The global Refurbished Medical Equipment Market is estimated to Growth Accelerated by Increased Demand for Affordable Healthcare Solutions

 

Refurbished Medical Equipment Market 

Refurbished medical equipment such as CT scanners, ultrasound systems, and MRI machines are widely used across hospitals and diagnostic centers for clinical diagnosis. They aid in imaging of internal organs, scan body structure, detect abnormalities and help in disease diagnosis and treatment decisions. Refurbished medical equipment offers several advantages over new equipment such as significant cost savings of up to 40%-50%, full functionality comparable to new devices, strict quality refurbishing process as per OEM standards, extended equipment lifespan and reduced medical waste.

 

The global refurbished medical equipment market is estimated to be valued at US$ 14.21 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The refurbished medical equipment market is expected to witness high growth owing to improved access to healthcare. Growing healthcare costs have prompted hospitals and diagnostic centers to invest in pre-owned medical devices as they provide significant cost savings compared to new systems. Further, increasing shortage of healthcare infrastructure in developing regions has augmented the demand for refurbished equipment that delivers functionality comparable to new devices at lower prices. This helps bridge the gap between availability and need for diagnostic services. Additionally, growing medical tourism coupled with rising need for cost-efficient healthcare will continue driving market growth over the forecast period. However, lack of after sales service and technical support associated with refurbished systems remains a key challenge.

 

 

SWOT Analysis

 

Strength: The refurbished medical equipment market has lower costs compared to new equipment, which makes it more affordable for hospitals and healthcare facilities with limited budgets. Refurbished equipment is subject to rigorous quality checks and certification processes to ensure patient safety. The refurbishment process extends the usable lifetime of medical devices, supporting sustainable healthcare.

 

Weakness: There is still a perception among some users that refurbished equipment may be of inferior quality compared to new devices. Refurbishers need to invest more in demonstrating quality standards to win greater customer trust. The global supply chain for refurbished parts and components is more fragmented than for new equipment.

 

Opportunity: Growth regions like Asia Pacific and Latin America present major opportunities due to increasing healthcare investments and demand for cost-effective solutions. Developing innovative refurbishment and retrofitting techniques can help address the equipment needs of rapidly modernizing healthcare infrastructure. Partnerships between OEMs and refurbishers can help strengthen aftermarket services.

 

Threats: Stricter regulations on medical device refurbishing in some regions pose compliance challenges. New disruptive technologies may reduce demand for some existing devices. Rising energy and raw material costs can squeeze refurbishers' margins. Trade wars and geopolitical tensions impact the flow of refurbished goods across borders.

 

Key Takeaways

 

The Global Refurbished Medical Equipment Market Size is expected to witness high growth. The global refurbished medical equipment market is estimated to be valued at US$ 14.21 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031.

Regional analysis related content comprises the Asia Pacific region currently dominates the market and is expected to remain the fastest growing region throughout the forecast period due to increasing demand for cost-effective medical equipment from the large patient pools in India and China along with growing healthcare infrastructure in these countries.

 

Key players related content comprises Key players operating in the refurbished medical equipment market 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.. These companies are focusing on strengthening their refurbishment facilities and service networks across major markets to tap the widespread demand.


Get More Insights Here

https://captionssky.com/central-venous-catheter-market-in-the-u-s-an-overview/

https://www.pressreleasebulletin.com/refurbished-medical-equipment-market-size-share-growth-outlook-2023/

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