The global refurbished medical devices market is predicted to be worth USD 19.64 billion by 2028 from USD 10.9 billion in 2023, growing at a CAGR of 12.5% from 2023 to 2028.
The refurbishment has been a vital 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. In addition, 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 dips the toxic and waste disposal burden.
MARKET DRIVERS:
The growing incidence of cancer and cardiovascular diseases is one of the major factors promoting the global refurbished medical device market growth.
According to the statistics published by the American Cancer Society, an estimated 1.9 million new cancer cases are expected to come to the United States in 2022. In addition, the patient count suffering from cardiovascular diseases is growing significantly worldwide, and WHO says that CVDs constitute a significant cause of death worldwide. 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 such as GE Healthcare, Siemens, and Philips, for instance, have begun focusing on the refurbishment of large scanning machines like angiography, radiology-based equipment, magnetic imaging resonance, X-ray systems, and other molecular imaging instruments and are now selling them at a 30% discount over new systems.
The growing number of private hospitals purchasing refurbished instruments due to budget constraints and unfavorable reimbursement scenarios for various medical services is further propelling the refurbished medical device market worldwide.
Growing initiatives by leading medical device manufacturers to build refurbished facilities in developed and developing countries are anticipated to fuel the global refurbished medical devices market. When opposed to new medical equipment, refurbished medical equipment costs 30% to 50% less. Furthermore, e-commerce sites are expected to simplify selling and buying refurbished medical devices. In addition, growing privatization in the healthcare industry, rising demand for low-cost medical devices owing to economic constraints, and increasing acceptance of refurbished medical devices in numerous nations are other key factors fuelling the growth of the refurbished medical equipment market during the forecast period.
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 offer home-based imaging facilities for ultrasound and X-ray procedures. The cost of capital equipment is a significant concern for these service providers. OEMs and third-party refurbishes will utilize these opportunities to reach this growing market and sell their refurbished imaging equipment reasonably. 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 opportunities in emerging markets contribute to the growth of the global refurbished medical devices market.
MARKET RESTRAINTS:
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 addition, the lack of standardization and synchronization of policies associated with using and selling refurbished medical devices is the critical challenge players face 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 significant 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 refurbished medical equipment. For instance, the Malaysian Medical Device Authority (MDA) drafted guidelines in February 2020 regarding the necessity of document submission for refurbished medical devices. As a result, COVID-19 is expected to impact the Asia-Pacific region positively. 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. Considering the reduced impact of COVID-19, the refurbished medical devices market is anticipated to recover quickly and showcase a healthy CAGR during the forecast period.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
Segments Covered |
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 of Investment Opportunities |
Regions Covered |
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
This 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 held the most significant share in the global refurbished medical devices market in 2022 owing 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 refurbished medical devices market led the market in 2021 and is anticipated to hold a significant proportion of the worldwide market during the forecast period. The increasing trend of medical tourism and the growing privatization of the healthcare sector in this region primarily drives the dominance of North American. Due to its advanced healthcare infrastructure and government support, North America dominates the global refurbished medical equipment market. In addition, many private healthcare facilities, such as private hospitals, clinics, and diagnostic centers, an aging population, and a high incidence/prevalence of various diseases contribute to the region's market growth. The U.S. market had a significant share of the North American region in 2022 and is estimated to continue dominating the regional market during the forecast period, followed by Canada.
The EU refurbished medical devices market is another lucrative region worldwide and is expected to register a promising growth rate during the forecast period. In 2015, 75.5% of the global demand for refurbished medical devices was for diagnostic imaging equipment. Countries such as the UK, Germany, and France have accounted for most of the European market share in 2022.
The Asia Pacific refurbished medical devices market is predicted to show a high CAGR during the forecast period due to the ever-increasing provision from the government and effective reimbursement policies in this region. In addition, 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 region in the worldwide market refurbished medical equipment.
The Latin American refurbished medical devices market is anticipated to hold a considerable share of the worldwide market during the forecast period.
The refurbished medical devices market in MEA is estimated to grow steadily in the coming years.
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.
RECENT HAPPENINGS IN THIS MARKET:
FAQ's
The global refurbished medical devices market size was valued at USD 8.61 billion in 2021.
Based on the product type, the patient monitoring devices segment had the major share of refurbished medical devices market in 2021.
Geographically, the Asia-Pacific region accounted for the largest share of the market in 2021.
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 are a few of the notable players in the refurbished medical devices market.
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