April 17, 2024
Refurbished Medical Equipment Market

The Growing Global Need For Affordable Healthcare Drives The Refurbished Medical Equipment Market

The global refurbished medical equipment market has seen significant growth in recent years due to the growing need for affordable healthcare solutions across both developed and developing countries. Refurbished medical devices offer quality equipment at significantly lower costs compared to new devices, making them an attractive option for healthcare providers looking to expand and upgrade their facilities without heavy capital investments. From X-ray and CT scanners to patient monitors and surgical tools, refurbished options provide reliable machinery that performs like new while helping maximize limited budgets.

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 key trends:

One of the key trends driving growth in the refurbished medical equipment market is the growing gap between healthcare needs and infrastructure/budget constraints in developing nations. Refurbished devices allow hospitals and clinics in low and middle-income countries to access advanced equipment needed for critical care and diagnostic procedures without breaking their budgets. Furthermore, growing concerns about electronic waste from disposed medical devices is encouraging the reuse and refurbishment of older functioning equipment. Refurbishing helps reduce medical technology waste while ensuring usable equipment finds its way to facilities that need them. Strict regulatory standards and certification processes ensure that refurbished devices meet high quality and safety benchmarks before being available for reuse. This is building confidence among healthcare providers regarding the reliability and effectiveness of refurbished options.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate given the large capital investment required to manufacture medical equipment. However, barriers are relatively low for companies providing refurbished equipment.

Bargaining power of buyers: The bargaining power of buyers is high since there are numerous established players providing refurbished medical equipment. Buyers can easily switch between suppliers.

Bargaining power of suppliers: Suppliers of components used to manufacture medical equipment have low bargaining power since components are standardized and available from multiple suppliers.

Threat of new substitutes: The threat of new substitutes is low as refurbished equipment provides quality at lower costs compared to new equipment. Refurbished equipment has few substitutes.

Competitive rivalry: The competitive rivalry is high among established players providing refurbished medical equipment given the fragmentation in the industry

Key Takeaways

The Global Refurbished Medical Equipment Market Demand is expected to witness high growth.

The market in North America region dominates the global market owing to developed healthcare infrastructure and rise in demand for cost-effective medical equipment from hospitals and diagnostic centers. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to growing medical tourism industry and rise in healthcare expenditure in countries like China and India.

Key players operating in the refurbished medical equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Block Imaging International, Inc., Soma Technology, Inc., DRE Medical, Inc., Blue Star Infotech Ltd., EverX PBC., Integrity Medical Systems, Inc., Radiology Oncology Systems, Inc. GE Healthcare dominates the global refurbished medical equipment market owing to its broad product portfolio and wide distribution network across the globe. Philips Healthcare follows GE Healthcare in terms of market share in global refurbished medical equipment market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it