by Refurbished medical equipment provides hospitals and clinics a cost-effective alternative to new medical equipment. Refurbished medical devices such as MRI machines, CT scanners, ultrasound machines offer equivalent performance at up to 50% less cost as compared to new devices. The refurbishment process involves disassembling used core components, replacing defective parts and reassembling with an assurance of like-new performance for extended life. This allows healthcare providers to upgrade their facilities while benefiting from substantial cost savings. 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:
Expanding healthcare infrastructure across developing nations has emerged as a key driver augmenting the demand for refurbished medical equipment. According to the World Bank, healthcare spending as a percentage of GDP rose significantly between 2000 to 2017 across middle and low income countries. This has necessitated investments towards upgrading available healthcare resources. Refurbished equipment offers an affordable means to do so while freeing up finances to spend on other urgent requirements. Government incentives and regulatory support for refurbishment activities in countries such as India, China, Brazil and Mexico have further boosted market growth. Growing preference for refurbished devices among cost-sensitive customer segments will continue promoting market expansion over the forecast period.
Segment Analysis
The global Refurbished Medical Equipment Market is dominated by the diagnostic imaging equipment sub-segment, accounting for nearly 30% share of the overall market. Refurbished diagnostic imaging equipment such as X-Ray systems, CT scanners, MRI machines, ultrasound systems and mammography units are high in demand owing to their significant usage in hospitals and diagnostic centers. They provide quality imaging at lower prices as compared to new equipment.
Key Takeaways
The Global Refurbished Medical Equipment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the refurbished medical equipment market, accounting for over 35% share. Growing healthcare expenditure along with presence of many small hospitals and diagnostic centers driving the demand for refurbished equipment in the region. Asia Pacific is expected to be the fastest growing market during the forecast period supported by increasing healthcare infrastructure in developing countries such as India and China.
Key players: 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. The key players are focusing on new product launches and expansion of business to strengthen their market presence.
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Source: Coherent Market Insights, Public sources, Desk research
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