Refurbished Medical Equipment Market Size & Share | Growth Analysis [2035]
The global Refurbished Medical Equipment Market is valued at USD 13.5 Billion in 2022 and is projected to reach a value of USD 33.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 12.2% between 2023 and 2030.
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Refurbished Medical Equipment Market Will Generate Booming Growth Opportunities to 2035 | GE Healthcare, Philips Healthcare, Siemens Healthineers, Soma Technology, Inc
Refurbished medical equipment are the medical devices that are free from any kind of defects as these are restored to their original working condition. Refurbishment is a process of checking the effectiveness, quality and safety of the medical devices before re-using the equipment.
The Refurbished Medical Equipment Market refers to medical devices and equipment that have been used previously and have been restored to a good working condition. These refurbished medical equipment offer cost-effective solutions to healthcare providers without compromising on the quality of patient care. They are extensively used in hospitals, clinics, and diagnostic centers. Some of the commonly refurbished medical equipment include imaging systems, surgical instruments, patient monitors, infusion pumps, and anesthesia machines. These equipment provide an affordable alternative for healthcare providers, especially in developing and underdeveloped regions where financial constraints limit the adoption of new medical equipment.
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Market Dynamics:
The growing demand for cost-effective healthcare solutions is a major driver for the refurbished medical equipment market. With rising healthcare costs, healthcare providers are seeking ways to reduce expenses without compromising on patient care. Refurbished medical equipment offers a viable solution as they are available at lower prices compared to new equipment. Additionally, the increasing focus on sustainable practices in the healthcare sector is also driving the demand for refurbished medical equipment. These devices contribute to reducing electronic waste and help in achieving environmental sustainability goals.
List of TOP Players in Market Report are: – Radiology Oncology Systems Inc. (U.S.), General Electric Company (U.S.), Everx Pvt Ltd. (U.S.), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Integrity Medical Systems (U.S.), Agito Medical A/S (Denmark), Soma Technology (U.S.), Block Imaging (U.S.), DRE Medical Inc. (U.S.) among others.
Market Taxonomy
By Product Type
- Operating Room Equipment & Surgical Equipment
- Patient Monitors
- Defibrillators
- Medical Imaging Equipment
- Cardiovascular & Cardiology Equipment X-ray Machines
- Neurology Equipment
- Endoscopy Equipment
- Telemetry Systems
- Neonatal Intensive Care Units
- Urology Equipment
- Intensive Care Equipment
- IV Therapy Systems
- Other Product Types
By End User
- Hospitals
- Ambulatory Care Centers
- Diagnostic Imaging Centers
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Market drivers are factors that contribute to the growth and development of a particular market. In the case of the refurbished medical equipment market, there are two key drivers that are fueling its growth and increasing its demand.
- Cost-effectiveness: Refurbished medical equipment offers a cost-effective alternative to new equipment. Healthcare organizations and providers are constantly looking for ways to reduce their expenses without compromising the quality of patient care. By opting for refurbished equipment, they can save a significant amount of money without sacrificing the functionality or reliability of the equipment. This is especially important for healthcare facilities in developing countries or those with limited budgets.
Refurbished equipment undergoes a rigorous refurbishment process, where any necessary repairs or upgrades are made to ensure that it meets stringent quality standards. This allows healthcare providers to access high-quality equipment at a fraction of the cost of new equipment. The cost-effectiveness of refurbished medical equipment is a major driver in the market, as it allows healthcare organizations to allocate their limited resources more efficiently.
- Environmental sustainability: The increasing awareness about sustainable practices and environmental conservation has led to a growing demand for refurbished medical equipment. The healthcare sector is known to produce a significant amount of waste, including medical equipment that is no longer being used. By opting for refurbished equipment, healthcare providers can contribute to reducing waste and minimizing their environmental impact.
Refurbished medical equipment reduces the need for new production, which in turn reduces the consumption of raw materials and energy required to manufacture new equipment. It also minimizes the amount of waste that ends up in landfills, as refurbished equipment is repurposed and given a second life. The environmental sustainability aspect of refurbished medical equipment is a significant driver in the market, as it aligns with the growing trend of eco-consciousness among healthcare providers and organizations.
Market restraints, on the other hand, are factors that hinder the growth or pose challenges to a particular market. In the case of the refurbished medical equipment market, there are two main restraints that need to be considered.
- Limited availability of specific equipment: While the market for refurbished medical equipment is growing, there may still be limitations in the availability of specific types of equipment. Certain specialized or advanced equipment may not be readily available in the refurbished market, as they are in high demand and have a limited supply. This can pose a challenge for healthcare providers who require specific equipment to meet their patient care needs.
The limited availability of specific equipment in the refurbished market can result in longer lead times or higher costs for acquiring such equipment. Healthcare providers may need to explore other options, such as purchasing new equipment or exploring alternative solutions. This constraint limits the options available to healthcare providers and may impact their ability to fully rely on the refurbished market for their equipment needs.
- Perception and trust issues: Another constraint faced by the refurbished medical equipment market is the perception and trust issues associated with used equipment. Some healthcare providers may be skeptical about the reliability, quality, and safety of refurbished equipment compared to new equipment. This perception can stem from concerns regarding the history, maintenance, and performance of the equipment.
To overcome this constraint, it is important for refurbished equipment providers to establish trust and transparency with their customers. This can be achieved through certifications, warranties, quality assurance processes, and comprehensive refurbishment documentation. By addressing these perception and trust issues, the refurbished medical equipment market can build confidence among healthcare providers and overcome this restraint.
Recent Developments:
On July 31, 2023, other than critical care equipment, the Central government recently published a list of 50 high-end/high value used medical devices that may be imported. The move has received support from India's top business organization, the Federation of Indian Chambers of Commerce and Industry (FICCI), Medical Devices Division. Local manufacturers are even more upset and have written to the Central government to request that the memorandum be revoked.
On June 24, 2023, the government relaxed regulations to allow the import of refurbished devices to ensure access to low-cost healthcare at the last mile, months after a parliamentary panel highlighted a shortage of medical equipment in semi-urban and rural India.
In December 2022, Block Imaging purchased Reliable Healthcare Imaging to open a brand-new facility to repair and reprocess CT scanner tubes and HV tanks.
In May 2021, Hermes Medical Solutions and Radiology Oncology Systems agreed to provide cost-effective and creative solutions, including Refurbished Medical Equipment, to Medical Imaging and Radiotherapy Departments in the US.
In May 2021, Hermes Medical Solutions Radiology Oncology Systems signed an agreement with Medical Imaging and Radiotherapy Departments in the U.S. to provide innovative and cost-effective solutions.
In December 2021, Block Imaging announced acquisition of Reliable Healthcare Imaging in order to open a novel facility for repairing and reprocessing HV tanks and CT scanner tubes.
Table of Contents
Chapter 1 Market Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Market Size Analysis from 2023 to 2035
Chapter 2 Competition by Types, Applications, and Top Regions and Countries
2.1 Market (Volume and Value) by Type
2.3 Market (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Worldwide Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Refurbished Medical Equipment Sales, Consumption, Export, Import by Regions (2023-2023)
Chapter 5 North America Market Analysis
Chapter 6 Europe Market Analysis
Chapter 7 Middle East and Africa Market Analysis
Chapter 8 Asia Pacific Market Analysis
Chapter 9 Latin America Market Analysis
Chapter 10 Company Profiles and Key Figures in Refurbished Medical Equipment Business
Chapter 11 Market Forecast (2023-2035)
Chapter 12 Conclusions
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