by Market Overview:
The refurbished medical equipment market involves rebuilding used and old medical devices to like-new condition through processes like disassembly, inspection, cleaning, repair, replacement of parts, and reassembly. This helps extend the useful life of devices like MRI and CT scanners, patient monitors, radiology and cardiology equipment at lower prices compared to new ones.
Market Dynamics:
The key drivers propelling the growth of refurbished medical equipment market include growing need to decrease healthcare costs, stringent regulations regarding disposal of used medical devices, and increasing demand for cost-effective medical equipment in emerging countries. Additionally, increasing penetration of multi-national companies offering refurbishment services along with their product sales further supplements the market growth. Rising awareness among healthcare providers about benefits of refurbished devices also contributes to the market expansion.
Market Key Trends:
The refurbished medical equipment market has seen a rise in demand for refurbished medical devices due to their lower costs compared to new devices. As healthcare costs continue to rise globally, demand for pre-owned medical equipment that performs as good as new has increased. Refurbished devices enable healthcare facilities, especially those in developing regions, to access advanced medical technologies without breaking their budgets.
The global Refurbished Medical Equipment Market is estimated to be valued at US$ 10.8 Billion in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Refurbishing used medical devices helps reduce medical waste and promotes sustainability in the healthcare industry.
Weakness: Refurbished devices may not have the same durability and life expectancy as new devices. There are also concerns about the quality control and testing standards.
Opportunity: Growing demand for cost-effective medical solutions in emerging markets offers significant opportunity for growth.
Threats: Strict regulations surrounding the sale and use of refurbished devices in some countries poses challenges.
Key Takeaways
The global refurbished medical equipment market is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period of 2023-2030, due to increasing demand for affordable healthcare solutions.
Regional analysis: North America currently dominates the market owing to presence of major players and rising healthcare expenditure. Asia Pacific is expected to witness fastest growth due to large patient population and increasing medical tourism in countries like India and China.
Market size: The refurbished medical equipment market was valued at US$ 10.8 billion in 2023.
Key players: Key players operating in the refurbished medical equipment market are GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S. These players are focusing on expansion in emerging markets through partnerships.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
