Refurbished medical devices market size is estimated to grow by 11.7% with USD 20209.5 million by 2027. Hospital budget cuts, a large inventory of used or old medical devices, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform easing the purchase of refurbished medical equipment, growing preference for eco-friendly products, and an increasing number of diagnosis are all contributing to the global refurbished medical equipment market's growth. The market's expansion was also aided by an increase in the patient population. The expansion of this industry has been fueled by the rising prevalence of cancer and other disorders. Furthermore, rising privatization, the presence of many low and medium budget hospitals and clinics, and rising demand for refurbished medical devices due to their low cost all contribute to the market's growth.
Cost containment pressures on healthcare organizations, a big inventory of old or used medical devices, the rising trend of medical tourism, and increased investments by private healthcare institutions are some of the reasons driving market expansion. With the advancement of technology, there has been a growing trend of "cheap buying," which is the driving force behind the growth of the refurbished device market. In addition to new medical equipment, there is a growing market for refurbished medical equipment all around the world. In reality, a growing number of new hospitals are choosing alternative choices to reduce construction expenditures. Several hospitals prefer refurbished medical equipment since they demand less capital investment, allowing healthcare providers to provide healthcare services at lower rates to patients. As a result, the market is likely to grow throughout the forecast period.
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Furthermore, demand for reconditioned medical devices is substantially higher in low- and middle-income nations, with poor health infrastructure and limited access to healthcare resources being two of the main factors. In such countries, refurbished smartphones are simply accessible, promoting market growth. As a result, the market for refurbished medical gadgets is booming. The need for refurbished medical devices, such as mechanical ventilators, is predicted to skyrocket as a result of the COVID-19 epidemic. The healthcare industry, on the other hand, is still dealing with a significant supply chain disruption that has had a severe impact on refurbished medical devices.
Large import duties and a lack of understanding about refurbished medical gadgets may stifle the market's growth.
Market Segmentation
Global refurbished medical devices market is segmented on the basis of diagnostic devices into X-Ray Machines, CT scanners, Ultrasound Systems, MRI machines, ECG systems, patient monitors and other.
On the basis of therapeutic devices the market is segmented in heart-lung machines, coagulation analyzers, infant incubators and warmers, defibrillators, infusion pumps and other.
Regional Overview
On regional basis, global refurbished medical devices Industry is dominated by North America.
The greatest market for refurbished medical devices is in North America. The rise of the refurbished medical equipment market in North America is due to a large patient population, an ageing population, and cost reduction challenges connected to healthcare budgets. The market in North America has been driven by rising awareness of refurbished equipment and a well-developed healthcare sector.
Europe and Asia Pacific have a market that is essentially same. Europe is the second-largest market, with rising awareness of reconditioned medical devices and weak reimbursement rules for new medical devices driving growth. People have been driven to accept refurbished medical gadgets due to economic issues and low product costs.
However, the market for refurbished medical devices in Asia Pacific is growing at the fastest rate. The high cost of new medical gadgets, along with the presence of a large number of low-cost hospitals, has resulted in an expansion in this market in Asia Pacific. In the face of the pandemic, the acceptance and use of refurbished medical gadgets, such as patient monitoring devices, is projected to rise in the region's growing countries. Furthermore, the growing number of hospitals and diagnostic centers, as well as the governments and private organizations’ increased focus on rural development, resulted in a high demand for reconditioned medical devices in this region.
Competitive Dynamics
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).
The presence of well-known enterprises in this region is projected to help the industry grow even further. The market has become more competitive as a result of the presence of numerous small and medium-sized businesses. Many of the main players are based in the United States. Increased alliances and collaboration among the market's main players will help to reduce competition.
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