costs.

Future Market Projections

• Future Projections: Expected to grow to $28.71 billion by 2028.
• Growth Rate: CAGR of 15.6%.
• Growth Factors:
  • Continued cost pressures in healthcare.
  • Global health challenges and resource allocation.
  • Increasing focus on emerging markets.
  • Technology upgrades and equipment obsolescence.
  • Rise in telehealth and remote care.

View More On The Refurbished Medical Equipment Market Report 2024 – https://www.thebusinessresearchcompany.com/report/refurbished-medical-equipment-global-market-report

Key Trends in the Forecast Period

• Environmental Sustainability: Emphasis on circular economy practices.
• Refurbished Surgical Equipment: Increasing focus on this segment.
• Warranty and Service Contracts: Enhanced availability.
• Government Initiatives: Supporting refurbished procurement.
• Refurbishment Technologies: Advancements driving efficiency.

Rising Health Issues Drive Demand

• Cancer and Cardiovascular Diseases: Significant contributors to market growth.
  • Cancer Statistics (2021): 1.9 million new cases and 608,570 deaths in the US.
  • Cardiovascular Diseases (2021): 17.9 million global deaths, 32% of all deaths.
• Impact: Increased demand for affordable diagnostic and treatment equipment.

Major Market Players

• Leading Companies:
  • Johnson & Johnson Services Inc.
  • Siemens Healthineers AG
  • Koninklijke Philips N.V.
  • Stryker Corporation
  • GE HealthCare Technologies Inc.
  • Canon Medical Systems Corporation
  • Toshiba Medical Systems Corp.
  • US Med-Equip Inc.
  • BC Technical Inc.
  • Soma Technology Inc.
  • Many more.

Innovations in Refurbishment Facilities

• Technological Innovations: Key to competitive advantage.
  • Example: Blue Star Ltd.’s Medical Diagnostic Equipment Refurbishment Facility launched in April 2022.
  • Facility Details: 15,000 sq ft with advanced technology and skilled professionals.
  • Customer Benefits: Comprehensive warranty and after-sales support.

Strategic Acquisitions

• Avista Capital Partners’ Acquisition of Probo Medical:
  • Date: February 2022.
  • Purpose: To meet growing demand for high-quality refurbished medical imaging equipment.
  • Outcome: Accelerated expansion and enhanced market presence.
  • Probo Medical: Specializes in refurbished diagnostic imaging equipment.

Market Segmentation

• By Product:
  • Medical Imaging Equipment
  • Operating Room & Surgical Equipment
  • Patient Monitors
  • Cardiology Equipment
  • Urology Equipment
  • Neurology Equipment
  • Intensive Care Equipment
  • Endoscopy Equipment
  • IV Therapy Systems
  • Other Products
• By Application:
  • Diagnostic
  • Therapeutic
• By End User:
  • Hospitals
  • Ambulatory Care Centers
  • Diagnostic Imaging Centers
  • Other End-users

Regional Insights

• North America: Largest market in 2023.
• Asia-Pacific: Predicted to record the fastest growth over the forecast period.

The refurbished medical equipment market is experiencing robust growth driven by cost containment, demand for affordable healthcare, and technological advancements. With a focus on sustainability and emerging markets, the future looks promising for continued expansion and innovation in this sector.

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