Refurbishment of medical devices involves reprocessing used or old medical devices to extend their usable lifespan. It helps reduce device costs and allows those with limited resources to access advanced medical technologies. Refurbished devices offer strong benefits like significant cost savings up to 50-60% compared to new devices while maintaining the same safety and efficacy.
Market key trends:
One of the major trends fueling the refurbished medical equipment market growth is the growing number of medical device refurbishing certifications. Regulatory authorities like the FDA and European Union require stringent certification requirements to be met for refurbishing medical devices. Obtaining these certifications allow companies to legally refurbish and redistribute medical devices. This promotes standards of quality and safety for refurbished devices. With an increasing focus on standards compliance, more companies are getting certified which is driving higher refurbishment volumes and market revenues.
Threat of new entrants: New entrants in the refurbished medical equipment market face high initial investment costs for setting up the refurbishing facility and acquiring certification. The market also has presence of established brands.
Bargaining power of buyers: The buyers have moderate bargaining power as there are many established brands providing refurbished medical devices. However, safety and reliability of devices are important factors for buyers.
Bargaining power of suppliers: The suppliers of used medical devices have low bargaining power as the suppliers consist of number of hospitals and healthcare facilities recycling their old equipment.
Threat of new substitutes: There is low threat from substitute products as refurbished medical devices provide 40-60% cost savings over new devices with similar functionality.
Competitive rivalry: Intense due to presence of global established brands.
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.
Strength: Established global supply chain and refurbishing facilities. Large product portfolio to cater diverse needs.
Weakness: High dependence on used medical devices supplied by hospitals. Refurbished devices perception of being inferior to new.
Opportunity: Growth in healthcare expenditure in emerging markets. Rising adoption of eco-friendly practices boosting medical device refurbishment.
Threats: Stringent regulations for refurbished devices. Technological advancements reducing life cycle of medical equipment.
The global refurbished medical equipment market is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period, due to increasing healthcare expenditure globally. The market size for 2023 was US$ 10.8 billion.
Regionally, North America dominates the refurbished medical equipment market currently. However, Asia Pacific is expected to grow at fastest pace due to rising medical tourism and increasing healthcare infrastructure in countries such as China and India.
Key players operating in the refurbished medical equipment market are 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. These established brands have strong global presence and offer comprehensive portfolio of refurbished medical equipment including CT scanners, MRI machines, ultrasound systems, X-ray devices, and much more.
Read More: https://www.ukwebwire.com/refurbishment-of-medical-devices-market-is-estimated-to-witness-high-growth-trend-and-share-analysis/