Increasing Demand for Cost-Effective Medical Equipment of...

Increasing Demand for Cost-Effective Medical Equipment of Refurbished Medical Equipment Market

Posted 2024-01-09 07:03:25

The global refurbished medical equipment market is estimated to be valued at US$ 12 Bn 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.

SWOT Analysis

Strength: Refurbished medical equipment offers equipment at a lower cost compared to new equipment. Hospitals and clinics in developing nations can afford refurbished equipment which improves access to healthcare. Refurbished equipment undergoes rigorous testing and quality checks to ensure they function like new. This increases their reliability and performance level.

Weakness: There are perceptions around the quality and reliability of refurbished equipment. Some may think refurbished options as second best compared to new equipment. Refurbished equipment have limited warranty periods compared to new equipment.

Opportunity: Growing healthcare infrastructure in developing markets increases the demand for affordable medical equipment. The COVID-19 pandemic has further highlighted the need for quality and accessible healthcare worldwide. This creates a huge market potential for refurbished medical equipment globally.

Threats: Stringent regulations in some countries hinders the trade of refurbished medical equipment. New low-cost manufacturers from Asia threaten the market with low-priced new equipment challenging refurbished options. Advancements in technology may make some refurbished models obsolete quickly.

Key Takeaways

The Global Refurbished Medical Equipment Market Demand is expected to witness stable growth over the forecast period supported by increasing healthcare infrastructure in emerging nations. The global Refurbished Medical Equipment Market is estimated to be valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030.

Regional analysis: The Asia Pacific region dominates the global refurbished medical equipment market currently, with over 35% market share in 2023. Rapid economic development and expanding medical infrastructure in countries like India, Indonesia, Vietnam and the Philippines is driving the demand for affordable refurbished options in the region. North America and Europe are other major markets, together accounting for over 50% share, led by the growing preference for sustainable and eco-friendly options.

Key players: Key players operating in the refurbished medical equipment market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Block Imaging International, Inc., Soma Technology, Inc., DRE Medical, Inc., and Agito Medical A/S. GE Healthcare is currently the market leader with over 15% share attributed to its expansive product portfolio and global sales network. Siemens Healthineers and Philips Healthcare are other top players focusing on portfolio expansion through strategic acquisitions.

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