Refurbished Medical Devices Market, Growth, Statistics, Outlook, Opportunities and Forecast to 2030
Market Scenario
The global Refurbished Medical Devices Market is anticipated to witness luxurious growth of 10.8% during the forecast period (2022-2030), as stated by Market Research Future (MRFR) report. The growing prevalence of cancer and cardiovascular diseases are responsible for the stupendous performance of the refurbished medical equipment market significantly. Moreover, increasing privatization in the healthcare sector, elevated demand for low-cost medical devices due to financial constraints and growing adoption of refurbished medical devices in several nations have shaped the refurbished medical equipment market size positively. In addition, the massive geriatric population base, the growing popularity of medical tourism and increasing number of diagnostic imaging procedures outline the positive outlook of the market.
However, the market sometimes runs into bottlenecks on account of the lack of awareness regarding refurbished medical devices. But the restraining factor does not affect the market on a large level due to several opportunities stemming from growing number of diagnostic centers & hospitals, which leads to massive demand for refurbished medical devices. Moreover, recent market trends observed by MRFR include adoption of cost-cutting measures and focus towards value-driven healthcare, which changes the dynamic of the market significantly.
Market Segmentation
The global refurbished medical devices market is segmented on the basis of diagnostic and therapeutic devices.
Diagnostic devices are sub-segmented into x-ray machines, computed tomography (CT) scanners, ultrasound systems, magnetic resonance imaging (MRI) machines, electrocardiography (ECG) systems, patient monitors and others. The patient monitors segment is sub-segmented into portable patient monitoring devices and others.
The segment of therapeutic devices is sub-segmented into heart-lung machines, coagulation analyzers, infant incubators and warmers, defibrillators, infusion pumps and others.
Regional Analysis
By region, the global refurbished medical devices market is segmented on the basis of North America, Europe, Asia Pacific and the Rest of the World.
The global market is dominated by North America, reasons being the growth in awareness about refurbished devices and highly developed healthcare sector. Moreover, increasing trend of medical tourism coupled with growing privatization of the healthcare sector in the region fuels the market growth. Also, growing adoption of e-Marketing and increase in patient population due to unhealthy lifestyle has also influenced the market growth to a large extent. Presence of regional market players has also pushed the market to a higher level. For instance, GE Healthcare is one of the leading pharmaceutical company headquartered in the US, that offers certified OEC C-arm with genuine OEC parts, the service and maintenance procedures
Europe and Asia Pacific share very similar kind of market, both accounting for a substantial share of the global market. However, the Asia Pacific market has the highest growth rate owing to increasing cases of chronic disease combined with growing awareness about the cost-effectiveness of refurbished medical equipment. On the other hand, the Europe market is also growing remarkably due to technological advancements and the large patient pool. The increasing initiatives taken by the established medical device manufacturers in this field also supplement the market growth in the region. For instance, Agito Medical, the leading provider of refurbished medical equipment based in Denmark, offers the refurbished devices at very low cost. The company also offers a trade-in option including buyback price and removal of the old system.
Middle East and Africa have had an abysmal market growth rate for the refurbished medical devices. This could be attributed to weak economy, lack of sophisticated healthcare infrastructure, underdeveloped medical industry, and lack of awareness about refurbished medical devices. However, the market is currently streamlining towards progress due to increasing need for better healthcare services, growing cases of chronic diseases and growing efforts to improve the economy.
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Key Players
The key players present in the global refurbished medical devices market are DMS Topline (U.S.), Johnson & Johnson (US), Phillips Healthcare (Netherlands), Siemens Healthcare (Germany), Agito Medical (Denmark), GE Healthcare (US), Stryker Corporation (US), First Source Inc. (U.S.), Soma Technology (U.S.), Toshiba Medical System (Japan), Block Imaging International (US) and others.
Industry News
The Stand Advocacy Group and the Parsons Lions Club are co-sponsored a Refurbished Medical Equipment Donation drive during the celebration of the Americans with Disabilities Act anniversary in Parsons in July 2018. The donated items were sanitized, refurbished to high-quality standards and then given to Kansans with disabilities and health conditions who need them. The drive primarily targeted patients who are not able to afford medical insurance, are underinsured or have limited resources.
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