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Refurbished Medical Devices Market Growth, Latest Trend Analysis and Forecast 2023

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Vinit Sawant

Market Scope

Refurbished medical devices market 2020 can progress steadily at a rate of 10.8% between 2018 and 2023 (evaluation period), says MRFR/Market Research Future. We will provide COVID-19 impact analysis with the report, along with all the notable developments following the coronavirus disease outbreak.

Top Drivers and Key Restraints

The recent COVID-19 outbreak has given rise to apprehensions with regard to the scarcity of vital life-saving medical devices that not only help curb the spread of the pandemic but also cater to individuals affected by other diseases and disorders. The rising cases of SARS-CoV-2 have sent the healthcare sector reeling while the shutdown of manufacturing units following the worldwide lockdown have been unfavorable for the refurbished medical devices market to some extent. However, as the novel coronavirus has had a brutal impact on the global economy, the healthcare industry has been struggling due to reduced funding and shortage of new medical devices. This has, in turn, boosted the demand for refurbished medical devices and equipment such as ventilators.

The high prices of new medical devices compel healthcare facilities, especially in developing regions like Asia Pacific, to opt for refurbished ones, which can be a major growth opportunity for the global vendors in the coming years. The global market also stands to benefit from the increasing efforts given by renowned medical device manufacturers in the form of collaborations and agreements with other firms. For instance, in October 2020, Intalere entered an agreement with Avante Health Solutions for refurbished ultrasound and diagnostic imaging equipment. Intalere is expected to receive lower priced refurbished medical imaging equipment such as MRI, CT, ultrasound and cath/angio and more.

Market Segmentation

Refurbished medical devices industry has been categorized into diagnostic devices and therapeutic devices.

The diagnostic devices covered in the study are ECG systems, CT scanners, patient monitors, MRI machines, Ultrasound Systems, X-Ray Machines and more. Patient monitor-based segments are portable patient monitoring devices, among others.

The key types of therapeutic devices in the market include infusion pumps, coagulation analyzers, heart-lung machines, defibrillators, infant incubators and warmers, and others.

Industry Leaders

The industry leaders covered in the MRFR report are Agito Medical (Denmark), Siemens Healthcare (Germany), GE Healthcare (US), Soma Technology (U.S.), DMS Topline (U.S.), Johnson & Johnson (US), Phillips Healthcare (Netherlands), Block Imaging International (US), Toshiba Medical System (Japan), First Source, Inc (U.S.), Stryker Corporation (US), to mention a few.

 

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