Refurbished Laboratory Equipment Market Estimated To Reach USD 37.6 Billion, Advancing At A CAGR Of 5.1% By 2031: Analysis By Transparency Market Research, Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Rising Costs of New Laboratory Equipment, Tightening Budgets in Academic, Clinical, and Research Labs and Growing Emphasis on Environmental Sustainability Augmenting Refurbished Laboratory Equipment market Size

Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 27, 2024 (GLOBE NEWSWIRE) -- As per the report published by Transparency Market Research, the global refurbished laboratory equipment market (개조된 실험실 장비 시장) was worth US$ 23.9 Bn in 2022 and is expected to reach US$ 37.6 Bn by the year 2031 at a CAGR of 5.1 % between 2023 and 2031.

Equipment and supplies for laboratories that have been previously owned and restored to full working order are referred to as refurbished equipment, and they tend to have brand-new specs. These equipment undergo a thorough refurbishment procedure that includes painstaking cleaning, replacing or repairing any worn-out or broken parts, re-calibration, and thorough quality control testing to guarantee that they satisfy the requirements set by the original manufacturers.

Refurbished Laboratory Equipment Market at a Glance

Refurbished laboratory equipment offer several key advantages such as cost savings. Refurbished equipment typically cost 30-70% less than brand-new models, thereby making advanced technology more accessible to smaller labs, research institutions, and start-ups. These systems undergo thorough testing and recalibration, ensuring they meet manufacturer specifications, and guarantee reliability and performance.

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Additionally, opting for refurbished equipment promotes sustainability by reducing waste and minimizing the demand for new resources, aligning with increasing focus on environmental responsibility across industries.

The rising costs of new laboratory equipment and tightening budgets in academic, clinical, and research labs have spurred the adoption of refurbished devices. Government funding for research institutions and healthcare systems in emerging markets is often limited, making affordable alternatives like refurbished equipment attractive.

The global increase in healthcare services, pharmaceutical research, and biotechnology development has expanded the number of diagnostic labs and research centers. As these facilities proliferate, there is a growing need for cost-effective solutions, driving demand for refurbished laboratory tools.

As technology evolves rapidly, the turnover rate of laboratory equipment increases, with many labs upgrading to the latest systems. This leads to a robust secondary market where slightly older yet advanced equipment are refurbished and resold. As the pace of innovation accelerates, more high-tech devices are becoming available for refurbishment.

The growing focus on environmental sustainability has pushed industries to explore more eco-friendly options, with many turning to refurbished products. By purchasing refurbished laboratory equipment, organizations can significantly reduce their carbon footprint, as fewer resources are needed to refurbish than to manufacture new devices.

Refurbished equipment provides an affordable alternative for laboratories in emerging economies, where the high cost of brand-new technology can be prohibitive. Countries in Asia-Pacific, Latin America, and Africa are experiencing a growing demand for laboratory equipment, and refurbished options are helping meet the needs of these cost-conscious markets.

These factors collectively fuel the expansion of the refurbished laboratory equipment market, helping laboratories balance cost, sustainability, and performance.

Refurbished Laboratory Equipment Market Report Scope:

Report Coverage	Details
Forecast Period	2022-2031
Base Year	2017-2021
Size in 2022	US$ 23.9 Bn
Forecast (Value) in 2031	US$ 37.6 Bn
Growth Rate (CAGR)	5.1%
No. of Pages	182 Pages
Segments covered	By Product, By End-use.

Refurbished Laboratory Equipment Market Regional Insights

• North America generated the largest market value in 2023. The region is expected to maintain its dominance during the forecast period as well.

According to the latest refurbished laboratory equipment market analysis, North America held the largest share in 2022. Increasing demand for diagnostic testing, growing focus on environmental sustainability, continuous advancements in technology leading to rapid obsolescence of laboratory equipment, well-established healthcare infrastructure, advanced diagnostic capabilities, and a high number of research and development activities are some of the factors driving the refurbished laboratory equipment market share in North America.

Prominent Players Operating in the Refurbished Laboratory Equipment Industry

Thermo Fisher Scientific, Inc., American Laboratory Trading, Inc., ARC Scientific LLC, American Instrument Exchange, SpectraLab Scientific, Inc., GenTech Scientific., International Equipment Trading Ltd., Copia Scientific, Inc., and Cambridge Scientific are some of the leading players operating in the sector.

In December 2022 , American Laboratory Trading (ALT), America's largest provider of premium and refurbished lab equipment, in conjunction with Heritage Global Partners (“HGP”), a worldwide leader in asset advisory and auction services, both subsidiaries of Heritage Global Inc. (NASDAQ: HGBL), announced that they would host an online auction of the laboratory equipment assets from Rubius Therapeutics in Cambridge, Massachusetts. The online-only auction opened on January 9 at 7:00 am ET and closed in sequential order at 10:00 am ET on January 11, 2023.

In February 2022 , Purity Scientific LLC, a parent company of GenTech Scientific which is a leading provider and servicer of refurbished scientific instruments, announced that it had acquired Conquer Scientific to provide a robust service network and an unparalleled inventory of refurbished analytical instruments.

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Refurbished Laboratory Equipment Market Segmentation

Product

• Analytical Equipment/Clinical Equipment
  • Chromatography Systems
  • Spectroscopy Instruments
  • Mass Spectrometers
  • Thermal Analyzers
  • Immunoassay Analyzers
  • Blood Gas Analyzers
  • Coagulation Analyzers
  • Others (Elemental Analyzers, Particle Size Analyzers, etc.)
• General Equipment
  • Centrifuges
  • Incubators
  • Ovens
  • Autoclaves
  • Safety cabinets
  • Others (Balances & Scales, Shakers & Stirrers, etc.)
• Specialty Equipment
  • DNA Sequencers
  • PCR Instruments
  • Flow Cytometers
  • Microscopes
  • Bioreactors
  • Others (microplate readers, x-ray diffraction systems, etc.)
• Support Equipment

End-user

• Healthcare Facilities
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutions
• Others

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About Transparency Market Research

Transparency Market Research , a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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