Refurbished Medical Equipment Market Is Anticipated To Witness High Growth Owing To Increase In Healthcare Facilities

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


Refurbished medical equipment provides an affordable alternative to purchasing new equipment and involves the upgrading, repairing, and testing of medical devices to extend their usable lifespan. With the growth in the number of hospitals and clinics catering to a large patient pool, there is an increased demand for quality medical equipment at lower costs. This has boosted the refurbished medical equipment market as these reconditioned systems are available at 30%-70% lower prices than new ones.

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 are Crayola LLC, Faber-Castell AG, Sargent Art, Reeves (Colart Group), Liquitex (Colart Group), Sax Arts & Crafts, Prang (Dixon Ticonderoga Company), RASCHER GmbH, Richeson Art Materials, Jovi S.L. Companies like Crayola LLC and Faber-Castell AG are market leaders offering wide portfolios of refurbished medical devices.

There is high demand for Refurbished Medical Equipment Market Share from emerging economies owing to increasing healthcare infrastructure and limited budgets for medical capex. Governments in these countries are promoting the use of refurbished systems through favorable policies and subsidies. This provides new growth avenues for key players to expand their geographical footprint.

Key players are also focusing on service contracts, multi-year warranties, and value-added services to gain a competitive edge in the market. Companies are undertaking strategic collaborations with hospitals and clinics to ensure a constant supply of refurbished medical equipment. This helps establish long-term sales and aftermarket revenue streams in international markets.

Market drivers and restrain

One key driver is the significant cost savings associated with refurbished medical equipment compared to new ones. Refurbished devices are available at 30%-70% lower prices, making them affordable for hospitals, diagnostic centers, and clinics having limited capital expenditure budgets. This widens the potential customer base for key players in the market.

However, the perception of quality issues associated with refurbished equipment is a key restraint. Some hospitals and healthcare providers are reluctant to use reconditioned devices due to concerns over their reliability and lifespan. Strict regulatory norms regarding the refurbishment process also add to compliance costs. This acts as a challenge for players to boost industry acceptance and volumes.


Segment Analysis
The refurbished medical equipment market can be segmented based on device type into wheelchairs, surgical instruments, endoscopy devices, defibrillators, medical imaging equipment, monitoring equipment, incubators/neonatal care and dental equipment. The monitoring equipment segment currently dominates the market as refurbished cardiac monitors, ventilators and other patient monitoring equipment see high demand from low resource healthcare facilities and emergency medical services. Monitoring equipment offer benefits of remote patient monitoring and real-time readings which drives their demand in refurbished form as well.

Global Analysis
The North American region currently dominates the refurbished medical equipment market owing to presence of large number of healthcare facilities and policies supporting recommissioning, reuse and refurbishment of medical devices in the region. The Asia Pacific region is poised to be the fastest growing market during the forecast period due to increasing healthcare infrastructure and improving access to quality healthcare in developing countries of the region. Countries like India, China and Southeast Asian nations provide huge opportunities for refurbished medical equipment suppliers and OEMs for upgrading healthcare facilities with safe, certified pre-owned medical devices. Regions like Latin America and Middle East & Africa also show high potential for growth in future as the focus shifts towards providing affordable quality care through medical technology reuse and up-gradation.

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