by Pre-owned medical devices include medical equipment that was previously owned and used by other end users such as hospitals, diagnostic centers, and other healthcare facilities. These pre-owned medical devices provide significant cost savings compared to purchasing new equipment. Some of the commonly traded pre-owned medical devices include patient monitors, imaging equipment such as MRI machines and CT scanners, anesthesia machines, defibrillators, and surgical equipment among others. The global pre-owned medical devices market allows healthcare facilities to upgrade their equipment without significantly impacting their budgets. This market is growing as it provides a reliable and affordable option for hospitals and clinics, especially in developing countries with budget constraints.
The global pre-owned medical devices Market is estimated to be valued at US$ 7355.21 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for cost-effective medical treatment alternatives coupled with significant cost savings provided by pre-owned medical devices are major drivers boosting the growth of the global pre-owned medical devices market. According to studies, purchasing refurbished medical equipment can help save up to 50-60% of the equipment’s original price. These substantial savings allow healthcare facilities to replace or upgrade older equipment without spending large portions of their budgets. Additionally, many devices after refurbishment work as good as new devices enhancing their demand. Strict regulations regarding the refurbishment and remarketing of pre-owned medical devices help ensure patient safety and aid in building confidence among hospitals. Advancements in refurbishing technologies have also improved the quality and extended the functional lifespan of pre-owned medical equipment.
Segment Analysis
The pre-owned medical devices market can be segmented based on device type and end user. Based on device type, the market is dominated by diagnostic imaging devices segment as they account for around 30% share of overall market. Diagnostic imaging devices segment includes pre-owned CT scanners, MRI machines, ultrasound systems and X-ray systems which find high demand from budget constrained hospitals and diagnostic centers in developing regions. Based on end user, hospitals segment holds the dominant position due to high volume of patients and need to provide quality care at affordable costs. Large hospitals and hospital chains in cost sensitive countries prefer refurbished devices to reduce capital expenditure.
PEST Analysis
Political: Governments in developing nations are promoting healthcare accessibility and affordability by allowing usage of pre-owned medical devices which eases regulatory restrictions. Economic: Rising healthcare costs and constrained public budgets are driving higher adoption of pre-owned devices which are 20-30% cheaper than new ones. Social: With growing medical needs of aging population, demand for affordable healthcare is increasing which benefits pre-owned devices market. Technological: Advanced testing and refurbishing processes allow pre-owned devices to deliver near-new performance with reduced risks of technical faults.
Key Takeaways
The global Pre-Owned Medical Devices Market Growth is expected to witness high growth over the forecast period. Asia Pacific region currently dominates the market and is expected to maintain its lead position during 2023-2030 period. Factors such as rapidly growing medical infrastructure, large patient pool and cost sensitivity of the region support the highest market growth.
Regional analysis:
The Asia Pacific is the fastest growing region in the pre-owned medical devices market owing to rising healthcare expenditure, growing med-tech industry and presence of cost-sensitive countries like India and Indonesia. The region’s market is projected to increase at a CAGR of around 8% during forecast period.
Key players:
Key players operating in the pre-owned medical devices market are Comstrac Ltd., Kavit Electronics Industries Ltd., Phantom Technologies Ltd., Rayfond Technology Co. Ltd., Red Eye International Ltd., and Septier. These players specialize in refurbishing a range of devices including MRI machines, CT scanners, ultrasound devices and offer servicing solutions and warranty options.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
