Global Refurbished Medical Equipment Market – Focused Insights 2024-2029

MARKET OUTLOOK

The global refurbished medical equipment market was valued at USD 18.94 billion in 2023 and is projected to reach USD 37.60 billion by 2029, growing at a CAGR of 12.11% during the forecast period. The market is primarily driven by advancements in the healthcare sector, increasing the demand for cost-effective medical equipment. However, the high costs associated with medical devices and related services, such as installation, repair, and maintenance, pose financial challenges for healthcare providers. To mitigate these expenses, medical professionals are increasingly opting for refurbished medical equipment to meet healthcare requirements efficiently.

MARKET DEFINITION

Refurbished medical equipment refers to previously owned medical devices that have been inspected, repaired, and restored to meet safety, performance, and regulatory standards without altering their intended use. This category includes medical devices refurbished by healthcare equipment manufacturers through multiple processes, making them reusable for hospitals, clinics, and diagnostic centers. Moreover, refurbished equipment can be up to 50-70% more cost-effective than new equipment, further driving market demand.

MARKET TRENDS & DRIVERS

Technological Integration & Connectivity

As healthcare facilities increasingly adopt advanced technologies, refurbished medical equipment providers are incorporating modern features into their products to compete with new medical devices. Upgraded refurbished equipment integrates the latest technology at a significantly lower cost, driving higher demand. For example, GE Healthcare’s GoldSeal Discovery ST offers a cost-effective refurbished imaging system combining computed tomography (CT) and positron emission tomography (PET) with flexible configurations.

Budget Constraints in Healthcare Facilities

Small and medium-sized healthcare institutions face financial challenges due to the high costs of medical equipment and services. To balance budgetary constraints while ensuring high-quality patient care, these facilities are increasingly turning to refurbished medical equipment. This cost-effective strategy is a major factor driving market growth, as refurbished devices offer essential medical functionalities at a fraction of the price of new equipment.

GLOBAL REFURBISHED MEDICAL EQUIPMENT MARKET INSIGHTS

• Product Type Insights: The global refurbished medical equipment market is categorized into various segments, including medical imaging equipment, in vitro diagnostics (IVD) & laboratory equipment, operating room & surgical equipment, patient monitoring systems, cardiology equipment, dental equipment, and others. Among these, the medical imaging equipment segment dominated the market in 2023 and is expected to witness substantial growth. The increasing demand for diagnostic imaging, coupled with the high costs of new imaging devices, fuels the adoption of refurbished MRI, CT, and other imaging solutions. Given that diagnostic imaging can resolve 70-80% of medical cases, refurbished imaging devices help bridge accessibility gaps in healthcare.
• Application Insights: The diagnosis and monitoring segment accounted for the largest share of the refurbished medical equipment market in 2023. The rising geriatric population has driven demand for diagnostic services, particularly in areas such as medical imaging, in-vitro diagnostics, cardiology, dental care, ophthalmology, and laboratory testing. The cost of new diagnostic equipment is often 30-40% higher than refurbished alternatives, making refurbished devices an attractive option for smaller healthcare facilities.
• End-User Insights: The market is segmented by end-user into hospitals, radiology/imaging centers, clinics, physician offices, dental clinics, clinical & research laboratories, and others. Hospitals dominated the global market in 2023, primarily due to financial pressures following significant pandemic-related investments in new medical equipment. Government initiatives to expand healthcare access have led to the establishment of more public and private hospitals. While some public hospitals face restrictions on importing refurbished medical devices, domestic procurement of refurbished equipment continues to drive market growth.

GEOGRAPHICAL ANALYSIS

North America led the global refurbished medical equipment market in 2023, accounting for over 27% of the total market share. The region’s dominance is attributed to an aging population, rising chronic disease prevalence, substantial healthcare expenditures, and a growing demand for advanced imaging solutions. In addition, the high costs associated with new medical equipment drive hospitals and healthcare providers toward refurbished alternatives. The presence of major market players in the region facilitates easy access to refurbished medical devices, further supporting market expansion.

VENDOR LANDSCAPE

Leading companies in the refurbished medical equipment market include GE Healthcare, Koninklijke Philips, and Siemens Healthineers, which collectively hold over 60% of the global market share. These companies consistently invest in product refurbishment and technological advancements to maintain their competitive edge. Emerging players such as EverX, SOMA TECH INTL, and Integrity Medical Systems are also expanding their presence with innovative solutions and a strong global reach.

Recent Developments in the Market:

• 2023: GE Healthcare partnered with reLink Medical to enhance medical equipment refurbishment, recycling, and donation initiatives.
• 2023: Koninklijke Philips intensified its focus on circular solutions and promoted refurbished products in Germany.
• 2024: GE Healthcare established a new refurbishment facility in Bangladesh to improve access to affordable medical equipment in Tier 2 & 3 cities.