Market Is Estimated To Witness High Growth Owing To Increased Demand & Government Support

https://www.coherentmarketinsights.com/market-insight/refurbished-medical-equipment-market-1635
Medical Device Refurbishment Market



Market Overview:

The refurbishment of medical devices helps in extending the life of devices and making them more cost-effective. Refurbished medical devices offer significant cost savings compared to new devices while providing the same functionality and performance.

Market key trends:
The rising demand for cost-effective medical devices due to high costs of new medical equipment is a major trend driving the refurbished medical equipment market. Healthcare facilities are under significant pressure to reduce costs due to financial constraints. Refurbishing used medical devices helps in reducing healthcare costs significantly. Refurbished medical devices are priced 20-50% lower than new devices. This has boosted the demand for refurbished equipment in several healthcare settings.

Segment Analysis
The global refurbished medical equipment market is segmented by device type into surgical equipment, patient monitors, defibrillators, imaging equipment, infusion pumps and other medical equipment. Among these, the surgical equipment segment accounted for the largest market share in 2023 owing to the large number of surgical procedures performed annually necessitating regular maintenance and refurbishment of surgical equipment. Surgical equipment such as endoscopes, laparoscopes and other minimally invasive surgical devices require frequent repair and upgrades to ensure safety, efficacy and compliance with the latest standards.

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.

Key Takeaways
The global refurbished medical equipment market is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period, due to increasing cost pressures on healthcare systems and hospitals. The refurbishment of used medical devices helps lower the costs significantly compared to purchasing new devices.

Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to well-established regulations and processes related to refurbishment of medical devices in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing medical tourism and increasing healthcare expenditure in major Asian countries.

Key players operating in the refurbished medical equipment market include GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S. Major players are focused on strengthening their service networks and capabilities to capitalize on the high growth opportunities in the market.

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