Pre-Owned Medical Devices

Pre-Owned Medical Devices

Global Pre-Owned Medical Devices Market to Reach US$11.4 Billion by 2030

The global market for Pre-Owned Medical Devices estimated at US$6.8 Billion in the year 2023, is expected to reach US$11.4 Billion by 2030, growing at a CAGR of 7.7% over the analysis period 2023-2030. Pre-Owned CT Machines, one of the segments analyzed in the report, is expected to record a 8.6% CAGR and reach US$3.6 Billion by the end of the analysis period. Growth in the Pre-Owned MRI Machines segment is estimated at 7.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.9 Billion While China is Forecast to Grow at 12.4% CAGR

The Pre-Owned Medical Devices market in the U.S. is estimated at US$1.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2030 trailing a CAGR of 12.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.4% and 7.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.0% CAGR.

Global Pre-Owned Medical Devices Market - Key Trends & Drivers Summarized

Why Is the Market for Pre-Owned Medical Devices Expanding?

The pre-owned medical devices market is gaining traction as healthcare providers seek cost-effective solutions to equip their facilities with essential medical equipment. Pre-owned devices, including imaging systems, surgical instruments, and diagnostic equipment, offer significant savings compared to new equipment, making them an attractive option for hospitals, clinics, and diagnostic centers. These devices undergo rigorous refurbishment processes to ensure they meet the necessary safety and performance standards. The rising demand for healthcare services in developing countries, coupled with budget constraints, is driving the expansion of the pre-owned medical devices market, as facilities look for affordable ways to upgrade their capabilities.

How Are Technological Advances Impacting the Refurbishment of Pre-Owned Medical Devices?

Technological advancements in refurbishment and re-certification processes are improving the quality and reliability of pre-owned medical devices. Modern testing and calibration technologies ensure that refurbished devices meet the same operational standards as new ones, providing healthcare providers with confidence in their performance. Additionally, advancements in software updates allow older medical devices to be upgraded with the latest technological features, extending their operational life and enhancing their functionality. These innovations are not only improving the quality of pre-owned devices but also making them more appealing to healthcare facilities seeking cost-effective solutions without compromising on quality.

What Are the Regulatory and Industry Trends Supporting the Pre-Owned Medical Devices Market?

Regulatory frameworks are playing a crucial role in shaping the pre-owned medical devices market by ensuring that refurbished equipment meets stringent safety and performance standards. In regions like North America and Europe, regulatory bodies have established guidelines for the refurbishment, testing, and certification of pre-owned devices, ensuring that they are safe for use in clinical settings. Additionally, industry trends such as the increasing focus on sustainability and reducing electronic waste are supporting the growth of the market, as refurbishing and reusing medical devices helps reduce the environmental impact of healthcare operations. These regulatory and industry trends are fostering greater acceptance and demand for pre-owned medical devices.

The Growth in the Pre-Owned Medical Devices Market Is Driven by Several Factors

The growth in the pre-owned medical devices market is driven by several factors, including the rising demand for affordable healthcare solutions, particularly in developing regions where budget constraints limit access to new equipment. Technological advancements in refurbishment processes are improving the reliability and functionality of pre-owned devices, making them a viable alternative to new equipment. Regulatory frameworks that ensure the safety and performance of refurbished devices are also contributing to market growth by building trust among healthcare providers. Additionally, the increasing focus on sustainability and reducing electronic waste is driving the adoption of pre-owned medical devices as a more environmentally responsible option in the healthcare industry.

Select Competitors (Total 42 Featured) -

• Agito Medical A/S
• GE Healthcare Ltd.
• Philips Healthcare
• Siemens Healthcare GmbH
• Soma Technology, Inc.
• Toshiba Medical Systems Corporation

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