by Refurbished medical equipment refer to pre-owned medical devices that have been inspected, treated, and reconditioned to extend their useful life. Common examples of refurbished medical equipment include computed tomography (CT) scanners, ultrasound systems, patient monitors, x-ray machines, and surgical tools. Refurbishment helps recover most or all value from retired medical devices through a rigorous multi-step process. It involves data removal, disassembly, component replacement, cleaning, testing, and quality assurance. Refurbished medical equipment provide 40-65% cost savings as compared to new ones while delivering similar performance. They enable healthcare providers to stay updated with latest technology and functionality at an affordable price point.
The global Refurbished Medical Equipment Market is estimated to be valued at US$ 14.21 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for cost-effective medical solutions is expected to drive the refurbished medical equipment market growth over the forecast period. Refurbished medical equipment helps reduce the financial burden on healthcare providers and allows reallocation of saved capital for other needs. As per the World Health Organization, around 1.6 billion people lack access to surgical care globally due to financial constraints. Availability of affordable refurbished medical equipment thus addresses this issue to some extent. Furthermore, rising need for periodic replacement of aging medical technologies and limited healthcare budgets in developing nations are also fueling the demand. While developed regions have sufficient replacement cycles in place, in emerging economies refurbished devices offer a viable solution for technological upgrades without straining budgets.
Segment Analysis
The refurbished medical equipment market can be segmented into cardiovascular devices, orthopaedic devices, laparoscopic devices, neurological devices and others. Among these, the cardiovascular devices segment accounts for the largest market share and is expected to dominate the market during the forecast period. This is attributed to the growing prevalence of cardiovascular disorders across the globe as well as availability of a wide range of cardiovascular devices available for refurbishing.
PEST Analysis
Political: Regulations related to quality certification of refurbished medical equipment play a crucial role in the market growth. Stringent regulatory standards are in place to ensure patient safety.
Economic: Growing healthcare expenditure across developing regions is driving the demand for affordable refurbished medical equipment. The rise in disposal income of people also contributes to market growth.
Social: Increasing geriatric population globally is a key factor boosting the demand for medical devices across all segments. Additionally, growing awareness regarding merits of refurbished equipment is positively impacting the market.
Technological: Advancements in refurbishing techniques allowing refurbishment of even complex medical equipment to near-original specifications is supporting the market expansion.
Key Takeaways
The Global Refurbished Medical Equipment Market Size is expected to witness high growth during the forecast period supported by the increasing demand for cost-effective equipment and rise in number of medical device recall and return. The global Refurbished Medical Equipment Market is estimated to be valued at US$ 14.21 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Regional analysis: North America holds the major share of the global market currently owing to factors such as presence of leading refurbished medical equipment companies, significant healthcare spending, and established regulatory framework in the region. Asia Pacific is expected to exhibit the fastest growth over the coming years led by favourable government policies supporting healthcare infrastructure development and growing medical tourism industry in countries such as India and China.
Key players: 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. Crayola LLC dominates the global crayon market share due to its wide product portfolio and strong brand recognition globally.
