Refurbished Medical Devices Market is segmented By Application (Diagnostic, Therapeutic), By Product (Medical Imaging Equipment, Operating Room & Surgical Equipment, Patient monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, Other Medical Equipment), By End-User (Hospitals, Ambulatory Care Centers, Diagnostic Imaging Centers, Other End Users), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Refurbished Medical Devices Market Overview
Refurbished Medical Devices Market is expected to reach a CAGR of 11.61% during the forecast period (2023-2030).
Refurbishment is a methodical process that brings used equipment to almost the same condition as new equipment (or sometimes even better condition, in case upgrades, are available). Such action provides for significant benefits both from an environmental and a social perspective. Refurbishment of medical equipment means extending the overall lifetime of the equipment itself, generally from 5/7 to 10/14 years or even more. Hence, it qualifies as a method of reusing and preventing waste. This activity saves energy as well as the materials used for producing a new device.
Refurbished Medical Devices Market Summary
| Metrics | Details |
| Market CAGR | 11.61% |
| Segments Covered | By Application, By Product, By End-User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | Asia Pacific |
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Refurbished Medical Devices Market Dynamics and Trends
The refurbished medical devices market growth is driven by the cost-containment pressure on healthcare organizations, a large inventory of old or used medical devices, the rising trend of medical tourism, and the increasing investments by private healthcare institutions.
The increasing emergence of refurbished devices is expected to drive the growth in the forecast period
With the emerging technologies, there has been an increasing trend of ‘affordable buying,’ which is the basic reason for the emergence of the refurbished devices market. For example, today, a customer looking for any CT scanner may opt for a refurbished unit rather than a brand-new system. The refurbished equipment allows buying necessary devices at affordable prices without compromising quality; therefore, healthcare facilities, including small and medium ones, purchase refurbished medical devices.
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment worldwide. An increasing number of new hospitals are opting for alternate options to cut down on capital investments. Several hospitals would prefer refurbished medical devices as they require less capital investment, and thus enables the healthcare providers to offer healthcare services at affordable costs to the patients. The studied market is expected to propel over the forecast period.
Moreover, the demand for refurbished medical devices is much higher in low- and middle-income countries, one of the primary reasons being poor health infrastructure and limited access to healthcare resources. Refurbished devices are easily affordable in such countries, thereby boosting the market growth. Hence, the refurbished medical devices market is growing at a high rate.
For instance, in 2018, Koninklijke Philips (Netherlands) acquired AGITO Medical (Denmark), strengthening its refurbished medical equipment portfolio of products, parts, and services.
Lack of standardization policies is hampering market growth.
Lack of standardization policies related to the sale and use of refurbished medical devices and the standards include detailed procedures, monitoring, and follow-up on adverse patient events which may likely to hinder the market growth.
COVID-19 Impact Analysis on Refurbished Medical Devices Market
Due to this COVID-19 pandemic situation, the demand for refurbished medical devices, like mechanical ventilators, is expected to observe a significant growth. But the healthcare industry is still coping with the massive disruption in the supply chain, which has negatively impacted the refurbished medical devices.
Refurbished Medical Devices Market Segmentation Analysis
The medical imaging equipment segment is expected to hold the largest share in this market segment
Medical imaging is a process of making a visual representation of the body's interior for medical intervention. The usage of medical imaging devices is expected to decline due to the sudden drop in hospital visits slightly. Moreover, as per the issued guidelines of the American College of Radiology, in the United States, CT scanners and X-rays are not appropriate first-line diagnostic tools for COVID-19.
These instruments help establish a database of internal organs' normal anatomy and physiology so that any abnormality can be noticed immediately, and as their technological complexity increases, their total cost also increases. Therefore, refurbished versions of these products provide greater options to the customers. For example, Summus Medical Solutions is the retail partner of Philips and offers Philip's C-arms refurbished medical systems, such as BV Pulsera, BV Endura, Philips Veradius, and Philips BV Libra. Thus, the availability of such technologically advanced systems at lower rates is expected to boost the market in this segment.
The diagnostic procedures segment is expected to hold the largest share in this market segment
The diagnostic procedures segment accounted for a larger share of the market. The increasing demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a rising number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to boost the growth of this market segment in the coming years.
The hospital's segment is expected to hold the largest share in this market segment
The hospital's segment accounted for the largest share of the market. The rising adoption of refurbished medical equipment, increasing focus of hospitals on providing affordable treatment and care, and growing emphasis on high returns on investment are some of the key factors driving the growth of this market.
Refurbished Medical Devices Market Geographical Share
Asia-Pacific region holds the largest market share of the global refurbished medical devices market
Asia-Pacific region is expected to witness the fastest growth of the refurbished medical devices market. Amid the pandemic situation, the adoption and usage of refurbished medical devices such as patient monitoring devices are expected to increase in the emerging economies present in this region.
Furthermore, the reform in regulatory policies is expected to support market growth. For instance, in February 2020, the Malaysian Medical Device Authority (MDA) drafted guidelines related to the requirement of the document submission about refurbished medical devices. Thus, a positive impact of COVID-19 can be expected in this region.
In addition, the increasing number of hospitals and diagnostic centers, with the increasing focus on rural development both by the government and private organizations, led to a great demand for refurbished medical instruments. As per the data provided by a study titled ''COVID-19 in India: State-wise estimates of current hospital beds, intensive care unit (ICU) beds and ventilators'' published in April 2020, India has around 43,486 private hospitals and about 25,778 public hospitals.
The presence of well-established companies in this region is further expected to support the market growth. For instance, SANRAD Medical Systems is one of the leading companies in India dealing with refurbished medical imaging equipment. It mainly offers products in magnetic resonance and computed tomography. Thus, such factors are expected to boost the market growth in the Asia-Pacific region.
Refurbished Medical Devices Market Companies and Competitive Landscape
The global refurbished medical devices market is highly competitive with the presence of global companies. Some of the key players which are contributing to the growth of the market include Agito Medical AS, Avante Health Solutions, Block Imaging International Inc., Everx Pvt. Ltd, GE Healthcare, Integrity Medical Systems Inc., Koninklijke Philips NV, Radio Oncology Systems Inc., Siemens Healthcare Systems, and Soma Technology, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, In September 2020, Philips announced ''Environmental, Social and Corporate Governance (ESG) commitments for 2025'', which incorporated its strategy to refurbish its MRI system as a part of the circular economy.
Key Companies to Watch
GE Healthcare
Company Overview: GE Healthcare is an American multinational conglomerate based in Chicago, Illinois, and incorporated in New York. The company has been a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals used in medical imaging procedures for imaging modalities since 2017. The company’s strategic initiatives for organic & inorganic growth have helped the firm garner a large share of this market. The company’s Healthcare Systems business segment provides refurbished medical equipment, and it has consistently gained revenue.
Product Portfolio: The Company’s portfolio comprised of are medical equipment, technology for drug discovery and biopharmaceuticals, solutions for clinicians, and health care administrators.
Product- GoldSeal refurbished Imaging and Ultrasound Systems provide cost-effective solutions that empower healthcare organizations to provide excellent care and achieve financial objectives.
Key developments: In March 2020, GE Healthcare and Ford Motor Company partnered to scale up the production of ventilators, a move aimed to arm clinicians with vital medical equipment to treat patients with COVID-19.
The global refurbished medical devices market report would provide access to an approx. 61 market data tables, 57 figures, and 180 pages.
