Refurbished Medical Devices Market Challenges, Size, Growth, Key Vendors, Drivers till 2027
Refurbished
medical devices market size is estimated to grow by 11.7% with USD 20209.5
million by 2027. Hospital budget cuts, a large inventory of used or old medical
devices, rising demand for capital-intensive diagnostic imaging equipment,
e-commerce platform easing the purchase of refurbished medical equipment,
growing preference for eco-friendly products, and an increasing number of
diagnosis are all contributing to the global refurbished medical equipment
market's growth. The market's expansion was also aided by an increase in the
patient population. The expansion of this industry has been fueled by the
rising prevalence of cancer and other disorders. Furthermore, rising
privatization, the presence of many low and medium budget hospitals and
clinics, and rising demand for refurbished medical devices due to their low
cost all contribute to the market's growth.
Cost containment pressures on healthcare organizations, a
big inventory of old or used medical devices, the rising trend of medical
tourism, and increased investments by private healthcare institutions are some
of the reasons driving market expansion. With the advancement of technology,
there has been a growing trend of "cheap buying," which is the
driving force behind the growth of the refurbished device market. In addition
to new medical equipment, there is a growing market for refurbished
medical equipment all around the world. In reality, a growing number of new
hospitals are choosing alternative choices to reduce construction expenditures.
Several hospitals prefer refurbished medical equipment since they demand less
capital investment, allowing healthcare providers to provide healthcare
services at lower rates to patients. As a result, the market is likely to grow
throughout the forecast period.
Furthermore, demand for reconditioned medical devices is
substantially higher in low- and middle-income nations, with poor health
infrastructure and limited access to healthcare resources being two of the main
factors. In such countries, refurbished smartphones are simply accessible,
promoting market growth. As a result, the market for refurbished medical
gadgets is booming. The need for refurbished medical devices, such as
mechanical ventilators, is predicted to skyrocket as a result of the COVID-19
epidemic. The healthcare industry, on the other hand, is still dealing with a
significant supply chain disruption that has had a severe impact on refurbished
medical devices.
Large import duties and a lack of understanding about
refurbished medical gadgets may stifle the market's growth.
Market Segmentation
Global refurbished medical devices market is segmented on
the basis of diagnostic devices into X-Ray Machines, CT scanners, Ultrasound
Systems, MRI machines, ECG systems, patient monitors and other.
On the basis of therapeutic devices the market is segmented
in heart-lung machines, coagulation analyzers, infant incubators and warmers,
defibrillators, infusion pumps and other.
Regional Overview
On regional basis, global refurbished medical devices
Industry is dominated by North America.
The greatest market for refurbished medical devices is in
North America. The rise of the refurbished medical equipment market in North
America is due to a large patient population, an ageing population, and cost
reduction challenges connected to healthcare budgets. The market in North
America has been driven by rising awareness of refurbished equipment and a
well-developed healthcare sector.
Europe and Asia Pacific have a market that is essentially
same. Europe is the second-largest market, with rising awareness of
reconditioned medical devices and weak reimbursement rules for new medical
devices driving growth. People have been driven to accept refurbished medical
gadgets due to economic issues and low product costs.
However, the market for refurbished medical devices in Asia
Pacific is growing at the fastest rate. The high cost of new medical gadgets,
along with the presence of a large number of low-cost hospitals, has resulted
in an expansion in this market in Asia Pacific. In the face of the pandemic,
the acceptance and use of refurbished medical gadgets, such as patient
monitoring devices, is projected to rise in the region's growing countries.
Furthermore, the growing number of hospitals and diagnostic centers, as well as
the governments and private organizations’ increased focus on rural
development, resulted in a high demand for reconditioned medical devices in
this region.
Competitive Dynamics
GE Healthcare (US), Stryker Corporation (US), Phillips
Healthcare (Netherlands), Siemens Healthcare (Germany), Agito Medical
(Denmark), DMS Topline (U.S.), Johnson & Johnson (US), First Source, Inc
(U.S.), and Soma Technology (U.S.), Toshiba Medical System (Japan), Block
Imaging International (US).
The presence of well-known enterprises in this region is
projected to help the industry grow even further. The market has become more
competitive as a result of the presence of numerous small and medium-sized
businesses. Many of the main players are based in the United States. Increased
alliances and collaboration among the market's main players will help to reduce
competition.
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