Refurbished Medical Devices Market Growth, Statistics, Outlook, Opportunities and Forecast to 2027

Market Analysis

 The global Refurbished Medical Devices Market is projected to have a luxurious growth at an incredible 10.8?GR during the assessment period (2017-2023). Refurbishment of devices is a process or organized method of inspecting efficacy and safety of any used equipment thereby ensuring that every safety parameter is met prior to the utilization of the device devoid of altering its proposed utilization according to the original registration. Refurbishment comprises of replacing the worn parts, installation of specific hardware/software updates devoid of altering the original device’s intended use, repair and reconditioning.

 There are various factors that is driving the growth of the refurbished medical devices market according to MRFR (Market Research Future) Report. These include huge patient population base having chronic diseases mainly cardiovascular diseases and cancer, rising need for low-cost medical devices owing to budget constraints especially in developing nations, rising number of private hospitals that invests in refurbished devices, unfavorable reimbursement scenarios, growing initiatives undertaken by the top medical device manufacturers, cost constraints, increase in geriatric population, immense growth of private healthcare institutions and increasing privatization. However, on the contrary, factors such as the reluctance to buy refurbished medical devices owing to lack of awareness regarding the advantages of using such devices, lack of standardization of policies associated to the use and sale of refurbished medical devices, strong regulatory practices, lack of support from the government bodies, huge taxes to import medical devices and inefficient reimbursement policies may hinder the growth of the refurbished medical devices market.

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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.

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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