Global Refurbished Medical Equipment Market – Focused Insights 2024-2029

MARKET OUTLOOK

The global refurbished medical equipment market size was valued at USD 18.94 billion in 2023 and is expected 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 growing development in the healthcare sector, which drives the demand for affordable medical equipment. However, the cost of medical equipment and associated services such as installation, repair, and maintenance pose a significant burden to medical equipment users. Medical professionals are seeking refurbished medical equipment to cut out of this cost and fulfill requirements in healthcare settings. Globally, the growing burden of acute and chronic and infectious diseases, the rising geriatric population with multiple health conditions, and the increasing cost burden are major factors contributing to the refurbished medical equipment market growth. Furthermore, the constant product development, upgrading, and integration of advanced technologies in refurbished medical equipment and the familiar regulatory landscape are some factors revolutionizing the market landscape and access to safe refurbished medical equipment and are expected to boost the market growth continuously in the future.

The refurbished medical equipment that has been previously owned, inspected, and rebuilt to meet medical safety, Standards, and performance requirements comparable to their condition when manufactured, without changing the intended use of the original device. Refurbished medical equipment refers to the repaired and restored medical devices for reuse by healthcare facilities such as hospitals, clinics, imaging centers, etc. Healthcare instrument manufacturers refurbish a particular medical instrument through several processes to render it re-applicable for future purposes. Furthermore, refurbished equipment can cost less than 50-70% of the price of the original equipment.

MARKET TRENDS & DRIVERS

New Technology Integration & Connectivity

Globally, healthcare settings are becoming advanced and equipped with new technologies; the providers in the refurbished medical equipment market are also centering toward technology integration in refurbished solutions to compete with new medical equipment. Upgraded refurbished medical equipment often integrates the latest technologies at a fraction of the cost of new devices. This led to an increasing demand for refurbished medical equipment. For example, GE Healthcare offers a refurbished imaging system – GoldSeal Discovery ST, integrating computed tomography (CT) and Positron Emission Tomography (PET) at affordable prices and fixed or mobile configurations.

Medical Industry Tends Towards Sustainability and Less Waste

Worldwide, the healthcare industry stands at a crossroads in an era where sustainability has become a global imperative. Based on that, government and health authorities leverage circularity to convert waste into efficiency. The World Health Organization (WHO) stated that, of the total medical waste, around 15% is considered hazardous material. The healthcare industry accounts for more than 5% of carbon emissions. These factors substantially affect the growth of refurbished medical equipment sales; however, there will be a more significant opportunity for market growth in upcoming years as the healthcare authorities leverage new norms on medical waste. 

Health Facilities Seeking to Balance Budget Constraints

Healthcare equipment and services are costly for small & medium size healthcare settings. The increasing cost of medical equipment and associated services led medical facilities to look to balance budget constraints with the imperative requirements for quality patient care. The demand for cutting-edge medical equipment is constant in the ever-growing healthcare sector. However, the high cost of medical equipment often poses a high financial burden for many small and mid-sized healthcare facilities. One of the most implemented strategies by medical facilities is buying refurbished medical equipment. Such factors propel the refurbished medical equipment market growth during the forecast period.

SEGMENTATION INSIGHTS

 INSIGHTS BY PRODUCT TYPE

The global refurbished medical equipment market by product type is segmented into medical imaging equipment, IVD & laboratory equipment, operating room, surgical & therapeutic equipment, patient monitoring equipment, cardiology equipment, and dental equipment. By product, the medical imaging segment dominated the global market share in 2023 and is expected to grow at a healthy CAGR during the forecast period. The segment's growth is attributed to the rising demand for medical imaging diagnosis worldwide and the cost of original or new medical imaging equipment. MRI, CT, and other medical equipment are highly demanding due to the increasing patient population. These factors contribute to the highest segmental growth. Medical diagnostic imaging equipment can resolve between 70% – 80% of diagnostic problems, but nearly 2/3 of the world’s population has no access to diagnostic radiology due to cost, access, and lack of expertise. Of these factors, refurbished medical imaging equipment easily solves cost and health access issues.

INSIGHTS BY APPLICATION

The diagnosis & monitoring application segment holds the most significant share of the global refurbished medical equipment market in 2023. Globally, the rapidly rising geriatric population led to an increase in demand for diagnosis services. Diagnostics equipment is commonly used in health settings; however, new equipment costs 30% to 40% higher and is not affordable for every small and mid-sized health setting. These factors drive high demand for refurbished diagnostics equipment. Furthermore, in diagnosis, medical imaging, in-vitro diagnosis, cardiology, dental care, eye care, and clinical lab tests are highly contributing to the demand for refurbished medical equipment.

INSIGHTS BY END-USER

The global refurbished medical equipment market by end-users is segmented into hospitals, radiology/medical imaging centers, clinics, physician offices, & dental clinics, clinical & research laboratories, and others. The hospital segment holds the most significant global market share in 2023. Worldwide, hospitals are facing huge financial pressure due to high investment in equipment during the pandemic, which resulted in the hospitals seeking budget constraints and driving demand for refurbished medical equipment. In addition, the rising government support in each country to increase access to medical services resulted in an increasing number of public and private hospitals. Most public hospitals cannot import refurbished medical equipment from other countries; however, the import and purchase from domestic vendors drive the market growth.

GEOGRAPHICAL ANALYSIS

North America dominated the global refurbished medical equipment market share, accounting for a global share of over 27% in 2023. The region dominates the market share due to the growing aging population, chronic disease prevalence, healthcare expenditure, the need for advanced imaging techniques, and a major shift towards digital medical equipment. Furthermore, the rising cost burden on hospitals for integrating new technologies in medical equipment is accelerating the demand for affordable price refurbished medical equipment. Also, several leading and emerging companies are present across the region, creating easy transport and delivery of refurbished medical equipment deliveries, contributing to significant market growth.

VENDOR LANDSCAPE

GE Healthcare, Koninklijke Philips, and Siemens Healthineers are the three leading companies accounting for more than 60% of the global refurbished medical equipment market. These vendors continuously develop and invest in refurbishment medical equipment development and are expected to dominate the market with continued engagement in the advancement of refurbished medical equipment. EverX, SOMA TECH INTL, and Integrity Medical Systems are some rapidly growing vendors in the refurbished medical equipment market. These companies have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities.

Recent Vendor's Activities in the Global Refurbished Medical Equipment Market

In recent years, some advanced refurbished medical equipment have been launched in the global market, some of which are mentioned below:

1. In 2023, GE HealthCare collaborated with reLink Medical to deliver asset management solutions to health professionals. This collaboration features a standard medical equipment deposition, refurbishment, recycling, and donating equipment.
2. In 2023, Koninklijke Philips campaigned for refurbished products and increased its focus on circular solutions in Germany.
3. In 2024, GE Healthcare launched a new refurbishing facility for its A1-Sure Ultrasound Systems in Bangladesh. This facility offers access to refurbished medical equipment in Tier 2 & 3 cities nationwide.
4. In 2024, Stryker partnered with Project C.U.R.E—Commission on Urgent Relief Equipment—to donate medical devices and suppliers to under-resourced countries. This partnership will help build the company's brand image.
5. In 2023, Siemens Healthineers and CommonSpirit Health made a joint venture and acquired Block Imaging, a US-based company pioneered in refurbished medical imaging equipment, parts, and services. With this acquisition, the company aims to increase refurbished medical equipment sales in the US market. 
6. In 2020, Soma Technology and Patrick Boucer announced the expansion of its hospital rental equipment inventory and made products available for health professionals.