by Refurbished medical equipment includes pre-owned medical devices that have been cleaned, disinfected, inspected, repaired or updated and certified for resale and reuse by licensed technicians. Refurbished medical devices provide affordable care to patients and healthcare facilities.
The global refurbished medical equipment market is estimated to be valued at US$ 12.33 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing Trend of Adopting Cost-Effective Medical Devices
The growing trend of adopting cost-effective medical devices is expected to drive the refurbished medical equipment market growth over the forecast period. Healthcare facilities and hospitals are increasingly procuring refurbished medical devices to reduce their operational costs given rising healthcare expenditures. For instance, according to American Hospital Association, community hospitals spent around US$ 120 Bn on healthcare supplies including medical devices in 2019. Procuring refurbished medical devices can help reduce procurement costs by 30-50% compared to new devices. This is attracting more hospitals and clinics to adopt refurbished medical equipment for providing affordable care delivery without compromising quality
SWOT Analysis
Strength: Used refurbished medical equipment enables significant cost savings over new equipment. They also help reduce medical waste and promote sustainability.
Weakness: Refurbished equipment may have reliability issues due to prior usage. They also lack latest technology features available in new equipment.
Opportunity: Growing healthcare expenditure in developing nations provides an opportunity to supply high-quality refurbished equipment at affordable prices. Rising awareness about benefits of refurbished equipment also supports market growth.
Threats: Stringent regulations related to refurbishment standards pose challenges. Lack of common global standards for refurbished equipment is also a threat.
Key Takeaways
The Global Refurbished Medical Equipment Market Size is expected to witness high growth.
Regional analysis: Europe dominates the global market currently owing to presence of major refurbished equipment suppliers in countries like Germany and UK. Asia Pacific region is fastest growing market due to rising healthcare infrastructure and expenditure.
Key players operating in the refurbished medical equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Block Imaging International, Inc, Soma Technology, Inc., DRE Medical, Agito Medical A/S. The major players are focusing on geographical expansion and capacity extensions to increase their market share in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
