Market Overview:
Refurbished medical equipment refers to pre-owned medical devices that have been cleaned, disinfected, safety-checked and renewed to proper working condition. Refurbished devices help reduce equipment costs substantially for hospitals and healthcare facilities compared to new devices. With features and functionalities equivalent to new equipment, refurbished equipment provides an affordable option to upgrade aging systems. The growing need among healthcare providers to control capital equipment spending is a key factor driving demand for refurbished medical equipment.
Market key trends:
A major trend in the Refurbished Medical Equipment Market Demand is the rising number of independent third party refurbishers. With strict regulatory oversight, third party refurbishers provide validated equipment refurbishment services to OEM standards with stringent quality checks. Their services help healthcare facilities manage equipment budgets prudently through cost savings. Another key trend is the development of digital platforms for buying and selling refurbished medical systems online. Online platforms help increase market transparency and allow buyers to search listings from multiple refurbishers worldwide. They are especially beneficial for smaller hospitals to source equipment affordably. Growing healthcare reforms promoting cost control through optimization of existing infrastructure will further support adoption of refurbished equipment going forward.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established customers base make it difficult for new players to enter the market.
Bargaining power of buyers: Large number of existing players in the market increases competition, allowing buyers to bargain for lower prices.
Bargaining power of suppliers: Established suppliers have advantage to dictate terms to players due to specialized products and services.
Threat of new substitutes: Low risk of substitutes emerging as medical devices require strict compliance and quality control.
Competitive rivalry: Intense competition exists among existing players to gain higher market share through innovative offerings and competitive prices.
Key Takeaways
The global Refurbished Medical Equipment Market is expected to witness high growth, exhibiting CAGR of 11 % over the forecast period, due to increasing need to reduce medical costs. The market size for 2023 is US$ 12.33 Bn.
Regional analysis: North America dominates the market due to supportive regulatory policies and rising healthcare expenditure in the US. Asia Pacific exhibits fastest growth owing to growing medical tourism and increasing healthcare access in China and India.
Key players: Key players operating in the Refurbished Medical Equipment are Everx Pvt Ltd., Soma Technology., Siemens AG, Block Imaging, Koninklijke Philips N.V., Radiology Oncology Systems, Inc., General Electric Company, Integrity Medical Systems, DRE Medical, Inc., Agito Medical A/S. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
