The Refurbished Medical
Devices Market Outlook and Analysis By Diagnostic Devices
(X-Ray Machines, CT Scanners, Ultrasound System, MRI Machines, ECG Systems, And
Patient Monitors), By Therapeutic Devices (Heart-Lung Machines, Coagulation
Analysers, Infant Incubators and Warmers, Defibrillators, and Infusion Pumps),
And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –
Market Forecast Till 2032
The refurbished medical devices market size is
estimated to grow at 11.6% CAGR to reach USD 22.2 billion by 2032, 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
Insights.
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.
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 arket in the Middle East and Africa
is likely to have minimal market share during the assessment period.
Key
Players
the refurbished
medical devices market Players 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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