Global Refurbished Medical Equipment Market is Estimated to Witness High Growth Owing to Growing Demand for Cost-effective Healthcare Solutions
The global Refurbished Medical Equipment Market is estimated to be valued at USD 9.9 billion in 2022 and is expected to exhibit a CAGR of 11.6% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Refurbished medical equipment refers to the restoration and testing of used medical devices to bring them back to the original working condition. These equipment undergo a series of quality checks and repairs to ensure their functionality and performance. The market for refurbished medical equipment is driven by the increasing demand for cost-effective healthcare solutions, especially in developing countries. Refurbished medical equipment offers significant cost savings over new equipment, making it an attractive option for healthcare providers with budget constraints.
B) Market Key Trends:
One key trend in the refurbished medical equipment market is the increasing adoption of refurbished imaging equipment. Imaging equipment such as MRI machines, CT scanners, and ultrasound systems are expensive to purchase and maintain. However, refurbished imaging equipment offers a cost-effective alternative without compromising on quality and performance. For example, GE Healthcare, one of the key players in the market, offers refurbished MRI machines that provide high-quality imaging results at a fraction of the cost of new machines.
C) Porter’s Analysis:
Threat of new entrants: Low
Bargaining power of buyers: Medium
Bargaining power of suppliers: High
Threat of new substitutes: Low
Competitive rivalry: High
D) Key Takeaways:
The global Refurbished Medical Equipment Market is expected to witness high growth, exhibiting a CAGR of 11.6% over the forecast period. This growth is primarily driven by the increasing demand for cost-effective healthcare solutions. For example, healthcare organizations in developing countries are opting for refurbished equipment to meet the growing healthcare needs within limited budgets.
In terms of regional analysis, North America is expected to dominate the refurbished medical equipment market. The region has a well-established healthcare infrastructure and high adoption rate of advanced medical technologies. Meanwhile, Asia Pacific is expected to be the fastest-growing region due to the increasing focus on healthcare infrastructure development and rising healthcare expenditure in countries like India and China.
Key players operating in the global refurbished medical equipment market include GE Healthcare, Philips Healthcare, Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S. These players have a strong presence in the market and offer a wide range of refurbished medical equipment, catering to the diverse needs of healthcare providers.
