The refurbished medical equipment market ensures the availability of critical medical equipment at affordable prices, enabling greater access to healthcare. Refurbished medical equipment refers to pre-owned medical devices that have been cleaned, disinfected, inspected, and repaired to extend their usable lifespan. By refurbishing older medical equipment and restoring its functionality, hospitals and clinics can procure essential diagnostic and therapeutic equipment without investing heavily in brand new devices. The rising healthcare costs coupled with budget constraints of healthcare facilities have increased the demand for refurbished capital equipment such as CT scanners, ultrasound systems, X-Ray machines and patient monitors.
The global refurbished medical equipment market is estimated to be valued at US$ 14.21 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
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. Crayola LLC is one of the prominent players in refurbished medical equipment market and offers refurbished medical imaging devices, patient monitoring devices and surgical equipment.
The key opportunities in refurbished medical equipment market include growing demand from hospitals and diagnostic centers in developing countries. Expanding healthcare infrastructure and increasing healthcare spending in countries like India, Brazil and China will propel the demand for refurbished medical equipment as it provides cost effective solutions.
The companies operating in refurbished medical equipment market are focusing on global expansion by strengthening their distribution networks across Asia Pacific, Latin America, Middle East and Africa. For instance, in 2021, GE Healthcare expanded its global refurbishing operations to India and set up a new refurbishing center in Delhi to cater to the growing demand in the region.
Market drivers:
The primary driver for Refurbished Medical Equipment Market Share is the significant cost savings it offers over new equipment. Refurbished equipment is available at around 30-50% lower prices compared to original prices which is helping healthcare facilities to optimize their budgets.
Healthcare infrastructure expansion in developing nations along with rising disease burden is increasing the demand for diagnostic and therapeutic equipment further driving the need for affordable refurbished options.
Market restraints:
One major challenge is the perception around quality and performance of refurbished devices. Healthcare providers often hesitate in procuring refurbished equipment thinking they may not be as reliable as new machines.
Lack of standard regulatory guidelines for refurbishing process across countries creates uncertainty around the quality and safety aspects of refurbished medical devices restraining the market growth.
Segment Analysis
Cardiovascular Equipment dominates the Refurbished Medical Equipment market currently. Being expensive to purchase, cardiovascular equipment sees high refurbishment volume as it reduces costs significantly for hospitals. Within cardiovascular equipment, refurbished defibrillators hold the largest share owing to their widespread use.
Diagnostic Imaging Equipment is expected to grow at the fastest rate during the forecast period. Increasing preference for CT scanners, MRI systems and ultrasound systems that offer advanced features at lower costs is driving demand for refurbished models of these devices.
Global Analysis
Regional analysis: North America currently holds the largest share primarily due to presence of major healthcare facilities in countries like the US and Canada that opt for refurbishment. Asia Pacific market is anticipated to witness highest growth on account of growing healthcare infrastructure in developing nations like India and China which are eyeing cost effective solutions.
Key players: The market is quite fragmented in nature with participants focusing on expanding their product portfolio and geographic reach through strategic collaborations. Prominent companies specializing in refurbishment are Block Imaging International, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Agito Medical A/S, DRE Medical.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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