Refurbished medical equipment refers to medical devices that have been previously used and are being used again after sanitization, reconditioning, and quality assurance checks. Refurbished medical devices offer significant cost savings to hospitals as they are priced significantly lower than new devices. With the rising healthcare costs globally, there has been an increased adoption of refurbished medical equipment by healthcare facilities to reduce their budgets.
Market Opportunity:
Reducing healthcare costs presents a major market opportunity for the refurbished medical equipment market. Healthcare costs have been consistently rising globally, burdening governments and individuals. It is estimated that around 800 million people spend at least 10% of their household budgets on out-of-pocket healthcare expenses each year. The use of refurbished medical equipment provides significant savings to healthcare facilities as they are available at 40-60% lower prices compared to new equipment. This allows hospitals to expand their infrastructure and services while staying within budget constraints. The cost benefits of refurbished equipment are thus expected to drive greater adoption, especially in developing regions, presenting lucrative growth opportunities for players in the refurbished medical equipment market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low as the refurbished medical equipment market requires significant investments and strong distribution network.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established suppliers offering refurbished medical equipment at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they depend on a few large original equipment manufacturers and distributors.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute products for refurbished medical equipment.
Competitive rivalry: The competitive rivalry is high due to the presence of many regional and global players offering comparable product quality.
SWOT Analysis
Strength: Refurbished medical equipment ensures significant cost savings compared to new devices. It also allows healthcare facilities to upgrade older technology in a cost-effective manner.
Weakness: Refurbished medical equipment may have a shorter useful life remaining compared to new devices. There are also quality concerns among some customers.
Opportunity: Strong demand from hospitals and diagnostic centers in developing countries presents major growth opportunities. Rising equipment prices also drives the demand.
Threats: Strict regulations in some countries and negative perception about refurbished products are key threats. Intense competition from local and global players also poses challenges.
Key Takeaways
The Global Refurbished Medical Equipment Market Growth is expected to witness high over the forecast period driven by cost benefits and growing healthcare infrastructure in developing regions. The global Refurbished Medical Equipment Market is estimated to be valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030.
North America currently dominates the market owing to presence of large number of refurbishment companies and availability of advanced refurbished imaging systems. The Asia Pacific region is projected to grow at the fastest pace during the forecast period led by increasing healthcare investments and expansion of private healthcare facilities in China and India.
Key players operating in the refurbished medical equipment market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging International, and Agito Medical among others. These players focus on expanding service networks and strategic partnerships with hospitals to strengthen their market position.
Explore more information on this topic, Please visit -
https://www.ukwebwire.com/refurbished-medical-equipment-market-growth-and-forecasts-analysis/
Explore more trending article related this topic -
https://wotpost.com/wireless-waves-weaving-navigating-the-landscape-of-land-mobile-radio-systems/
Comments
0 comment