Refurbished Medical Equipment Market is Expected to be Flourished by Reducing Capital Investment Requirements
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Refurbished Medical Equipment Market |
Over
the past decades, there has been a significant rise in the demand for advanced
medical equipment in healthcare facilities across the globe. However,
procurement of new medical equipment requires substantial capital investments,
which is a major challenge for healthcare providers, especially in developing
economies. This has created opportunities for refurbished medical equipment
that provides facilities with quality equipment at lower costs compared to new
ones. Refurbished medical equipment undergoes rigorous processes to restore
functionality and safety equivalent to new equipment through procedures
including disassembly, inspection, replacement or repair of worn parts, and
reassembly.
The global refurbished medical equipment market is estimated to be valued at
US$ 12.33 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights. The refurbished medical equipment can offer significant
capital expenditure savings to healthcare facilities compared to purchasing new
medical devices. For instance, prices of refurbished models are typically
20-50% lower than their new counterparts. This allows healthcare organizations
to either invest the savings in other priority areas or expand their core
offerings by procuring more refurbished devices within the allocated budget.
Market Dynamics:
The growth of the refurbished medical equipment market is driven by the
increasing need to reduce capital investment requirements in the healthcare
industry. Refurbished medical equipment offers substantially lower prices
compared to new devices without compromising on quality and functionality. This
provides an affordable option for hospitals and clinics to upgrade their
technology and expand service offerings. Moreover, growing initiatives by
public and private organizations to donate used medical equipment to
underfunded healthcare facilities in developing countries will further support
the market growth over the forecast period. However, lack of standard protocols
for refurbishment processes and perceived risks of quality and safety
associated with second-hand devices poses challenges for market players to
ensure customer confidence. Ongoing research and stringent regulatory approvals
are expected to address such issues.
Segment
Analysis
The Global
Refurbished Medical Equipment Market Demand is dominated by the
hospital and clinics segment which accounts for over 50% of the market. This is
because hospitals and larger clinics purchase refurbished medical equipment in
bulk as they cater to a large number of patients on a daily basis. The cost savings
achieved through purchase of refurbished medical equipment allows hospitals to
upgrade their equipment inventory on a more frequent basis and invest savings
in expanding their facilities or other healthcare services.
PEST Analysis
Political: Regulations around quality and safety standards for refurbished
medical devices ensure patient wellbeing. Trade policies also impact
import/export of refurbished equipment between countries.
Economic: Global economic conditions and healthcare spending of nations determines
domestic demand. Cost savings achieved through refurbished devices allow
expansion of access to healthcare.
Social: Growing geriatric population and increasing incidence of lifestyle
diseases is increasing demand for quality healthcare. Social acceptance of
refurbished equipment helps expand availability of diagnosis and treatment.
Technological: Advances in medical device technology leads to shorter
lifecycles necessitating trade of older devices. Digital systems like
blockchain ensure traceability of refurbishment process.
Key Takeaways
The global refurbished medical equipment market is expected to witness high
growth over the forecast period supported by rising demand for cost-effective
devices.
Regional
analysis: North America currently dominates the market due to large scale
medical infrastructure and availability of advanced refurbished diagnostic
devices. Asia Pacific region is expected to witness fastest growth due to
increasing investments in healthcare sector, rising medical tourism, and
growing medical device industry in China, India and Southeast Asia.
Key players: Key players operating in the refurbished medical equipment market
are Orica, Enaex, Austin Powder Company, Incitec Pivot, CSBP, Yara
International, San Corporation, Fertiberia, Neochim, URALCHEM Holding, Dyno
Nobel, Vijay Gas Industry, Solar Industries, Maxam, AEL Mining Services, EPC
Groupe, Gulf Oil Corporation, IDEAL Industrial Explosives, Sichuan Meifeng
Chemical Industry, Jiaocheng Jinxin Chemical. Philips, GE Healthcare and
Siemens are some of the leading players offering refurbished imaging and
diagnostic equipment.
Get more insights on this topic:https://www.pressreleasebulletin.com/refurbished-medical-equipment-market-demand-share-analysis/
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