Refurbished Medical Equipment Market size was over USD 18.35 billion in 2023 and is anticipated to reach USD 81.95 billion by the end of 2036, witnessing around 12.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of refurbished medical equipment is assessed at USD 20.14 billion.
Growth of the market can be attributed to factors such as rising demand for low-cost electronic and diagnostic equipment, and the ample economic benefits to small-scale hospitals in using refurbished medical appliances. Furthermore, growing emphasis of the governments in many developed nations, such as the U.S.A, France, Germany and the United Kingdom to deploy sustainable operational means, is expected to create significant growth opportunities for market players. Comprehensive efforts by governmental and non-governmental organizations to make affordable healthcare available to all is also foreseen to further the expansion of this market.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
12.2% |
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Base Year Market Size (2023) |
USD 18.35 billion |
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Forecast Year Market Size (2036) |
USD 81.95 billion |
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Regional Scope |
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Based on equipment type, the segment for medical & diagnostic imaging equipment is projected to occupy the largest market share by the end of 2029 owing to the increase in demand for these devices. According to the World Health Organization (WHO), some surgical interventions can be avoided altogether if diagnostic imaging services such as ultrasound are available. Factors such as the high usefulness of diagnostic imaging equipment in various healthcare spaces, growing demand for early diagnosis of diseases, and high equipment durability are also anticipated to boost the growth of this segment. Additionally, on the basis of application, the market is segmented into diagnostic and therapeutic, out of which, the diagnostic imaging procedures segment is projected to generate the highest revenue in the year 2029 owing to the increasing number of patients and target diseases for these medical procedures, vast application of diagnostic processes and cost-effective price of imaging equipment.
Our in-depth analysis of the global market includes the following segments
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By Equipment Type |
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By Application |
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By End-User |
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North America Market Analysis
On the basis of geographical analysis, the global refurbished medical equipment market is segmented into five major regions including North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America industry is poised to dominate majority revenue share by 2036, led by extensive privatization of healthcare sector, larger number of refurbishment facilities, and high investment in healthcare sector in the region. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States spent the most on healthcare in 2018, accounting to 16.9% of the total GDP share. Furthermore, health spending per capita in the OECD countries is estimated to reach 10.2% of GDP by 2030.
APAC Market Statistics
Although during the forecast period, the refurbished medical equipment market in the Asia Pacific is expected to grow at the highest CAGR, owing to a larger patient pool, rising governmental concerns to provide affordable healthcare facilities to rural population, new regulatory reforms, and a high demand for refurbished medical equipment in low-budget hospitals and surgical centers.
Author Credits: Radhika Pawar
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