The refurbished medical equipment market comprises devices which have been pre-owned and restored to a condition which allows their effective functioning through repairs and replacement of compromised parts. Refurbished medical equipment such as ultrasound systems, CT scanners, wheelchairs, stretchers, hospital beds, surgical instruments and others offer several advantages such as cost savings of 40-60% as compared to new devices along with minimal disruption in device capabilities. With hospital infrastructure and budgets under increasing strain worldwide, demand is surging for pre-owned yet functionally equivalent medical equipment which help extend the usable life of devices.
The Global Refurbished Medical Equipment Market is estimated to be valued at US$ 14.21 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Refurbished Medical Equipment are Philips Healthcare, GE Healthcare, Siemens Healthineers, Block Imaging International, Inc, Soma Technology, Inc.
The key opportunities in the Refurbished Medical Equipment Market Demand include rising penetration in developing regions owing to increasing healthcare infrastructure and growing demand for budget-friendly diagnostic solutions. There is a substantial scope for expansion of online sales channels for refurbished equipment which offer additional benefits of inventory management and doorstep delivery convenience.
Globally, the market is witnessing increased growth across regions such as Asia Pacific and Latin America due to rapidly developing healthcare infrastructure and rising medical tourism. Several developing nations lack necessary infrastructure and resources to purchase high-cost new devices indicating lucrative prospects.
Market drivers
One of the major drivers for the refurbished medical equipment market is the significant cost savings offered over new devices. Refurbished equipment are available at 40-60% lower prices on average, helping healthcare providers optimize budgets and expand coverage. This cost-effectiveness is driving higher adoption rates particularly in developing markets where resources are limited. Affordable access to quality medical care through refurbished devices is becoming an important healthcare sustainability strategy globally.
PEST Analysis
Political: Regulations related to refurbishment and reuse of medical equipment requires monitoring to ensure patient safety standards are met.
Economic: Cost savings from refurbished equipment are attractive for healthcare providers seeking to optimize budgets.
Social: Growing environmental consciousness favors recycling and reuse over adding to medical waste. Acceptance of refurbished equipment is increasing.
Technological: Advances enable more sophisticated refurbishment and quality assurance processes, extending usable life of older medical technology and matching performance of new devices.
The refurbished medical equipment market in terms of value is concentrated in North America and Europe owing to well-established refurbishment industry and large base of hospitals and clinics. Both regions account for over 60% of the global market value led by the US, Germany, UK and France.
The fastest growing region for the refurbished medical equipment market is Asia Pacific with nearly 25% CAGR expected during the forecast period. This rapid growth is driven by expanding healthcare infrastructure, rising medical expenditures and increasing acceptance of refurbished devices among hospitals in China, India and other developing Asian nations seeking to provide quality care affordably.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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