June 15, 2024
Refurbished Medical Equipment Market

The Global Refurbished Medical Equipment Market driven by growing healthcare infrastructure in developing countries

The refurbished medical equipment market is growing significantly owing to increasing awareness regarding benefits of refurbished equipment over new equipment. Refurbished medical equipment involves repairing and upgrading previously owned medical devices to extend their useful life. It helps in reducing healthcare costs substantially while delivering quality medical services equivalent to new equipment. Refurbishing medical devices entails dismantling, inspecting, cleaning, repairing/replacing worn or damaged parts, upgrading outdated components, performing safety and performance testing followed by certification. Refurbished equipment comes with warranties and meets equipment and safety standards of regulatory bodies.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The refurbished medical equipment market is witnessing a few notable trends such as growing focus on diagnostic imaging modalities refurbishment and rise of independent third-party refurbishers. Major healthcare facilities are increasingly opting for refurbished radiology and scanning devices like CT, MRI and ultrasound scanners to reduce their maintenance and operation costs. Independent service providers are offering one-stop solutions for refurbishment and supporting services including financing and trade-in options. Also, growing healthcare infrastructure in emerging economies is driving the demand for affordable refurbished devices, thereby creating new opportunities for market players. Original Equipment Manufacturers are collaborating with third-party refurbishers to expand refurbished product portfolios and access secondary equipment markets globally.

Porter’s Analysis

Threat of new entrants: Low capital requirements and availability of used equipment limits barriers to entry in the refurbished medical equipment market.

Bargaining power of buyers: Large healthcare providers have significant bargaining power due to their ability to demand competitive pricing and discounts.

Bargaining power of suppliers: A number of suppliers exist for each medical equipment type limiting individual supplier power.

Threat of new substitutes: Refurbished equipment provides cost savings over new with minimal capability differences, limiting substitute threats.

Competitive rivalry: The refurbished medical equipment market faces high competition due to many regional and global players offering various equipment types.

Key Takeaways

The Global Refurbished Medical Equipment Market Size is expected to witness high growth. 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 2031.

The North American region is the fastest growing market for refurbished medical equipment accounting for over 30% revenue share in 2024. This can be attributed to factors such as presence of major refurbishers, availability of large refurbished equipment fleets, and growing adoption across healthcare sectors to reduce costs. Europe follows with over 25% share with Germany, UK, and France being major national level markets.

Key players – 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. Major players focus on expanding their service centers and offering varied equipment and customer service models to gain shares.

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