The refurbished medical equipment market consists of various medical devices that have been repaired and checked to meet the performance standards of new equipment. Refurbished devices commonly include imaging equipment such as CT and MRI scanners, patient monitors, anesthesia machines, infusion pumps, and other patient-care equipment. These devices undergo rigorous multi-point inspections, performance testing, and restoration to ensure like-new functionality at a significantly lower cost compared to new devices. They provide hospitals and healthcare facilities a cost-effective alternative to purchase modern medical technologies while adhering to budget constraints.
The global refurbished medical equipment market is estimated to be valued at US$ 12.33 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:
The growing demand for cost-effective medical solutions is expected to be a key driver for the refurbished medical equipment market over the forecast period. As highlighted in the market heading, refurbished devices provide hospitals significant savings of up to 40-50% of the original equipment cost. This allows more healthcare centers, especially in developing regions, to access advanced medical technologies that would otherwise be unavailable to them due to budget limitations. Additionally, the rising environmental concerns have further increased the adoption of refurbished equipment as it promotes the circular use of resources and lowers e-waste. Combined with stringent regulations regarding disposal of used medical devices, these factors are likely to propel the demand for refurbished options.
Segment Analysis
The global refurbished medical equipment market is divided into segments based on the type of devices being refurbished. The diagnostic imaging segment dominates the market currently, accounting for over 30% revenue share owing to significant demand for pre-owned CT, MRI, X-Ray and ultrasound systems among small sized healthcare facilities. Hospitals are the major end users of refurbished radiology systems due to availability of upgraded features at lower costs compared to new devices.
PEST Analysis
Political: Governments across countries are promoting adoption of refurbished devices to expand access to quality healthcare for more population. Some regions offer tax benefits for purchasing refurbished equipment.
Economic: The affordable prices of refurbished devices make them an attractive option for cost-sensitive small clinics and hospitals. It helps reduce their capital expenditure on medical equipment.
Social: With growing medical tourism and rising number of small healthcare centers, demand for pre-owned equipments is increasing for timely diagnosis and treatment.
Technological: Refurbished devices now offer almost similar features to new ones due to upgraded hardware and software components. This is encouraging more hospitals to consider refurbished options.
Key Takeaways
The Global Refurbished Medical Equipment Market Growth is expected to witness high during the forecast period of 2023 to 2030 on the back of rising installation of pre-owned diagnostic imaging systems, especially in emerging economies.
Regionally, Asia Pacific dominates currently due to presence of large patient pool and increasing healthcare investments in countries like India and China. It is also the fastest growing market for refurbished equipment.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
