Market Overview:
The Refurbished Medical Equipment Market consists of imaging devices, operating room equipment, patient monitors, defibrillators, cardio anesthesia devices, and other clinical equipment. Refurbished medical devices offer significant cost savings compared to new devices while providing equal quality of operations. Refurbished devices undergo rigorous inspection, testing, and replacement of worn parts to ensure patient safety and device functionality. This reduces the financial burden on healthcare facilities while addressing the increasing demand for medical devices.
Market Key Trends:
One of the key trends in the refurbished medical equipment market is the growing focus on cost containment in the healthcare industry. Healthcare providers are under significant pressure to reduce capital equipment costs owing to budget constraints. Refurbished medical devices provide an affordable option to acquire the latest technology and replace aging equipment. Moreover, the demand for refurbished devices is increasing from ambulatory surgical centers and smaller hospitals due to their limited budgets. Regulatory bodies certifying the quality and safety benchmarks of refurbished devices further aid their adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the refurbished medical equipment market requires high initial capital investment and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few established players in the market. However, buyers have greater option to choose substitute medical devices.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are many suppliers for components and parts required for refurbishing medical devices.
Threat of new substitutes: The threat of new substitutes is moderate as new technologies offering better features than refurbished medical devices can emerge.
Competitive rivalry: High as key players compete on the basis of service, quality, and pricing.
The global Refurbished Medical Equipment Market is estimated to be valued at US$ 10.8 Billion in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global refurbished medical equipment market is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period, due to increasing demand for cost-effective medical devices. The market size for 2023 was US$ 10.8 billion.
Regionally, North America is expected to dominate the refurbished medical equipment market owing to strict regulations regarding the disposal of used medical devices and the rising volume of obsolete medical devices in the region. However, Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to increasing medical tourism and rising investments by key players in the region.
Key players operating in the refurbished medical equipment market are GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S. GE Healthcare and Philips Healthcare together accounted for over 50% share of the global refurbishment market in 2023.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
