The Refurbished Medical Equipment Market Is
Driven By Growing Affordability Needs

The refurbished medical
equipment market involves the reconditioning and remarketing of used medical
devices to reduce healthcare costs. Refurbished medical devices such as MRI
machines, CT scanners, ultrasound machines, X-Ray machines and other vital
patient care equipment offer significant savings compared to new alternatives.
The key advantage is refurbished equipment provides near-new performance at
approximately half the cost of newly manufactured devices. Refurbished devices undergo
rigorous quality assurance practices to ensure all features and functions match
OEM specifications. The refurbishing process involves calibration, installation
of new parts, upgrades to current technology standards and thorough safety
inspections.



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 2030.



Key Takeaways



Key players operating in the refurbished medical equipment market are GE
Healthcare, Philips Healthcare, Ultra Solutions, Soma Technology, Block
Imaging, and TRACO. These players specialize in refurbishing a wide range of
medical equipment and provide multi-year warranty packages for financing
options.



The growing demand for affordable healthcare is a major factor driving growth
of the refurbished medical equipment market. Refurbished devices help hospitals
and diagnostic centers upgrade their facilities without significant strain on
budgets. They provide a cost-effective means to access the latest medical
technology.



Globally, the market is expanding in line with increasing acceptance of
refurbished devices. Several developing nations lack sufficient healthcare
infrastructure and invest in refurbished options to develop radiology and
imaging capabilities. Leading suppliers are focused on new regional markets to
further penetration.



Market Drivers



Rising healthcare costs across the world is a key factor behind the growing
demand for Refurbished
Medical Equipment Market Share. New medical technologies are often very
expensive for hospitals and long-term purchase commitment challenges many
budgets. Refurbished equipment helps expand access to critical tools at lower
costs. This is expected to remain a major driver over the forecast period.



Current geopolitical situation and its impact on Refurbished Medical Equipment
Market growth:



The ongoing geopolitical tensions between major economies like US and China are
impacting global trade dynamics and medical equipment supply chains. The rising
nationalist sentiments have increased import tariffs and restrictions on key
components of refurbished medical devices. This is negatively affecting the
refurbishment process of older equipment and driving up overall costs for this
market. At the same time, ongoing conflicts and political instabilities in
various regions are reducing investments in upgrading healthcare
infrastructure. This is expected to dampen the medium term demand for
refurbished medical equipment as many cash-strapped hospitals prioritize
essential needs over capital equipment purchases. However, the market players
are focusing on local sourcing and manufacturing to circumvent trade barriers.
They are also targeting high potential emerging markets in Asia Pacific and
Latin America to offset slower growth in US and Europe. Partnerships with
distributors and leasing companies in these regions will be crucial to tap the
substantial replacement and infrastructure upgrade opportunities.





Regions contributing most to Refurbished Medical Equipment Market value:



In terms of market value, North America and Western Europe currently account
for over 60% of the global refurbished medical equipment space. This is
primarily due to the large installed base of aging medical devices and capital
equipment in hospitals and clinics across US, Germany, France and other
developed countries. With the rising costs of new equipment and growing
emphasis on sustainable healthcare, many facilities in US rely on refurbished
CT scanners, MRI machines, ultrasound devices and general hospital products to
upgrade their diagnostic and treatment capabilities on a limited budget. Similarly,
the significant replacement demand from healthcare providers is driving the
refurbished equipment market in major Western European markets.



Fastest growing region in Refurbished Medical Equipment Market:



The Asia Pacific region, specifically China and India, is poised to witness the
fastest growth in the refurbished medical equipment market during the forecast
period. This is attributed to the massive investments underway to bolster
healthcare infrastructure and access to services across small towns and rural
areas in these densely populated countries. The focus on cost effective
solutions also makes refurbished equipment an attractive choice for new and
expanding hospitals. Furthermore, the presence of a large refurbishment
industry catering to domestic as well as international needs is helping
accelerate adoption.

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Medical Equipment Market