There has been a worldwide increase in demand for refurbished medical systems over the last decade.
The global market for refurbished medical equipment is anticipated to grow more than $16 billion by 2024 and will grow at a CAGR of more than 10% in this forecast period.
More and more hospitals, especially new facilities, are opting for different options in order to shave down the costs of capital investments.
Specific components accelerating the market growth includes the pressure for better overall cost efficiency within healthcare organizations, sitting on a sizable amount of inventory including older or used medical devices, the popularity of medical tourism rising, and private healthcare organizations gaining momentum.
The trend of affordable buying and preventing waste is heating up, which is what is primarily driving the refurbished equipment market. From X-ray machines to CT imaging devices, to MRI machines, many businesses are choosing a refurbished unit vs. a brand new piece of equipment. The benefits of going with refurbished equipment are extensive, including more affordable prices without settling on lower quality.
As competition in the refurbished medical equipment landscape rises, many of the major medical device and equipment companies are creating alliances with small to medium size organizations.
Companies that hold a large majority of the market share include GE Healthcare, Stryker Corporation, Avante Health Solutions, Integrity Medical Systems, Inc., Agito Medical, Siemens Healthcare Systems, Soma Technology, and Koninklijke Philips N.V.
GE Healthcare reportedly holds the largest share in global refurbished equipment market, and has GoldSeal certified products, meaning that the equipment is high quality and trusted.
Stryker Corporation, a Fortune 500 company, is the second leading refurbished medical devices provider. Their solutions as a sustainability provider include refurbished and remanufacturing services for single-use medical devices.
Auxo Medical — Mission & Vision
We are a small business that provides the personal service most expect from a small business, but with several of the benefits that larger medical suppliers also provide. Our refurbished and reconditioned medical equipment is second to none, and we know our service leads the rest.
We provide medical equipment and services to ambulatory surgery centers, hospitals, laboratories, private physician practices, and more. We have the expertise to provide the equipment you need, the reliability to build a lasting relationship, and the responsiveness and services you need and expect.
Our vision is to encourage integrity, transparency, and value in Healthcare and Life Sciences equipment and service solutions. Our mission at Auxo Medical is that we are committed to focusing on sustainable quality, continual improvement and unmatched training in order to provide superior returns and opportunities for our customers, employees, and investors.
Refurbished Equipment — Definition & Demand
Refurbished medical equipment is classified as used healthcare devices, restored by the manufacturer or an expert in repair; the final product is an as-good-as or sometimes better than the original condition.
As mentioned earlier, the increase of private healthcare organizations, as well as hospitals and medical centers with smaller budgets, have contributed toward the demand for refurbished medical devices. Not only is increased awareness of refurbished medical devices fueling the market growth, but the desire to forgo paying hefty import taxes on medical equipment is too.
Refurbished medical devices are categorized by specialty, including diagnostic devices. These include monitors for patients, ultrasound systems, and ECG systems.
As far as therapeutic devices are concerned, those include defibrillators, infusion machines, and incubators for newborns.
The most substantial market share among global refurbished medical devices is patient monitoring devices. The reason for this is due to more widespread knowledge regarding chronic diseases, the nominal cost for these products, as well as the increase in technology for these monitoring devices.
Be sure to visit our next blog post, where we will cover environmental sustainability within hospitals.