Global Growth and Trends of the Refurbished Medical Equipment Market: Insights for 2021 to 2026

The market for refurbished medical equipment has seen significant growth and is expected to continue its upward trajectory over the next several years. According to recent reports, the market value was valued at around USD 10,130 million in 2020 and is projected to grow to USD 20,210 million by 2026, indicating a Compound Annual Growth Rate (CAGR) of 12.2% during the period from 2021 to 2026.

Drivers of Market Expansion

Several factors are contributing to the growth of the refurbished medical equipment market. Key drivers include cost-cutting pressures on healthcare organizations, a large inventory of outdated or used medical devices, the growing trend of medical tourism, and increased private healthcare investments. The advancement of technology has also played a significant role in fostering the trend of cost-effective purchasing, leading to the formation of the refurbished device market.

Asia-Pacific: The Fastest Growing Region

The Asia-Pacific region is expected to witness the highest growth in the refurbished medical devices market. This growth is driven by several factors:

The acceptance and use of refurbished medical gadgets such as patient monitoring devices is anticipated to increase in growing countries within the region. This is particularly true in the midst of a pandemic, as healthcare facilities seek cost-effective solutions. A growing number of hospitals and diagnostic centers, as well as increased emphasis on rural development by governments and private organizations, is driving the demand for refurbished medical devices. The presence of well-established enterprises in the region is also expected to bolster market expansion.

These factors contribute to a robust demand for refurbished medical equipment, positioning the Asia-Pacific region as a key leader in the global market.

Future Projections

The global refurbished medical imaging equipment market is also expected to experience substantial growth, with a projected market value of 21.14 billion by 2027. This projection is based on data from Polaris Market Research, underscoring the market's potential for significant expansion.

Conclusion

The refurbished medical equipment market is poised for substantial growth, driven by various factors including technology advancements, cost-cutting measures, and the need for cost-effective healthcare solutions. The Asia-Pacific region, in particular, is set to witness rapid growth, driven by the combination of increased healthcare needs, rural development efforts, and the presence of established industry players.

Further Reading

Refurbished Medical Devices Market: Growth, Trends, and Forecasts 2021-2026

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