The Refurbished medical equipment market is projected to reach USD 24.41 Billion by 2029 from USD 16.93 Billion in 2024, growing at a CAGR of 7.6 % during the forecast period. There are several important arguments supporting the increase of this refurbished medical equipment market. These include among others; it has become a low-cost substitute for healthcare providers; a pressure to cut healthcare costs; a number of developed areas such as the US and Europe usually have large amounts of surplus equipment which can be refurbished and sold in the marketplace; and finally, refurbishment complements eco-friendly practices since the amount of e-waste is greatly reduced. On the other hand, perception of quality, limited availability of spare parts, and ethical and liability concerns are some of the limitations that restrain this market.
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Prominent players in the Refurbished medical equipment market include GE Healthcare (United States), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), Block Imaging International,Inc. (US), Soma Technology, Inc. (US), Avante Health Solutions (US), and Canon Medical Systems Corp. (Japan), Mindray Medical International (China), Dragerwerk AG & Co. KGAA (Germany), Whittemore Enterprises (U.S.), Stryker (US), Directmed Parts & Services (US), Medline Industries (U.S.), Traco Medical (U.S.), and Nihon Kohden Corporation (Japan).
GE Healthcare (US): The refurbished medical equipment by GE Healthcare are all part of the total healthcare solutions that intend to offer cost-efficiency to healthcare providers without compromising quality. It may be helpful to mention the major drivers in the refurbished equipment market, which include improvement in diagnostic imaging and therapeutic equipment- oncology and cardiology among them- as well as increasing global affordability for reliable equipment in the healthcare setting. The refurbishment of such equipment is part and parcel of developing the larger agenda of precision health and digital transformation in healthcare. Refurbished products such as Optima CT660 go through an intense process ranging from very extensive inspection and testing. Such refurbished devices continue serving clinical settings, thus avoiding the need for fresh appliances, thereby cutting down waste.
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Philips Healthcare (Netherlands): Philips Healthcare has made a major breakthrough in focusing on the refurbishment of quality, sustainable systems-mainly medical equipment-as a result of its "Circular Edition" processes. The systems have introduced totally new-their own brands of MRI, CT, Ultrasound, and Mobile C-arms-to give high-performance imaging at a cost reduced by about 25% from that for wholly new systems. Thus, healthcare facilities will have the opportunity to acquire premium high-technology equipment with high savings in total cost of ownership, while still offering these facilities every advantage that comes with such technology. Their refurbished systems go through seven rigorous steps to ensure that they meet the same standard as new ones. These include replacing faulty parts with original Philips components and making the latest software upgrades.
Siemens Healthineers (Germany): Siemens Healthineers frequents the lead in refurbished medical equipment, which has witnessed tremendous growth due to cost-containment pressures and a surge in demand for high-quality equipment in newer markets. Siemens has continued to add refurbished medical devices under diverse business segments such as medical imaging and patient monitoring equipment. The company thrives on making high quality, low-cost equipment available especially for hospitals and health care providers in North America which has increased the usage of refurbished devices owing to the extremely high costs of healthcare. In addition, the company is increasing its footprints in regions like APAC and Latin America where refurbished devices can serve as economical alternatives. Expectedly, Siemens Healthineers is a successful company into the refurbished space owing to its brand as well as all the cost benefits that accrue from refurbishing equipment while being at the same performance horizons.
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