Refurbished Medical Devices Market Overview

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.

However, the market sometimes runs into bottlenecks on account of the lack of awareness regarding refurbished medical devices. But the restraining factor does not affect the market on a large level due to several opportunities stemming from growing number of diagnostic centers hospitals, which leads to massive demand for refurbished medical devices. Moreover, recent market trends observed by MRFR include adoption of cost-cutting measures and focus towards value-driven healthcare, which changes the dynamic of the market significantly.

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.

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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.

Refurbished Medical Devices Market Regional Analysis

Based on region, the refurbished medical devices market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will spearhead the refurbished medical devices market during assessment period owing to growing awareness of refurbished devices coupled with the well-developed healthcare sector in this region. North America is followed by Europe and Asia Pacific, both of which share a similar form of market. Yet the market in the APAC region possess the highest growth rate. On the other hand, the refurbished medical devices market in the Middle East and Africa is likely to have minimal market share during the assessment period.

Competitive Analysis

The global refurbished medical devices market is highly competitive and fragmented due to the existence of different large and small vendors. The existence of various medium and small sized companies has created enough competition in the market. The majority of the key players are increasing in collaborations and alliances.

Key Players

Leading players profiled in the refurbished medical devices market include Block Imaging International (U.S.), Toshiba Medical System (Japan), Soma Technology (U.S.), First Source, Inc (U.S.), Johnson Johnson (U.S.), DMS Topline (U.S.), Agito Medical (Denmark), Siemens Healthcare (Germany), Phillips Healthcare (Netherlands), Stryker Corporation (U.S.), and GE Healthcare (U.S.).

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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.

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