The Global Refurbished Medical Equipment Market is Propelled by increased affordability and accessibility
Refurbished medical equipment are devices that have been professionally repaired and inspected to meet OEM specifications and are virtually indistinguishable from new equipment in terms of functionality and reliability. Refurbished medical equipment offer 40-60% cost savings compared to new ones and help address the increasing demand for quality medical services with constrained budgets. Refurbished equipment undergo thorough refurbishment including dismantling, cleaning, repairing, replacing parts if necessary and testing as per OEM standards before being certified for continued use. The global Refurbished Medical Equipment Market is estimated to be valued at US$ 12.33 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased affordability and accessibility of healthcare has emerged as a key trend in the refurbished medical equipment market. Refurbished equipment have significantly lower price without compromising on quality and performance which is making healthcare infrastructure much more accessible in developing regions and price sensitive areas. This is allowing hospitals and clinics to offer quality services to more number of people at affordable rates. Moreover, procurement of refurbished equipment allows frequent upgradation of technology for healthcare providers with minimal investment. This is encouraging more hospitals, diagnostic centers and clinics to opt for certified pre-owned medical devices which is expected to drive the demand in the forecast period.
SWOT Analysis
Strength: Refurbished medical equipment can significantly reduce healthcare costs for hospitals and clinics. Some refurbished equipment is almost as good as new with minimal down time.
Weakness: Refurbished equipment may have unknown issues compared to a new device. Equipment certification and regulatory compliance can reduce market growth.
Opportunity: Growth of the healthcare industry worldwide increases demand for affordable medical solutions. Developing economies offer major opportunity due to budget constraints of hospitals.
Threats: Stringent regulations in some countries restrict sales of refurbished products. New technological advancements regularly make older devices obsolete threatening residual value.
Key Takeaways
The Global Refurbished Medical Equipment Market Demand is expected to witness high growth on account of cost benefits compared to new devices. The market size for 2023 is estimated to be US$ 12.33 Billion with a CAGR of 5.0% during the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region dominates the global market currently due to high demand from developing countries like India and China. Rapid expansion of the healthcare sector and large patient population drives regional growth.
Key players related content comprises- Key players operating in the refurbished medical equipment market are Orica, Enaex, Austin Powder Company, Incitec Pivot, CSBP, Yara International, San Corporation, Fertiberia, Neochim, URALCHEM Holding, Dyno Nobel, Vijay Gas Industry, Solar Industries, Maxam, AEL Mining Services, EPC Groupe, Gulf Oil Corporation, IDEAL Industrial Explosives, Sichuan Meifeng Chemical Industry, Jiaocheng Jinxin Chemical. These key players are focusing on strategic partnerships and new product launches to gain competitive advantage.
Get more insights on this topic:https://www.ukwebwire.com/refurbished-medical-equipment-market-demand-and-overview/
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