Refurbished Medical Equipment Market is Slated to Witness Tremendous Growth during 2021-2026

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Refurbishment is described as a systematic process that assures the medical equipment is safe and effective without significantly changing the equipment’s or system’s performance, safety specifications, and/or changing intended use as in its original registration.

Some of the main factors propelling the global refurbished medical equipment market include increased adoption of low-cost refurbished equipment due to cost containment pressure, a large inventory of old or used medical devices, the growing privatization of the healthcare sector, increasing demand for refurbished equipment due to the Covid-19 pandemic, and high demand from developing countries.

Refurbishment of Medical Equipment Contributes to Circular Economy
Refurbished medical equipment serves the purpose of circular economy, by extending the equipment’s lifespan, finest 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. According to the DITTA, around 30 MWh can be saved for each ton of refurbished medical imaging equipment.

Cost Containment Strategies for Hospitals Drive the Market Growth
With the usage of refurbished medical equipment, the cost to hospitals can be reduced by 20-30 percent while continuing to guarantee safety and high clinical performance. Likewise, by replacing used, outdated equipment with refurbished medical equipment, the overall quality of healthcare for patients can be improved, which allows for better therapy and treatment and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 upcoming scenarios 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

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Introduction of IEC PAS 63077 Drives the Global Refurbished Medical Imaging Equipment Market
Industry standards such as DITTA’s IEC PAS 63077 on “Good refurbishment practices for medical imaging equipment” support to promote the usage and market access of refurbished medical imaging equipment along with emphasize the importance to harmonize the refurbishment practices globally.

Key Challenges/ Constraints: Refurbished Medical Equipment Market
Some of the major factors that are likely to limit market growth include the lack of awareness about the benefits associated with the refurbished medical equipment, strong end-user skepticism sentiments regarding the quality & accuracy of this equipment, and stringent regulations on the import and use of refurbished medical equipment in certain countries.

North America Has the Largest Market Share
North America holds the major market share of the refurbished medical equipment market followed by Europe and the Asia Pacific. Some of the major reasons influencing the growth of this market include Large inventory of old and used medical equipment, hospital budget cuts, and showing importance of e-commerce platforms that enhance the ease of purchasing refurbished medical devices in this region.

Companies Accept Both Organic & Inorganic Growth Strategies to Increase their Market Share
Players operating in refurbished medical equipment market are adopting organic and inorganic growth strategies such as collaborations, acquisitions, and expansions to garner market share.

For instance,

In January 2022, US Med-Equip announced the opening of a new US Med-Equip support center to help Chicago-area hospitals gain access to more ventilators and other medical equipment

In August 2021, US Med-Equip announced the expansion of its westward area with new offices in Utah, Colorado, Nevada(HOUSTON) to help more hospitals with critical medical equipment in the fight to save pati

Competitive Landscape Analysis of Refurbished Medical Equipment Market
The global refurbished medical equipment market is marked by the presence of established key 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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