Market Overview:

Refurbished medical devices refer to previously owned medical equipment and devices that have been cleaned, inspected, and warranted to look and function like new. These devices find extensive use across various healthcare settings such as diagnostic imaging centers, hospitals, and ambulatory surgical centers. They help provide quality healthcare at affordable costs while also contributing to sustainability through reuse of medical-grade equipment.

Market Dynamics:

The refurbished medical equipment market is expected to witness significant growth over the forecast period, owing to rising healthcare spending worldwide and technological advancements. According to the WHO, global healthcare spending is projected to reach US$ 10 trillion by 2023. Increased investments will drive the demand for both new and refurbished medical devices across emerging and developed markets. Furthermore, many medical device original equipment manufacturers are focusing on developing advanced refurbishment techniques such as 3D printing and robotics which have allowed for modular upgrades and maintenance of legacy medical equipment, boosting the market growth.

The global Refurbished Medical Equipment Market is estimated to be valued at US$ 10.8 Billion in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The refurbishment of medical devices market provides cost-effective alternatives to purchasing new devices. It helps reduce medical costs and promotes sustainability. Refurbishing extends the usable life of devices.

Weakness: Refurbished devices may not have the latest technology and features as brand new devices. There are perceptions around the quality and reliability of refurbished devices.

Opportunity: Growing demand for affordable healthcare across emerging markets offers major growth opportunities. Increasing acceptance of refurbished devices among healthcare providers boosts the market.

Threats: Stringent regulations around refurbishing processes may increase compliance costs. New devices with advanced technologies pose replacement threat to refurbished ones.

Key Takeaways

The global refurbished medical equipment market is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period, due to increasing demand for cost-effective healthcare solutions. The market size is projected to reach US$ 23.1 billion by 2030 from US$ 10.8 billion in 2023.

North America dominates the global market currently due to presence of major refurbishment service providers and supportive regulations. However, Asia Pacific is likely to emerge as the fastest growing market owing to rising medical tourism and increasing healthcare spending in countries like China and India.

Key players operating in the refurbished medical equipment market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S. These players focus on expanding their service portfolios and partnering with healthcare facilities to gain market share.

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