(EMAILWIRE.COM, January 07, 2025 ) The global Refurbished Medical Equipment Market, valued at US$15.97 billion in 2023, is forecasted to grow at a robust CAGR of 7.6%, reaching US$16.93 billion in 2024 and an impressive US$24.41 billion by 2029.

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The factors primarily driving the market for Refurbished medical equipment are the worldwide skyrocketing health costs have raised demands for cheaper medical alternatives, the availability of second-hand medical equipment on account of technological advancements and frequent upgrades in the equipment. In addition, By refurbishing equipment, electronic waste can be minimized, and goals of environmental sustainability and a circular economy can be achieved. Investment in government initiatives and laboratory infrastructural development also drives the market. Research and advancements in quality and technology for refurbished medical equipment is on the rise, further supporting market growth.

The investments in advanced health care equipments mainly focus on emerging markets, which further require the development cost-effective equipment with increasing healthcare costs; based on its features, it can become affordable through AI integration-enhanced quality-reliability, and AI streamlining for refurbishment that is potentially costly in terms of labor and operational expenses. It also predicts future dependence reliability while reducing after-sales services costs. It gives way to the defect detecting and testing of used devices, ensuring refurbished equipment meets safety and performance standards as per its features.

Medical imaging equipment to Dominate Market in 2023.

Refurbished imaging equipment provides advanced diagnostic features for much less, allowing healthcare systems to keep pace with the increasing demand from patients. The recycling and remanufacturing of medical devices reduce electronic waste, such as that associated with the use of sustainable development globally. Continuous improvement of refurbishment processes and regulatory adherence guarantees quality and reliability, which in turn assures customer confidence. Smaller hospitals and more modest diagnostic centers may not have the financial wherewithal to invest in new cutting-edge equipment, resulting in opting for a refurbished solution. Indeed, one can use refurbished imaging equipment as it is cheaper than new medical equipment in health facilities, especially in developing countries. This is useful in terms of healthcare budgets and availability of necessary imaging technologies for treatment purposes. The escalating investment in health infrastructure around the world, especially in the private healthcare sector, increases the hunger for inexpensive medical devices, including refurbished imaging equipment further supports growth.

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Diagnostic Application accounted for the highest market share of 2023.

Increasing global healthcare needs, driven by aging populations and the prevalence of chronic diseases, will inevitably involve expanding diagnostic capabilities in a cost-effective manner. High-quality used medical devices for refurbishment form a constant supply stream of cost-effective diagnostics equipment. The improved processes in refurbishing ensure higher quality and reliability of equipment, leading to a greater trust in refurbished diagnostic tools.

Refurbishing is waste electronic reduced aligning with this growing need for sustainability in practices amid the healthcare industry. Refurbished medical equipment is considerably cheaper than new devices and therefore quite attractive to cost-conscience buyers such as the small and medium-sized health facilities especially in underdeveloped regions, further supports the growth of this market.

Hospitals remains the largest in 2023.

Hospitals are the largest end users of refurbished medical equipment and have the largest market share. New vs refurbished equipment is associated with much undercutting for hospitals under the budget-constraining or cost containment model. The high availability of some used medical devices guarantees a perpetual supply of refurbished options according to what hospitals need. Hospitals and surgical centers can get the much-needed devices as fast and reliably through refurbishment channels to avert full-blown need that emerges from delayed production cycles. A diversified expressed resource optimization becomes a pressing need for health care providers, thus serving in favor of refurbishment.

North America Accounts for the Largest Market Share in 2023

North America has accounted for a large portion of the Refurbished medical equipment market due to several critical reasons. High costs in health care force individuals to turn to cheaper alternatives, such as refurbished and used medical equipment. Several small and medium healthcare facilities in North America would prefer using refurbished equipment as opposed to any brand without compromising their quality. Privatization in the health sector would encourage the use of refurbished equipment since it would be cost-effective in expanding the range of available services. Medical equipment refurbishment in North America is qualified by defining criterions. The buyer is reassured in countries like the USA through the surveillance and regulation of the entire process of refurbishing by FDA and other well-known federal agencies, which ensures that the provision is safe and reliable.

Major Market Players in Refurbished medical equipment

In the Refurbished medical equipment market, the following players hold maximum value shares. They are: GE Healthcare. is headquartered in United States, Philips Healthcare (Netherlands), Siemens Healthineers (Germany), Block Imaging International,Inc. (US), Soma Technology, Inc. (US), Avante Health Solutions (US), and Canon Medical Systems Corp. (Japan), Mindray Medical International (China), Dragerwerk AG & Co. KGAA (Germany), Whittemore Enterprises (U.S.), Stryker (US), Directmed Parts & Services (US), Medline Industries (U.S.), Traco Medical (U.S.), Nihon Kohden Corporation (Japan), Master Medical Equipment (U.S.), and Everx Pvt. Ltd. (US).

Recent Developments of Refurbished Medical Equipment Market
-Acquisition: In 2024, GE HealthCare acquired Intelligent Ultrasound Group PLC’s (Intelligent Ultrasound) clinical AI software to add innovative and real-time image recognition technology and expertise to its portfolio of AI-enabled devices.
-Acquisition: In 2023, Siemens Healthineers and CommonSpirit Health acquired Block Imaging to provide more sustainable options and support increasing demand from US hospitals, health systems, and other care sites for multi-vendor imaging parts and services.
-Expansion: In 2024, GE HealthCare launches a new refurbishing unit in Bangladesh for its A1-Sure Ultrasound Systems. The facility brings advanced diagnostic and clinical technologies closer to the rural population residing in Tier 2 and Tier 3 cities that are underserved.
-Product Launch: In 2023, GE Healthcare launched Vscan Air SL—a handheld, wireless ultrasound imaging system designed for rapid cardiac and vascular assessments at the point of care to help clinicians accelerate diagnoses and treatment decisions.

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Mr. Rohan Salgarkar
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