Refurbished medical equipment market to reach USD 24.41 bn

The global refurbished medical equipment market is expected to grow to USD 24.41 billion by 2029, up from USD 16.93 billion in 2024, at a CAGR of 7.6% over the forecast period. Some driving the growth of the refurbished medical equipment market include the different causes such as the increased demand for affordable healthcare, shortage of newly procured medical devices, particularly in low-income areas, demand for affordable and high-quality refurbished equipment that bridge the gap. This has enhanced the funding support offered by the government.

Notably, the refurbished medical devices have an advantage in terms of cost efficiency, so hospitals can manage their budgets much better, particularly in poorly funded healthcare systems or Enhanced Software Integration. The new-age refurbishment, with new components, makes the medical devices more durable. For example, refurbished ventilators are made from durable parts that extend their years of usage: Avante Health Solutions refurbishes their ventilators with durable parts. There are improved Regulatory Compliance, for instance, refurbished medical devices by Siemens and Philips already meet the requirements set forth by the FDA, as well as the EU MDR standards. Some updated safety features among refurbished equipment include advanced alarms and monitoring systems, along with user interfaces like some systems from Soma Tech and Meridian Medical that come with upgraded safety protocols for Refurbished patient monitors. These advances, coupled with changes on the regulatory front which simplify the pathway of refurbished products approvals.

Based on the product segment, the Refurbished medical equipment market is segmented into – medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, intravenous therapy systems, and other medical equipment. Among them, medical imaging equipment account for the largest share in the Refurbished medical equipment market. This is possible as refurbished medical imaging machines save cost as compared to newly purchased models and allow hospitals and clinics to strengthen their practices in an advanced diagnostic setting economically. The need for imaging procedures across specialties, including but not limited to cardiology and oncology, has kept the market for quite steady refurbished equipment alive. Such equipment has permitted those healthcare systems in developing countries to improve their infrastructure without incurring the high upfront costs of new machines.

On the basis of application, the Refurbished medical equipment market is divided into diagnostic applications, therapeutic applications, and other applications. The diagnostic application segment holds the largest share of the market in 2023 as modern refurbished diagnostics are able to perform like brand-new diagnostics with the latest introduction of technology. This includes MRI systems, among many others, that use modern imaging techniques and software. Refurbished equipment helps address the growing need in affordable diagnostic devices as the healthcare infrastructure develops in emerging countries without compromising quality. The hospital can perform high-level diagnostic imaging procedures now, at a fraction of the cost of entirely new equipment, thereby improving diagnosis and care for patients while remaining budget-wise. Refurbished medical supplies are gaining greater acceptance in various parts of the world as regulatory agencies embrace their use. The FDA, for instance, has laid down specific regulations regarding the use and marketing of refurbished medical equipment. MarketsandMarkets