The refurbished medical equipment Market offers a cost-effective alternative to new medical devices for various healthcare facilities globally. Refurbished devices help meet the increasing demand for diagnostic imaging and testing equipment suitable for small clinics and hospitals with limited budgets. Refurbished equipment undergoes rigorous inspection, testing, and replacement of worn parts to provide clinical results comparable to new devices at a fraction of the price. This allows for upgrading of outdated medical technologies at reasonable prices.
The global Refurbished Medical Equipment Market is estimated to be valued at US$ 28 Billion 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.
Market key trends:
One of the major trends in the refurbished medical equipment market is the increasing partnership between OEMs and independent refurbishers. Original equipment manufacturers are partnering with independent refurbishers to provide refurbished devices through their distribution channels. This helps OEMs expand their customer reach and provide cost-effective options. It also allows refurbishers to leverage OEM brand credibility and service network. For example, GE Healthcare has partnerships with several independent refurbishers in the US and Europe to distribute refurbished GE imaging equipment. Similarly, Philips has collaborations with refurbishing companies in Asia Pacific and Latin America. Such partnerships are helping strengthen refurbishment industry standards and boost customer confidence in procuring refurbished medical equipment.
Threat of new entrants: The threat of new entrants is moderate due to the significant investments required in the medical equipment business, high regulations, and established buyers and suppliers.
Bargaining power of buyers: The bargaining power of buyers is high as there are many alternative suppliers in the refurbished medical equipment market. Buyers can negotiate on price and quality parameters.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as a few large suppliers exist for key components and technologies in medical equipment. Some suppliers can threaten forward integration.
Threat of new substitutes: The threat of new substitutes is low as refurbished medical equipment is a cost-effective alternative to new medical devices for various end-users.
Competitive rivalry: The competitive rivalry is high among key players due to the presence of a large number of global and regional players competing on the basis of pricing, quality, innovation, and service.
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$ 28 Billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
North America dominates the refurbished medical equipment market currently and is expected to continue its dominance during the forecast period owing to factors such as growing healthcare sector and awareness regarding refurbished products in the region. Asia Pacific is estimated to be the fastest growing market for refurbished medical equipment due to growing healthcare infrastructure, increasing disposable income, growing medical tourism industry and increasing prevalence of lifestyle diseases in the region. Countries such as China, India are expected to showcase high adoption of refurbished medical equipment over the forecast period.
Key players related content: Key players operating in the refurbished medical equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Block Imaging International, Inc., Soma Technology, Inc., DRE Veterinary, and Agito Medical A/S. The key players focus on new product launches, expansions, mergers & acquisitions and partnerships for their sustained growth in the refurbished medical equipment market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it