Refurbished medical equipment offers a cost-effective and eco-friendly alternative to expensive new medical devices for healthcare providers. Medical equipment such as X-ray machines, CT scanners, MRI machines, ultrasound machines and other equipment are refurbished to provide similar functionality as new equipment at a significantly lower price. This provides access to advanced medical technologies to smaller clinics and hospitals at an affordable cost.
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:
The increased adoption of refurbished medical equipment is one of the key trends driving the growth of this market. Several factors such as budget constraints faced by smaller healthcare facilities, growing need for cutting-edge medical technologies, and cost-saving benefits of refurbished devices compared to new ones are contributing to the rising preference for refurbished medical equipment. According to the Joint Commission on Accreditation of Healthcare Organizations, using refurbished devices can help reduce overall equipment costs by 20-65% while providing high-quality care. The availability of OEM warranties and regulatory approval for most types of refurbished equipment is encouraging more hospitals and clinics to consider refurbished options.
Segment Analysis
The global refurbished medical equipment market is segmented based on type and end user. Based on type, diagnostic equipment segment is expected to remain the most dominating sub-segment in the forecast period. Majority of medical imaging devices such as CT scanners, MRI scanners, ultrasound systems and X-ray systems available in the market are refurbished ones as their lifespan is more than a decade if maintained properly.
Key Takeaways
The Global Refurbished Medical Equipment Market Demand is expected to witness high growth.
North America region currently dominates the market due to presence of large number of refurbished medical equipment companies. Stringent regulations regarding maintenance and trade of refurbished medical devices in the US and Canada drives significant market demand. The Asia Pacific region is identified as the fastest growing regional market owing to improving healthcare infrastructure and growing medical tourism in countries like India, China and Vietnam.
Key players operating in the refurbished medical equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Block Imaging International Inc, Soma Technology Inc. and Agito Medical A/S. GE Healthcare is the global leader with largest market share owing to vast portfolio of refurbished diagnostic imaging and patient monitoring devices. Philips Healthcare also offers a wide range of pre-owned medical equipment including MRI, CT, X-ray, ultrasound, patient monitoring devices.
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