May 18, 2024
Refurbished Medical Equipment Market

Refurbished Medical Equipment Market is Estimated to Witness High Growth Owing to Advancements in the Refurbishment Process

The refurbished medical equipment market offers various advantages including reduced costs and extended lifespan of devices. Refurbished medical devices are restored to a usable state through repairing, rebuilding, and testing to make them functionally similar to new equipment. This reduces the overall medical costs significantly and improves patient accessibility to advanced healthcare technologies.

The Global Refurbished Medical Equipment Market is estimated to be valued at US$ 14.21 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the refurbished medical equipment market are Crayola LLC, Faber-Castell AG, Sargent Art, Reeves (Colart Group), Liquitex (Colart Group), Sax Arts & Crafts, Prang (Dixon Ticonderoga Company), RASCHER GmbH, Richeson Art Materials, Jovi S.L. Key players focus on expanding their product portfolios and strengthening distribution networks globally to leverage opportunities arising from growing demand. Advancements in refurbishment technologies like 3D printing, laser cutting, and artificial intelligence enable restoration of devices to near-new condition with improved functionalities. The growing hospital infrastructure in developing countries and need to reduce medical equipment costs are driving increased demand for refurbished devices.

Market drivers

One of the key drivers for Global Refurbished Medical Equipment Market Share is the rising cost of new medical devices. As new devices are highly technically advanced and expensive, refurbished systems provide an affordable alternative to hospitals and healthcare facilities worldwide. Growing healthcare expenditure in emerging nations is increasing investments in medical infrastructure and boosting adoption of cost-effective refurbished equipment. Stringent regulations regarding disposal of used medical waste and rising environmental awareness also drive the market by encouraging reuse and refurbishment of old devices.

Current Challenges in Refurbished Medical Equipment Market

The refurbished medical equipment market faces various challenges currently including lack of standardization, testing procedures and regulations across different regions of the world. There is a need for establishing uniform quality control protocols and certification programs to ensure patient safety. Another challenge is lack of awareness among healthcare facilities and providers about advantages of opting for refurbished devices. Many see it as an inferior option compared to brand new equipment owing to misconceptions. Growing market demands higher quality refurbishment processes and extended equipment life through regular maintenance being another challenges area.

SWOT Analysis

Strength: Standardized refurbishment procedures help ensure quality and safety. Equipment remains functional at lower costs compared to new devices.

Weakness: Perception of being second-hand limits market acceptance in some regions. Lack of global standards poses quality-related concerns.

Opportunity: Growing healthcare infrastructure in developing nations increases demand. Spreading awareness about benefits like lower costs and environmental sustainability opens new opportunities.

Threats: Stricter regulations can increase compliance costs for refurbishers. New technologically advanced products may reduce demand for refurbished older models.

In terms of value, the North American region currently accounts for the largest share in refurbished medical equipment market owing to well established refurbishment industry and growing demand from healthcare sector. The Asia Pacific region is expected to witness fastest growth during forecast period from 2024 to 2030 due to expansion of healthcare infrastructure and increasing demand for affordable equipment solutions from cost-sensitive markets in the region like India and China coupled with growing medical tourism. Europe retains a significant share backed by strict quality regulations for refurbishing and presence of major industry players. Rising medical equipment demand from middle income African and Latin American countries also offers new prospects over coming years.

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