The global refurbished medical equipment market size is projected to reach USD 21.2 billion by 2025 from USD 12.1 billion in 2020, at a CAGR of 11.8%. Growth in the refurbished medical equipment industry can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies. However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth. Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period.
As of 2019, the key players operating in the global refurbished medical equipment market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US), Hilditch Group (UK), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), US Med-Equip (US), Fair Medical Co. Ltd. (Japan), Future Health Concepts (US), US Medical Systems, LLC. (US), Nationwide Imaging Services (US), Pacific Healthcare Imaging, LLC (US), Venture Medical ReQuip, Inc. (US), Desert Tech Medical Systems (US), Hi Tech International Group, Inc. (US), CURA Healthcare (India), JAPAN CENTRAL MEDICAL, INC. (Japan), HOYU AND CO., LTD. (Japan), Sanrad Medical Systems (India), BOND JAPAN CO., LTD. (Japan), FlexrayMedical ApS (Denmark), Amber Diagnostics (US), Rhombus Medical Equipment., LLC (UAE), Blue Start Limited (India), and Cielo Co., Ltd (Japan).
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Public companies operating in this market, GE, Philips, and Siemens, accounted for a significant share (over 50%) of this market in 2019. However, private companies such as Block Imaging, Avante Health Solutions, US Med-Equip, Integrity Medical Systems, Radiology Oncology Systems, among other companies, are also estimated to have a strong presence in this market and are competing with the major public companies for market share. Key companies in this market, such as US Med-Equip and Avante Health Solutions, are focusing on strategic expansions and collaborations to strengthen their presence in various regions and expand their customer base by offering products through certified refurbished processes.
Refurbished Medical Equipment Market by Product (Medical Imaging, Intensive Care Equipment, OR Equipment, Patient Monitors), Application (Cardiology, Neurology, Urology, Oncology), End User (Hospitals, Diagnostic Imaging Centers)-Global Forecasts to 2025
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