New York, USA, June 12, 2023 (GLOBE NEWSWIRE) -- Refurbished Medical Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Refurbished Medical Devices Market Information By Diagnostic Devices, Therapeutic Devices, And Region - Forecast till 2030", the market is projected to grow from USD 11.05 Billion in 2023 to USD 21.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.70% during the forecast period (2023 - 2030).
Market Synopsis
The market is anticipated to increase due to factors like the pressure healthcare organizations are under to manage costs, the availability of refurbished medical equipment, and the rise in healthcare service providers. Medical devices that have been refurbished are those that have been returned to their initial working condition and are, therefore, sans any flaws. Before reusing a piece of medical equipment, it must undergo refurbishment to ensure its quality, effectiveness, and safety. Most hospitals and testing facilities are finding that buying used medical equipment is an appealing option. Most medical devices used for diagnosing, treating, and monitoring patients, including AEDs, defibrillators, ECGs, vital sign monitors, IV pumps, pulse oximeters, ventilators, and respiratory equipment, can now be purchased as refurbished equipment at a lower price. Since an extensive patient base suffers from persistent illnesses like cancer and coronary artery disease globally and increasing demand for affordable medical supplies due to financial limitations in developing countries, the global market for refurbished equipment is anticipated to experience substantial expansion during the forecast period.
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A list of the typical anatomy and physiology of internal organs is created with the help of medical imaging tools so that any deviations can be detected instantly. As a result, as technology advances, so does the devices' overall cost. Therefore, it is anticipated that the high medical imaging equipment cost will drive market growth. The high price of medical imaging equipment is anticipated to spur market expansion. The requirement for refurbished equipment has also been boosted by factors like the rise in private hospitals that buy refurbished equipment due to financial restrictions, the unfavorable reimbursement policies for different medical procedures, and the growing initiatives of the top manufacturers of medical devices to set up refurbished facilities in both industrialized and developing nations. The lack of uniformity of policies relating to the distribution and utilization of refurbished medical devices and consumers' reluctance to buy refurbished medical devices restrain the growth in the refurbished medical equipment market.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 21.4 billion |
| CAGR | 11.70% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Diagnostic Devices and Therapeutic Devices |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for expensive diagnostic equipment |
| Increasing manufacturers attention to the technology used in medical equipment |
Refurbished Medical Devices Market Competitive Landscape:
The notable players in the refurbished medical devices market are:
- Integrity Medical Systems Inc.
- Koninklijke Philips Nv
- Radio Oncology Systems Inc.
- Siemens Healthcare Systems
- Soma Technology
- Hilditch Group
- Agito Medical As
- Avante Health Solutions
- Block Imaging International Inc.
- Everx Pvt. Ltd
- Ge Healthcare
- Master Medical Equipment
- Cambridge Scientific Products
- Johnson & Johnson
- Canon Medical Systems
Refurbished Medical Devices Market Trends:
Market Drivers:
In addition to new medical equipment, there is a worldwide need for refurbished medical equipment. To reduce capital expenditures, many new medical facilities choose alternative strategies. The market for refurbished medical devices will expand as private and public expenditures to support the healthcare sector, especially in developing nations, increase. Many brand-new hospitals are opting for alternative tactics to reduce capital expenses. Many hospitals use medical equipment to cut capital expenses and offer patients healthcare services at fair prices. Additionally, low- and middle-income countries have a greater need for repaired medical equipment, with limited access to medical supplies and underdeveloped health infrastructure among the top reasons.
As the prevalence of chronic diseases grows generally, there will be an increase in sales of refurbished medical equipment. The aging population and the rising demand for inexpensive medical devices will bring on growing market expansion opportunities. Many hospitals favor refurbished medical equipment to save money on capital expenses and offer patients affordable healthcare. In addition, countries with low or middle incomes have an even greater demand for refurbished medical equipment. The main reasons include limited access to medical supplies and underdeveloped health infrastructure.
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Restraints
The substantial fees imposed on the global trade in medical devices will be a significant barrier to market expansion. Another risk to the market's expansion will come from inconsistent policies and perceptions of subpar quality.
COVID 19 Analysis
Throughout the COVID-19 pandemic, there was a significant increase in the need for repaired medical equipment, including mechanical breathing and patient monitoring devices. The trade embargo and supply chain disruption negatively affected the demand for refurbished medical equipment.
Refurbished Medical Devices Market Segmentation
By therapeutic devices, the market includes coagulation analyzers, infant incubators and warmers, heart-lung machines, defibrillators, and infusion pumps.
By diagnostic devices, the market includes X-ray machines, CT scanners, ultrasound systems, MRI machines, ECG systems, and patient monitors.
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Refurbished Medical Devices Market Regional Insights
North America controls the marketplace due to the widespread use of advanced healthcare facilities and favorable policies. In Asia-Pacific, the market for reconditioned medical equipment is predicted to expand quickly. As a result of the current pandemic, it is anticipated that the adoption and use of repaired medical devices, including tracking for patients' devices, will increase in the region. Due to the higher price of fresh medical supplies and rising exchange rates for currencies, which will decrease capital investment in the nation, it is anticipated that the cost of purchasing refurbished medical equipment will increase. Furthermore, it is anticipated that the presence of reliable companies in this region will aid the market expansion. Additionally, regulations for used medical devices in the area are anticipated to boost industry confidence and support market expansion.
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