Refurbished Medical Devices Market Overview

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.

The refurbished medical devices market size is estimated to grow at 11.7% CAGR to reach USD 20.20 billion by 2027,as stated by Market Research Future (MRFR) report. The growing prevalence of cancer and cardiovascular diseases are responsible for the stupendous performance of the refurbished medical equipment market significantly. Moreover, increasing privatization in the healthcare sector, elevated demand for low-cost medical devices due to financial constraints and growing adoption of refurbished medical devices in several nations have shaped the refurbished medical equipment market size positively. In addition, the massive geriatric population base, the growing popularity of medical tourism and increasing number of diagnostic imaging procedures outline the positive outlook of the market.

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.

There are various factors that is driving the growth of the Refurbished Medical Devices Market according to MRFR (Market Research Future) Report. These include huge patient population base having chronic diseases mainly cardiovascular diseases and cancer, rising need for low-cost medical devices owing to budget constraints especially in developing nations, rising number of private hospitals that invests in refurbished devices, unfavorable reimbursement scenarios, growing initiatives undertaken by the top medical device manufacturers, cost constraints, increase in geriatric population, immense growth of private healthcare institutions and increasing privatization. However, on the contrary, factors such as the reluctance to buy refurbished medical devices owing to lack of awareness regarding the advantages of using such devices, lack of standardization of policies associated to the use and sale of refurbished medical devices, strong regulatory practices, lack of support from the government bodies, huge taxes to import medical devices and inefficient reimbursement policies may hinder the growth of the refurbished medical devices market.

Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1282

Refurbished Medical Devices Market Regional Analysis

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. 

Refurbished Medical Devices Market Segmentation

The global refurbished medical devices market is segmented on the basis of diagnostic and therapeutic devices.

Diagnostic devices are sub-segmented into x-ray machines, computed tomography (CT) scanners, ultrasound systems, magnetic resonance imaging (MRI) machines, electrocardiography (ECG) systems, patient monitors and others. The patient monitors segment is sub-segmented into portable patient monitoring devices and others.

The segment of therapeutic devices is sub-segmented into heart-lung machines, coagulation analyzers, infant incubators and warmers, defibrillators, infusion pumps and others.

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).

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/refurbished-medical-devices-market-1282

Aug 2018- Leading company in health technology, Royal Philips acquired Xhale Assurance, a scale-up company based in the US that develops and commercializes next-generation sensor technologies. This technology will help in broadening and differentiating Philip’s current range of oxygen saturation monitoring solutions thereby enabling the company to grow into an underserved clinical segment.

Feb 2018- Saudi Arabia launched healthcare privatization program to reduce waiting times in case of appointments with consultants and specialists and augment access to various medical services.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: sales@marketresearchfuture.com