India Refurbished Medical Equipment Market Size Likely to Expand at a CAGR of 16.1% By 2033

As per the current market research conducted by the CMI Team, the India Refurbished Medical Equipment Market size is expected to record a CAGR of 16.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 721.4 Million. By 2033, the valuation is anticipated to reach USD 2,765.1 Million.

India Refurbished Medical Equipment Market: Growth Factors and Dynamics

• Cost-effectiveness: The primary growth driver of the India Refurbished Medical Equipment Market is the cost-effectiveness of refurbished equipment compared to new counterparts. Healthcare providers, especially in resource-constrained settings, opt for refurbished equipment to meet their needs at a lower cost, driving market growth.

• Increasing Demand for Healthcare Services: The rising demand for healthcare services due to population growth, increasing prevalence of chronic diseases, and expanding healthcare infrastructure fuels the demand for medical equipment. Refurbished equipment offers a cost-effective solution for healthcare providers to meet the growing demand, contributing to market expansion.

• Technological Advancements: Continuous advancements in medical technology led to frequent upgrades and replacements of existing equipment by healthcare facilities. The refurbished medical equipment market benefits from this trend as providers seek to upgrade their equipment at a lower cost, driving market growth.

• Government Initiatives: Government initiatives aimed at improving healthcare infrastructure and access to medical services, such as Ayushman Bharat and National Health Mission, create opportunities for the refurbished medical equipment market. These initiatives increase the demand for affordable equipment solutions, fostering market growth.

• Environmental Sustainability: Growing awareness of environmental sustainability drives the adoption of refurbished medical equipment as an eco-friendlier option compared to new equipment production. Healthcare providers opt for refurbished equipment to reduce their environmental footprint, contributing to market expansion.

• Strategic Partnerships and Collaborations: Collaborations between refurbished equipment suppliers, healthcare institutions, and financing organizations drive market growth. Partnerships enable suppliers to offer comprehensive solutions, including equipment procurement, installation, and maintenance, while financing options make refurbished equipment more accessible to healthcare providers, boosting market dynamics.

• Quality Assurance and Regulatory Compliance: Refurbished medical equipment market growth is supported by stringent quality assurance processes and adherence to regulatory standards. Reputable suppliers ensure that refurbished equipment undergoes thorough inspection, testing, and refurbishment procedures to meet quality and safety requirements. Compliance with regulatory standards instills confidence among healthcare providers, driving adoption and market expansion.

India Refurbished Medical Equipment Market: Partnership and Acquisitions

• In 2023, Align Technology announced a partnership with 3M to collaborate on the development of clear aligner materials, aiming to enhance the effectiveness and patient experience of orthodontic treatment through innovative material science and technology integration.

• In 2023, Bioventus announced the acquisition of Catalyst OrthoScience, a specialist in shoulder replacement surgery. This strategic acquisition enhances Bioventus’ orthopedic portfolio, providing innovative solutions for shoulder joint replacement procedures, and strengthens its position in the orthopedic surgery market.

Report Scope

India Refurbished Medical Equipment Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the India Refurbished Medical Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in Supply Chains: The COVID-19 pandemic disrupted global supply chains, leading to delays in the procurement and distribution of refurbished medical equipment. Restrictions on international trade and transportation hindered the availability of refurbished equipment, affecting market dynamics in India.

• Shift in Priorities and Budget Constraints: Healthcare providers faced shifting priorities and budget constraints during the pandemic, redirecting resources towards essential medical supplies and COVID-19 response efforts. As a result, investments in refurbished medical equipment were deferred or reduced, impacting market demand in India.

• Resumption of Elective Procedures: As healthcare systems stabilize post-pandemic, there is a gradual resumption of elective procedures and non-emergency medical services. This resurgence in healthcare activities drives demand for refurbished medical equipment, contributing to market recovery.

• Government Healthcare Investments: Government investments in healthcare infrastructure and medical equipment procurement stimulate market recovery. Initiatives aimed at strengthening healthcare facilities, such as setting up COVID-19 treatment centers and upgrading healthcare infrastructure, create opportunities for refurbished equipment suppliers in India.

• Focus on Cost-effective Solutions: Budget constraints post-pandemic reinforce the importance of cost-effective solutions in healthcare. Refurbished medical equipment, known for its affordability and value proposition, becomes an attractive option for healthcare providers looking to optimize resources and maximize ROI.

• Rising Demand for Diagnostic Equipment: The emphasis on early detection and diagnosis of diseases, including post-COVID complications, drives demand for diagnostic equipment. Refurbished diagnostic devices offer a cost-effective solution for healthcare providers, fueling market recovery in India.

• Partnerships and Collaborations: Collaborations between refurbished equipment suppliers, healthcare institutions, and financing organizations facilitate market recovery. Partnerships enable streamlined procurement processes, financing options, and value-added services, enhancing accessibility and adoption of refurbished medical equipment in India.

In conclusion, the COVID-19 pandemic has had a mixed impact on the India Refurbished Medical Equipment Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the India Refurbished Medical Equipment Market:

• GE Healthcare India
• Siemens Healthineers India
• Philips Healthcare India
• Johnson & Johnson Medical India
• Stryker India
• Toshiba Medical Systems India
• Mindray Medical India
• Agito Medical India
• Avante Health Solutions India
• Block Imaging India
• EverX India
• US Med-Equip India
• Nationwide Imaging Services India
• Future Health Concepts India
• Meridian Leasing Corporation India
• Others

The India Refurbished Medical Equipment Market is segmented as follows:

By Product Type

• Diagnostic Equipment
  • MRI Machines
  • CT Scanners
  • X-ray Machines
  • Ultrasound Systems
  • PET/CT Scanners
  • Others
• Therapeutic Equipment
  • Defibrillators
  • Infusion Pumps
  • Radiation Therapy Machines
  • Surgical Lasers
  • Others
• Patient Monitoring Devices
  • ECG Machines
  • Pulse Oximeters
  • Blood Pressure Monitors
  • Holter Monitors
  • Multiparameter Monitors
  • Others
• Medical Imaging Equipment
  • Digital Radiography Systems
  • Mammography Machines
  • Fluoroscopy Equipment
  • C-arms
  • Others

By Application

• Cardiology
• Oncology
• Orthopedics
• Neurology
• Gynecology
• Gastroenterology
• Ophthalmology
• Dental
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Diagnostic Centers
• Nursing Homes
• Others