Vantage Market Research found that the global refurbished medical equipment market has been steadily growing due to various factors such as cost-effectiveness, technological advancements, and increased demand for healthcare services.
According to Vantage Market Research, the global refurbished medical equipment market is estimated to be valued at $33.9 billion by 2030 and is expected to exhibit a compound annual growth rate of 12.2% from 2023 to 2030. The global refurbished medical equipment market grew to $13.5 billion in 2022.
A refurbished medical device has been rebuilt to meet safety and performance standards comparable to its original state without altering the device’s intended use. In contrast to used equipment, which is typically just cleaned up and sold as is, refurbished equipment involves replacing worn-out parts, repairing mechanical and electrical components, reassembly, cosmetic touches, software updates, quality checks and testing, and labeling updates.
Due to its numerous uses in healthcare facilities, the market has experienced significant growth. Hospitals and diagnostic facilities frequently use refurbished X-ray machines, MRI scanners, ultrasound systems, and patient monitors.
These affordable options provide top-notch medical imaging, monitoring, and diagnostic capabilities, assisting healthcare providers in providing better patient care while spending less money. The market for refurbished medical equipment is also expanding as a result of its use in clinics, ambulatory surgical centers, and research labs.
Several factors have affected the growth of the refurbished medical equipment industry. Some of these factors include:
- Increasing demand for cost-effective healthcare solutions
- Advancements in technology and improved product quality
- Growing environmental awareness and sustainability efforts
- Expansion of online platforms and e-commerce
- Growing demand in emerging economies
Despite the favorable market conditions, certain restraints can hinder the growth of the refurbished medical equipment market. One of the major challenges is the lack of regulatory standards and stringent quality control, which raises concerns about the dependability and safety of such equipment. Furthermore, the limited availability of skilled professionals to handle refurbished equipment poses a significant challenge for healthcare facilities. Additionally, the perception that refurbished equipment is inferior or of lower quality than new equipment is a deterrent for potential buyers.