by The refurbished medical equipment market comprises refurbished or pre-owned medical devices and equipment that are collected from hospitals, healthcare facilities, and laboratories after their useful life at the original site. These collected devices undergo refurbishment processes which include disinfection, inspection, replacement of worn-out parts, performance testing, and certification to restore functionality equivalent to new devices. The refurbished devices are then resold at lower prices, providing affordable options to hospitals and clinics in developing regions with limited budgets for healthcare infrastructure development. The demand for such refurbished diagnostic imaging equipment, monitoring devices, surgical equipment, wheelchairs, and other medical supplies is growing due to their substantially lower prices compared to new equipment.
The global refurbished medical equipment market is estimated to be valued at US$ 25.2 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Demand for Affordable Healthcare Technologies : The growing demand for quality and affordable healthcare in developing regions is a major driver for the refurbished medical equipment market. Refurbished devices help inExpanding access to advanced medical technologies at significantly lower costs compared to brand new devices. This is crucial for hospitals and clinics in low and middle-income countries with strict budgetary constraints for healthcare capital investments.
Cost Savings compared to New Equipment: Refurbished medical devices can cost anywhere between 30% to 60% less than their new counterparts. For cash-strapped public hospitals and small private clinics, such significant savings allow procurement of higher-end devices that would otherwise be unaffordable if purchased new. This enhances the cost-efficiency of healthcare delivery while expanding the pool of available treatment options.
Segment Analysis:
The global refurbished medical equipment market is dominated by the medical imaging equipment segment. The medical imaging equipment segment holds the largest share in the market, primarily due to the growing need for upgrade of aging medical imaging systems and the increasing requirement of refurbished systems to support growing patient population. CT scanners, MRI systems, ultrasound systems, and X-ray imaging systems form the major part of the medical imaging equipment segment.
PEST Analysis:
Political: Regulations around quality standards and refurbishment process are driving the growth of certified refurbished medical equipment. Various countries have implemented regulations to ensure patient safety with refurbished systems.
Economic: Cost-saving benefits of refurbished medical equipment compared to new systems is a major growth driver. Healthcare providers are able to upgrade aging technology and expand inventory with lower capital investments.
Social: Growing medical tourism and rising incidence of diseases is increasing the demand for quality and affordable healthcare. This is propelling the demand for refurbished medical equipment from hospitals and diagnostic centers.
Technological: Advancements in refurbishment process enable restoring systems to near-new conditions. Technologies such as automated defect detection and performance validation help refurbish components for longer equipment life.
Key Takeaways:
The Global Refurbished Medical Equipment Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global refurbished medical equipment market is estimated to be valued at US$ 25.2 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the global refurbished medical equipment market currently. This is attributed to factors such as presence of major OEMs and awareness about benefits of refurbished systems among healthcare providers. However, Asia Pacific region is anticipated to offer high growth opportunities with rising healthcare infrastructure development and growing medical tourism in countries such as China, India, and Indonesia.
Key players:
Key players operating in the refurbished medical equipment market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging International, Inc., SOMA TECH INTL, Avante Health Solutions, Hilditch Group, Everx Pvt Ltd., Integrity Medical Systems, Inc. GE Healthcare is a major player with strong footprint in cardiac, imaging, and orthopedic equipment refurbishment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
