The refurbished medical devices market size is estimated to grow by 11.7% with USD 20.20 billion by 2027. This market refers to restoring and reusing medical devices. Without changing the specification, the medical devices can be put to use. The refurbished medical devices market deals with the old machine and replacing it with new parts. The medical devices are modified, disinfected and painted. Further, intensive cleaning, replacing damaged parts is the process of refurbishment. The price of the refurbished medical device is comparatively low than new devices. Benefits of the refurbished medical devices are immense.
Use of these restored devices has exceptional use in clinics, hospitals and health facilities. The condition of the reusable devices is close to the new device. The overall lifetime o the equipment is rising due to the refurbishment. Preventing waste and improving eco-friendliness are some of the benefits of this technique. Many expensive medical devices can be refurbished.
These devices are a high investment for any health facility. X-ray, ultrasound, microscope, MRI, electrosurgical equipment and there are much more equipment. All these are reusable can save a high amount of money for any hospital. The demand for refurbished medical devices market is surging in many developing nations. Due to this technique, the cost of medical treatment is decreasing in many regions. All these factors will enhance the overall refurbished medical devices market value immensely.
Covid 19 is leading to negative changes in several global markets. The medical industry has a high demand for covid patient care in this period. The refurbished medical devices market has low demand in this period. Medical devices that require refurbishment are not frontline equipment. Especially, the CT scanner and X-rays are not used during this period. The refurbishment of the market is declining during this period. Also, the supply chain disruptions are huge for the market.
It makes it unable to meet the current demand. Post covid 19, market scenarios are exceptional. There is going to be exceptional investments in reusable medical devices. It will lead to a higher adoption rate of such technologies. Cost is the major factor that will drive the customers towards refurbished medical devices market. The ongoing innovations in the market will lead to new ways of refurbishment techniques. All this will create a positive impact on the market from 2021.
The increasing patient population is a crucial driver for the refurbished medical devices market. In recent years, the chronic illness rate is continuously surging. Cancer and cardiovascular disorders are responsible for high death rates. To treat these conditions, hospitals require exceptional medical devices. The demand for a refurbished medical device is surging due to this chronic illness. The adoption of refurbished medical devices is massive in health facilities.
Additionally, the poor reimbursements for some illnesses in developing nations are another driver. The lack of reimbursement policies is affecting patients. Due to these factors many patients do not get proper treatment for such disorders. Medical devices are highly expensive. The health sector requires millions of investments to purchase these technologies. Therefore, the overall cost of treatment increases.
However, the refurbished medical devices market reduces the cost of treatment. Even without refurbishment, many patients are getting affordable treatment. The rising adoption of the health sector for inexpensive devices is another demand driving factor. Providing affordable treatment without any comprise on quality is possible with this initiative. In the upcoming years, the high adoption will lead to exceptional changes in the refurbished medical devices market.
The rising number of private hospitals will lead to high growth opportunities. The government hospitals receive direct investments to purchase medical devices. However, private hospitals have less investment to adopt these expensive medical devices. However, with the refurbished medical devices the overall cost of equipment reduces. The refurbished medical devices market reduces their expenditure greatly. The growing number of such private health facilities will lead to more demand.
The supply rates will increase immensely for the refurbished medical devices market. Furthermore, the medical device manufacturers are launching several refurbished facilities in developed and developing nations. These initiatives by manufacturers will expand the overall refurbished medical devices industry.
Cost-efficient treatment and quality treatment are available to millions of patients through the market. Moreover, the developments in the techniques will bring promising refurbished medical devices market growth prospects. With advanced techniques, the quality of these refurbishment devices will increase. All these growth opportunities of the refurbished medical devices industry will increase profitability in the forecast period.
Lack of awareness is a restraining factor of the refurbished medical devices market. Many health facilities are unaware of the benefits of refurbished devices. Many hospitals prefer to invest in new medical devices. There is a negative perspective about refurbished devices. This decreases the demand for refurbished medical devices in some hospitals. Due to the lack of awareness, the adoption rate of the market can decline. Overall the demand trend is affected.
The need for more awareness programs about refurbished medical devices in health institutes is essential. More awareness about the benefits and cost-efficiency can lead to high adoption. Further, there is a lack of standardization policies for refurbished devices. New medical devices pass the certification of both governmental and health departments. However, the refurbished medical devices do not have such standardized policies. All these factors can have affected the market in the forecast period.
The stringent rules regarding the use of refurbished medical devices are a challenge in the refurbished medical devices market. In certain regions, there are plenty of rules to use refurbished devices. Even the import of the devices has many issues.
These stringent rules can have a hampering effect on the refurbished medical devices market. Furthermore, the availability of low-cost new medical devices is another challenge to the market. In many regions, governmental initiatives to cuts own medical device cost is rising. Due to this, these devices are made affordable. The availability of new medical devices for low-cost affected the growth of the refurbished medical devices market.
Refurbished medical devices market analysis shows a steady growth trend. The requirement for refurbished and cost-effective equipment is high in many regions. The crucial driver for the market such as the rising rate of chronic illness and poor reimbursements for some diseases are raising the demand for refurbished medical device markets.
Also, in developing countries need for cost-efficient treatments are higher. All these factors are leading to a high refurbished medical devices market. The medical imaging segment of the market is witnessing a high growth rate. However, less awareness about the benefits of refurbished equipment can be a downfall for the market. However, overall refurbished medical devices market trends are positive.
The Asia Pacific is the leading market. Even during a pandemic, the refurbished monitoring system for the covid patient is rising. The regulatory policies in the market are leading to high refurbished medical devices market growth.
India, China, Japan and Malaysia are key regions that have highest growth in the global market. The number of hospitals and health facilities are rising in Asia pacific. The funding for the market from the governmental and private sectors is high. All these factors will lead to high growth in refurbished medical equipment market in India.
Medical imaging equipment
Operating room and surgical equipment
By cardiovascular and cardiology equipment
The refurbished medical devices market is highly competitive. These are a few market players taking high initiatives to develop the refurbished medical device market. The key players are raising initiatives to conduct more awareness programs about refurbished medical devices. All these factors will expand the overall market in emerging nations.
The refurbished medical devices market is diversified into Asia Pacific, Europe and North America. Due to the high requirement of cost-effective treatment, the Asia Pacific market will be the leading player. Favourable regulatory policies and higher adoption is raising demand. The growth rate of the market is massive in the forecast period.
Europe is another region with a high need for refurbished medical devices. Treatment for chronic illness and disease is cost-effective. Also, the facilities to refurbish old medical devices are increasing. The investments for the refurbished market are higher in North America. It encourages more refurbishments to avoid the wastage of medical materials. All these regions will be the key contributors to the market in the forecast period.
The key players refurbished medical devices market
|Market Size||20.20 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||Diagnostic Devices, Therapeutic Devices|
|Geographies Covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Advanced Technology|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Phillips Healthcare, Stryker Corporation, Agito Medical, Soma Technology, DMS Topline, Block Imaging International, Siemens Healthcare, First Source, Inc, Johnson & Johnson, Toshiba Medical System, and GE Healthcare are the best sell ofGlobal Refurbished Medical Devices Market.
High costs of medical devices coupled with lack of reimbursement schemes in developed countries are major drivers of the Global Refurbished Medical Devices Market.
Lack of awareness of second-hand devices and huge levy of taxes on imported devices can hamper the Global Refurbished Medical Devices Market.
North America is predicted to dominate the Global Refurbished Medical Devices Market till 2027.
Global Refurbished Medical Devices Market is expected to reach USD 20.20 Billion at 11.7% CAGR by 2027.