Medical devices used to treat, diagnose, examine, monitor, or support the functioning of the human body such as MRI machines, ultrasound machines, CT scanners offer significant economic benefits through increased longevity and reduced overall healthcare costs when reused. Pre-owned medical devices have a performance and functionality comparable to new devices but are available at lower costs thereby increasing affordability and accessibility of quality healthcare. The global pre-owned medical devices market witnesses growing demand as such devices can substantially lower the financial burden for healthcare providers as well as patients.

The global Pre-owned Medical Devices Market is estimated to be valued at US$ 7355.21 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The growing demand for cost-effective medical devices across developing regions is a key trend driving the pre-owned medical devices market. Developing economies lack adequate public healthcare funding and infrastructure leading to limited access to advanced diagnosis and treatment options. However, pre-owned medical devices provide a viable solution enabling availability of advanced care at significantly lower costs. It is estimated that over 60% of global medical imaging device demand currently comes from emerging markets. As such, the availability of pre-owned systems at affordable costs will continue to gain traction over the forecast period especially across Asia Pacific and Middle Eastern regions.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the capital requirements and regulatory compliance involved in the pre-owned medical devices industry is high.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many alternatives available but quality cannot be compromised in medical devices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as alternate suppliers can be found in the global market.

Threat of new substitutes: The threat of new substitutes is moderate as new technologies evolve at a slow pace in the regulated medical devices industry.
Competitive rivalry: The competition is high among the key global players in the pre-owned medical devices market.

Key Takeaways

The global Pre-Owned Medical Devices Market Growth is expected to witness high growth.

Regional analysis: North America is expected to dominate the global pre-owned medical devices market during the forecast period. Asia Pacific is expected to witness fastest growth due to increasing healthcare investment and demand.

Key players operating in the pre-owned medical devices market are Comstrac Ltd., Ismallcell Biz, Kavit Electronics Industries Ltd., Para o Grupo 4intelligence, Phantom Technologies Ltd., PKI Electronic Intelligence GmbH, Proximus LLC, Rayfond Technology Co. Ltd., Red Eye International Ltd., Septier. Comstrac Ltd. and Red Eye International Ltd. have established themselves as the leading players 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