Refurbished Medical Devices Market Analysis, Size, Key Companies Profile, Economic Impact and Cost Structure Till 2027
Market Highlights
Refurbished medical devices are defined as the used medical devices which are restored by the manufacturer or other repairing expert into nearly original conditions. Increasing prevalence of cancer and other diseases has driven the growth of this market. Moreover, increasing privatization, presence of many low and medium budget hospitals and clinics and increasing demand for the refurbished medical devices Market Analysis due to its low cost also have a considerable impact of the growth of the market. While huge taxes on import of medical devices, lack of awareness regarding refurbished medical devices and unwillingness to pay for refurbished devices may restrain the growth of the market.
On regional basis, global refurbished medical devices market is segmented into North America, Europe, Asia Pacific and Middle East and Africa. North America commands the largest market for refurbished medical devices. Huge number of patient population, increasing aging population and cost containment issues related to healthcare budgets are the major reason for the growth of refurbished medical devices market in North America. Europe as the second largest market which is driven by increasing awareness about refurbished medical devices and poor reimbursement policies for new medical devices. Economic crises and low product cost has forced the people for adoption of refurbished medical devices. Asia Pacific is the fastest growing region for refurbished medical devices market. High cost of new medical devices and presence of number of low budget hospitals has led to increase this market in Asia Pacific region.
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Figure 1- Global refurbished medical devices market share, by region
Segmentation:
Global refurbished medical devices market is segmented on the basis of diagnostic devices into patient monitors, X-Ray Machines, CT scanners, Ultrasound Systems, MRI machines, ECG systems, 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.
Patients monitor devices covers the largest market share in global refurbished medical devices market on the basis of diagnosis. This is due to increasing awareness for chronic diseases and low product cost and technological advances in the patients monitoring devices.
Competitive Analysis
Some of the major players in the global refurbished medical devices market include 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).
Presence of many of the small and medium sized organization has created a competition in the market. Many of the major players are Increasing in alliances and collaboration amongst the leading player will helped to decrease the competition in the market.
GE Healthcare is one of the leading pharmaceutical company headquartered in US. Only this company offer a certified OEC C-arm with genuine OEC parts, the service and maintenance procedures which meet high OEC standards. GoldSeal certified products of this company ensures high quality equipment. It held the largest share in global refurbished medical devices market.
Stryker Corporation is a Fortune 500 medical technologies headquartered in US. They has second leading refurbished medical devices market. Stryker’s Sustainability Solutions is the leading provider of refurbished and remanufacturing services for single-use medical devices.
Agito Medical is a leading provider of refurbished medical equipment based in Denmark. They offers the refurbished devices at very low cost saving up to 30%-40% compared to buying a new system with 12 mounts warranty. They also offers a trade-in option including buyback price and removal of your old system.
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