Refurbished Medical Equipment Market is Estimated To Witness High Growth Owing To Increase In Demand For Cost-Effective Options

 
Refurbished Medical Equipment Market

Market Overview:

Refurbished medical equipment refers to pre-owned medical devices that have been restored to original specifications through professional servicing and testing so they can be reused. Key advantages of refurbished medical equipment include lower price as compared to new equipment, minor upgrades that improve functionality, eco-friendly as it extends product life. Refurbished equipment helps in making critical medical equipment accessible to price-sensitive consumers and hospitals.

Market key trends:
The growing demand for cost-effective medical solutions is driving growth of the refurbished medical equipment market. Refurbished Medical Equipment Market Demand are significantly cheaper than new devices, with prices that are approximately 30-50% lower. This is a major attraction for cost-sensitive hospitals, laboratories, diagnostics centers, and other healthcare facilities in developing regions. According to the United Nations Population Fund, over 80% of the world’s population lives in developing nations, where the demand and access to high-quality yet affordable healthcare is increasing rapidly. The availability of refurbished medical equipment at lower prices caters well to this rising demand.

Porter's Analysis
Threat of new entrants: Low capital requirements and established brand names make entry difficult. Bargaining power of buyers: Large number of specialized buyers increases their bargaining power. Bargaining power of suppliers: Established suppliers and proprietary technologies decrease buyer power. Threat of new substitutes: Low threat due to specialized demand for refurbished equipment. Competitive rivalry: Intense competition among existing players to expand market share.

SWOT Analysis
Strengths: Cost-effectiveness, environmental benefits, reliable operation. Weaknesses: Perception issues, limited warranty coverage, technological lags. Opportunities: Growing healthcare needs in developing nations, stringent regulations on waste. Threats: Rapid pace of innovation, market saturation in developed markets.

Key Takeaways
The global refurbished medical equipment market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing healthcare expenditure and growing demand for cost-effective solutions across hospitals and diagnostic centers.

Regional analysis: North America dominated the market in 2023, owing to developed healthcare infrastructure and stringent regulations regarding medical waste disposal in the region. Asia Pacific is expected to witness fastest CAGR during the forecast period with increasing medical tourism and rising healthcare infrastructure development in China and India.

Key players operating in the refurbished medical equipment market are Everx Pvt Ltd., Soma Technology., Siemens AG, Block Imaging, Koninklijke Philips N.V., Radiology Oncology Systems, Inc., General Electric Company, Integrity Medical Systems, DRE Medical, Inc., Agito Medical A/S.

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