The medical industry is known for selling both new and refurbished medical equipment. It is up to the hospital owners or healthcare professionals to decide whether to procure new instruments for their medical installation or its refurbished counterparts.
This article illuminates a comparative analysis of new and refurbished medical equipment. Additionally, it paves a way for an in-depth understanding of these two categories and allows doctors hospital owners to select the most appropriate one for their clinical setup.
Let us have a look and try to comprehend the similarities and differences between the two kinds.
Comparison between New and Refurbished Medical Equipment
The article compares new and refurbished medical equipment based on the following parameters:
Definition
New medical equipment refers to the brand new medical and healthcare devices manufactured by companies or sold by third-party vendors. Each piece of new medical equipment incorporates fresh constituent parts installed for the first time. In other words, a new medical instrument is constructed right from scratch.
Refurbished medical equipment denotes the reassembling of a medical device for eventual use. Unlike new instruments, refurbished equipment is not built from scratch but repaired, restored, or reconditioned through several technical processes in order to reusable for future medical and healthcare services.
Market Share and Size
New Medical equipment valued for 425.5 billion dollars in 2018 and is expected to touch 612.7 billion dollars by 2025 globally. In India, the current market size for the medical industry amounts to 11 billion dollars and is expected to reach around 50 billion dollars by 2025.
The worldwide refurbished medical equipment market recorded an incredible turnover of 12.1 billion dollars in 2020. It is expected to grow by a CAGR of 11.8 % and reach 21.2 billion dollars by 2025. In India, the refurbished equipment market has achieved revenue of 9 billion dollars in 2018 and strived to double by 2026.
Price
New medical equipment is costlier as compared to its refurbished counterparts. This is because it is manufactured right from scratch and thus incurs a heavy cost. On the other hand, refurbished medical instruments are affordable and inexpensive as they are the reassembled alternatives to new products.
In fact, refurbished equipment is an up-gradation of the previous medical devices. This update features in terms of the installation of new software/hardware in place of the malfunctioned ones.
Savings
As per recent reports from the medical industry, using refurbished medical equipment can save up to 40% over the complete manufacturing and procurement of such devices in the Indian market.
In short, using refurbished medical equipment is an outstanding and budget-friendly alternative to its new counterpart.
Suitability
Refurbished medical instruments are tremendously suitable for the rural populations as well as for those belonging to lower-income groups. This is because of their low cost of reconstruction and installation and high savings on expenditure.
As compared to this, new equipment is useful mainly for well established and lavish hospital setups and least recommended for rural population or low strata of the society.
However, this does not mean that low-income groups cannot access treatment via new devices. We suggest it because people belonging to low-income groups have to shell out massive amounts to get treatment in hospitals with new equipment.
Environmental Impact
Refurbished medical equipment helps in the conservation of resources through the elimination of electronic and toxic waste. This is because their manufacturing or technical updates need not undergo the primary dynamics of construction.
On the other hand, new medical devices are constructed and assembled from the beginning resulting in the generation of huge electronic and toxic waste. This waste eventually depletes the environment and leads to environmental pollution.
Lower Taxes
The taxes incurred on refurbished equipment are comparatively low as compared to new medical devices. This accounts for their different dynamics of construction and conditioning.
Performative Potential
Despite the aforementioned differences, both new and refurbished medical instruments are equivalent in their performative potential. This potential is examined on the basis of their extent of diagnosis and medical treatment. Both the products deliver similar intensive care and medical services to the patients.
Availability of Warranty
Hospital owners and physicians can avail proper warranty and service cards from the manufacturer on both new and refurbished medical devices.
The only factor which medical instrument procurers must take care of is the genuineness and authenticity of their vendors. We suggest all healthcare practitioners and customers purchasing medical equipment to place their orders with legally eligible vendors who are sanctioned to sell such equipment. In other words, beware of fake and third-party vendors for your medical instrument procurement services and needs.
Altogether, both new and refurbished equipment has a flourishing market in India. The decision rests with the hospitals and investors to procure the best equipment for medical installation.
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