Pre-owned medical devices include a range of medical equipment that have been previously owned and used. This includes equipment such as CT scanners, MRI machines, ultrasound machines, X-ray machines, PET scanners and other medical equipment that are refurbished after buyback. Refurbishing helps restore the device to an acceptable working condition at a lower price. The refurbished devices are cheaper by 30%-50% as compared to brand new devices, making healthcare more affordable.

The global pre-owned medical devices market is estimated to be valued at US$ 7355.21 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing affordability owing to lower costs of refurbished devices as compared to new devices is a key driver of growth in the global pre-owned medical devices market. Refurbished devices provide significant savings for healthcare providers as they are available at 30-50% lower price than new devices. This helps make advanced healthcare accessible to more people globally. Another driver is the increasing demand for medical devices from hospitals and diagnostic centers in emerging markets like Asia Pacific and Middle East & Africa. Pre-owned devices help fulfil this demand in a more affordable manner. However, the market also faces challenges such as perceived reliability issues associated with refurbished devices. Strict regulations and quality assurance are needed to address this concern and boost market growth over the forecast period.

SWOT Analysis
Strength: The Pre-Owned Medical Devices Market Growth  allows hospitals and other healthcare facilities to purchase equipment at significantly lower prices compared to new devices, helping reduce costs. Refurbished devices also undergo thorough quality checks and repairs to ensure proper functioning. This increases access to advanced medical technology for many patients. Having a structured refurbishment process helps standardize the quality and functionality of pre-owned devices.

Weakness: There are some perceptions around the reliability and longevity of pre-owned medical equipment compared to new devices. Lack of warranty or limited warranty periods with refurbished devices is also seen as a downside by some customers. Refurbishing older models to meet current regulatory and safety standards requires substantial investment and effort from recertified equipment companies.

Opportunity: Growing healthcare infrastructure in developing nations increases the target market for affordable pre-owned medical devices. With new equipment becoming more technologically advanced and expensive each year, the value proposition of refurbished options is growing. Adopting strict quality control and using new materials and components during the refurbishing process can help improve perceptions around reliability of pre-owned equipment.

Threats: Pricing pressure from low-cost original equipment manufacturers in Asia impacts profit margins for refurbished medical device companies.Growing healthcare costs have also tightened budgets at many facilities, pressuring prices down further. Stringent regulations around remanufacturing or refurbishing medical equipment in some developed markets pose challenges.

Key Takeaways

The global pre-owned medical devices market is expected to witness high growth over the forecast period.

Regional analysis indicates North America currently dominates the market owing to a well-established refurbishment industry and rising healthcare costs encouraging the use of pre-owned equipment. Asia Pacific is expected to be the fastest growing region due to increasing investment in healthcare infrastructure and rising medical demand in developing countries.

Key players operating in the pre-owned medical devices market are Comstrac Ltd., Ismallcell Biz, Kavit Electronics Industries Ltd., Para o Grupo 4intelligence, Phantom Technologies Ltd., PKI Electronic Intelligence GmbH, Proximus LLC, Rayfond Technology Co. Ltd., Red Eye International Ltd., Septier. The market is fragmented with the presence of several small and large players competing based on pricing, quality, and services. Strict quality control standards are important for refurbished device companies to improve customer confidence in this market.

For more insights, read- https://www.pressreleasebulletin.com/pre-owned-medical-devices-market-trends-size-and-share-analysis/

For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html