The size of the global refurbished medical devices market is predicted to be worth USD 17.45 billion by 2026 from USD 9.69 billion in 2021, growing at a CAGR of 12.5% from 2021 to 2026.
Refurbishment is a firm component of the global healthcare economy for a long time and will stay until there is a need for medical equipment in the market. It is one of the persistent essentials in today’s healthcare situation where cost-effectiveness and quality go hand in hand, and financial restraints dominate healthcare suppliers' purchase practices.
Refurbishment is a step towards growing ecological awareness in a recycling economy. Various original equipment manufacturers and separate refurbishes have started their separate refurbishing units and are supplying equipment across the healthcare sector. Refurbishing delivers additional worth to a new user and dipping the toxic and waste disposal burden.
The increasing incidence of cancer and cardiovascular diseases is the major factor driving global refurbished medical device market growth.
Due to a large patient population suffering from chronic diseases such as cancer and cardiovascular diseases worldwide and the growing demand for low-cost medical devices due to budget constraints in developing countries, the global refurbished equipment market is expected to grow significantly. Companies like GE Healthcare, Siemens, and Philips, for instance, have begun focusing on the refurbishment of large scanning machines like angiography, radiology-based equipment, magnetic resonance, X-ray systems, and other molecular imaging instruments and are now selling them at a 30% discount over new systems.
The rise in the number of private hospitals purchasing refurbished instruments due to budget constraints and unfavorable reimbursement scenarios for various medical services propels the global refurbished medical device market growth.
Growing initiatives by leading medical device manufacturers to build refurbished facilities in developed and developing countries are anticipated to fuel the refurbished equipment market. When opposed to new medical equipment, refurbished medical equipment costs 30 to 50 percent less. Furthermore, e-commerce sites are expected to make it simple to sell and buy refurbished medical equipment.
Additionally, growing privatization in the healthcare area, rising demand for low-cost medical devices owing to economic constraints, and increasing acceptance of refurbished medical devices in numerous nations are the key factors fuelling the growth of the refurbished medical equipment market during the forecast period.
Restricted import and use of refurbished medical devices in some countries, a lack of standardization of policies for the use and selling of refurbished medical devices, an influx of low-cost latest medical devices, and a negative perception of refurbished medical device quality are all expected to limit the market growth.
In both developed and emerging markets, mobile and shared imaging service providers' trend is expected to expand. Budget limitations, technological obsolescence, a lower-than-average number of procedures, and patient convenience drive hospitals and diagnostic imaging centers to use mobile and collaborative imaging services. Moreover, to attract patients and provide healthcare accessibility, many hospitals and healthcare providers provide home-based imaging facilities for ultrasound and X-ray procedures. The cost of capital equipment is a significant source of concern for these service providers. OEMs and third-party refurbishers will take advantage of these opportunities to reach out to this growing market and sell their refurbished imaging equipment at a reasonable price.
Hospital budget cuts, a vast inventory of used or old medical instruments, a growing preference for eco-friendly goods, a rising number of diagnostic centers and hospitals, and the opportunities in emerging markets contribute to the global refurbished medical equipment market's growth.
Lack of standardization and synchronization of policies associated with the use and sale of refurbished medical devices is the key challenge encountered by players in the global refurbished medical devices market.
Impact of COVID-19 on the global refurbished medical devices market:
The demand for refurbished medical equipment, such as mechanical ventilators, is expected to increase due to the COVID-19 pandemic. On the other hand, the healthcare sector is also struggling with a major supply chain disruption that negatively impacts refurbished medical devices. A restored medical device that has been rebuilt to a state equivalent to new equipment is referred to as refurbished medical equipment. The Malaysian Medical Device Authority (MDA), for instance, drafted guidelines in February 2020 regarding the necessity of document submission for refurbished medical devices. As a result, COVID-19 is expected to have a positive impact in the Asia-Pacific region. The key factor propelling the growth of the Used & Refurbished Medical Equipment sector is the solicitation of proposals by governments and public-private companies worldwide to minimize the risks of the COVID-19 pandemic.
Market Size Available
2020 to 2026
2021 to 2026
By Product Type and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
This market research report on the global refurbished medical devices market has been segmented and sub-segmented based on product type and region.
Refurbished Medical Devices Market – By Product Type:
Based on product type, the patient monitor device segment holds a significant share in the market due to the lower cost of a product, growing awareness for chronic diseases, and technological developments such as portable patient monitoring devices.
Refurbished Medical Devices Market – By Region:
Geographically, the North American regional market is expected to lead the global refurbished medical devices market due to the increasing trend of medical tourism and the growing privatization of the healthcare sector in this region. Due to its advanced healthcare infrastructure and government support, North America dominates the global refurbished medical equipment market. Many private healthcare facilities, such as private hospitals, clinics, diagnostic centers, an aging population, and a high incidence/prevalence of various diseases contribute to the region's market growth.
The EU market is another lucrative region globally refurbished medical devices market and is expected to register a promising growth rate during the forecast period. In 2015, 75.5 percent of the global demand for refurbished medical devices was for diagnostic imaging equipment. With an annual growth rate of 8.31 percent, the global demand for refurbished medical devices is projected to be worth EUR 8 billion by 2020.
The Asia Pacific is predicted to show high growth due to the ever-increasing provision from the government and effective reimbursement policies in this region. Due to an increased prevalence of chronic and infectious diseases, increased population income and affordability, increased knowledge of healthcare and public healthcare spending, and increased private investment in the healthcare sector, Asia-Pacific is the fastest-growing area in the market refurbished medical equipment.
KEY MARKET PARTICIPANTS:
Companies leading the global refurbished medical devices market profiled in this report are Siemens Healthcare systems, First Source Inc., DMS Topline, Radio Oncology Systems Inc., Johnson & Johnson, GE Healthcare, DRE Inc., Block Imaging International Inc., Integrity Medical systems Inc., Everx Pvt Ltd., Philips Healthcare, Agito Medical A/S and Soma Technology.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product Type
5.1.1 Operating Room Devices & Surgical Devices
5.1.2 Patient Monitors
5.1.4 Neurology Devices
5.1.5 Medical Imaging Devices
5.1.6 Cardiovascular & Cardiology Devices
5.1.7 IV Therapy Systems
5.1.8 Endoscopy Devices
5.1.9 Intensive Care Systems
5.1.10 Neonatal Intensive-Care Devices
5.1.11 Other Medical Devices
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Siemens Healthcare systems
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 First Source Inc.
8.3 DMS Topline
8.4 Radio Oncology Systems Inc.
8.5 Johnson & Johnson
8.6 GE Healthcare
8.7 DRE Inc.
8.8 Block Imaging International Inc.
8.9 Integrity Medical systems Inc.
8.10 Everx Pvt Ltd.
8.11 Philips Healthcare
8.12 Soma Technology
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures