The global refurbished medical equipment market was valued US$ 6.3 Bn in 2017, and is expected to register a CAGR of over 9.7%. The first five-year cumulative revenue (2017–2021) is projected to be over US$ 38 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.
Companies are using online platforms for selling refurbished medical equipment as these increase visibility, provide more information regarding products, allow view of reviews and feed-back, expands customer base, and offer selection from a wide variety of products. In addition, companies are strategizing on offering discounts in order to cater to growing demand for cost-effective medical equipment.
On the basis of type, the market is segmented into operating room equipment & surgical equipment, patient monitors and defibrillators, medical imaging equipment, cardiovascular & cardiology equipment, neurology equipment, IV therapy systems, and others. Cardiovascular & cardiology equipment segment accounts for highest CAGR in the near future owing to increase in number of cardio vascular diseases incidences across the world.
The medical imaging equipment type segment in the global refurbished medical equipment market is estimated to account for majority revenue share in 2017, and this segment is projected to be US$ 4,100.8 Mn in 2017.
On the basis of application, the market is segmented into hospitals, clinical centers, group purchasing organizations (GPOs), medical research laboratories, academic medical centers and universities. Hospitals is leading the application segment in the global refurbished medical equipment market owing to budget constraints for public as well as private hospitals in developing and under-developed regions coupled with rising focus of hospitals on reducing capital expenditure as well as spending on medical devices and equipment.
The hospitals application segment in the global refurbished medical equipment market is expected to account for highest revenue share of US$ 3,079.4 Mn in 2017, and is expected to continue its dominance during the forecast period.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is estimated to account for second highest share in terms of revenue over the forecast period. COCIR, (the European trade association for the radiological, electro medical and healthcare IT industry), initiated new code of conduct which will guide COCIR members interacting with healthcare professionals, and demonstrates the way COCIR companies handle refurbished medical devices to ensure safety, quality, and continued performance, which is expected to be major factor driving growth of the refurbished medical equipment market in the region.
The refurbished medical equipment market in North America is estimated to account for major revenue share of US$ 2,700.1 Mn in 2017, and is expected to register lucrative CAGR in next ten years, owing to growing number of private hospitals in the region.
Key players operating in the global refurbished medical equipment market include Radiology Oncology Systems, Inc., Everx Pvt Ltd., Koninklijke Philips N.V., Integrity Medical Systems, Inc., Agito Medical A/S, DRE Inc., SOMA Technology, Inc., Block Imaging International, Inc., Siemens Healthineers AG, and GE Healthcare Inc.