The refurbished medical equipment market is witnessing significant advancements in technology that is driving greater adoption. Refurbished medical devices such as MRI machines, CT scanners, ultrasound systems and X-ray devices offer high-end features at affordable prices compared to new equipment. Refurbished equipment undergoes stringent quality check, OEM-certification and is repurposed to nearly match the performance of new devices. Key components are either replaced or upgraded to current technical specifications.
The Global Refurbished Medical Equipment Market is estimated to be valued at US$ 14.21 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period from 2024 to 2031.
Key Takeaways
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.
Growing demand: There is a significant increase in demand for refurbished equipment from cost-sensitive healthcare facilities and hospitals in developing nations. Refurbished devices offer good functionality at half the price of new ones.
Global expansion: Major players are expanding their operational footprint in Asia Pacific and Latin America to tap high growth opportunities. Healthcare infrastructure development programs in these regions are boosting procurement of refurbished equipment.
Market Key Trends
Technology upgrades: Refurbished equipment undergo upgrades to the latest technical configurations allowing them to provide features equivalent to new devices. Key components such as sensors, displays and circuit boards are either replaced or upgraded. This is making them a cost-efficient alternative to new capital-intensive devices.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the Refurbished Medical Equipment Market Demand is moderate as it requires large investments to compete with existing players and also needs specialized capabilities for refurbishing medical equipment as per quality and regulatory standards.
Bargaining power of buyers: The bargaining power of buyers in the refurbished medical equipment market is high. This is due to the presence of a large number of buyers including hospitals, clinics, diagnostic centers. Buyers can negotiate on price as there are multiple players offering similar products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. This is because shifting costs can be high for suppliers and they are dependent on few global players for raw materials and components. However, the threat is balanced by the need to maintain quality and regulatory standards.
Threat of new substitutes: The threat of substitutes is low in the refurbished medical equipment market. This is because there are no close substitutes for refurbished medical equipment that provide the same functional and economic benefits.
Competitive rivalry: The competitive rivalry in the refurbished medical equipment market is high. Players compete intensely on the basis of product quality, service, price, branding and innovation.
Geographical Regions:
North America holds the major share of around 35-40% of the global refurbished medical equipment market in terms of value. This is due to presence of large healthcare infrastructure, rising geriatric population, and increased adoption of refurbished medical devices to reduce the cost of healthcare in the region.
Asia Pacific region is expected to be the fastest growing geographical region for the refurbished medical equipment market during the forecast period of 2024 to 2031. This growth is attributed to factors such as increasing population, improving healthcare infrastructure, growing medical tourism, and rising healthcare expenditures in countries such as China, India.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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