Global Refurbished Medical Equipment Market is estimated to grow at a healthy rate of 12% to reach $18 billion by 2026

Refurbishment is defined as a systematic process that ensures the safety and effectiveness of the medical equipment without significantly changing the equipment’s or system’s performance, safety specifications, and/or changing intended use as in its original registration.

Refurbishment of Medical Equipment Contributes to a Circular Economy

Refurbished medical equipment serves the purpose of circular economy, by prolonging the life of the equipment, optimal use of resources, and reentering the business ecosystem. It also makes a positive contribution to the environment as it reduces waste generation and saves energy, resources, and raw materials. The DITTA estimates that around 30 MWh can be saved for each ton of refurbished medical imaging equipment.

Cost Containment Strategies for Hospitals Drives the Refurbished Medical Equipment Market

With the use of refurbished medical equipment's, the cost to hospitals can be reduced by 20-30 percent while continuing to guarantee safety and high clinical performance. Also, by replacing used, outdated equipment with refurbished medical equipment's, the overall quality of healthcare for patients can be improved, which allows for better therapy and treatment and increases the chance of survival.

“The global refurbished medical equipment market played a critical role in helping improve access to affordable quality healthcare during the COVID-19 outbreak. The future prospects of the refurbished medical equipment market look promising due to low production & material cost, and its contribution to the circular economy.” -General Manager, Global Operations and Supply Chain, Medical Device Manufacturer, United States

Market Challenges: Refurbished Medical Equipment Market

The lack of awareness about the benefits associated with the refurbished medical equipment's, strong end-user skepticism sentiments regarding the quality & accuracy of this equipment's, and stringent regulations on the import and use of refurbished medical equipment in certain countries are some of the key factors that are likely to restrain the growth of refurbished medical equipment market.

North America Has the Largest Market Share in Refurbished Medical Equipment Market

North America holds the largest market share of the refurbished medical equipment market followed by Europe and the Asia Pacific. Large inventory of old and used medical equipment, hospital budget cuts, and growing prominence of e-commerce platforms that enhance the ease of purchasing refurbished medical devices in this region are some of the key factors driving the growth of this market.

Competitive Landscape Analysis: Refurbished Medical Equipment Market

The refurbished medical equipment market is marked by the presence of established industry players such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Soma Technology, USMed-Equip, and Everx Pvt Ltd., among others.

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