Refurbished Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Refurbished Medical Devices market is segmented by Product (Medical Imaging Equipment (X-ray Machines, Ultrasound System, MRI Machines, CT Scanners, Nuclear Imaging Systems, and Other Medical Imaging Equipment), Operating Room and Surgical Equipment (Anesthesia Machines, CO2 and Agent Monitors, Microscopes, Electrosurgical Units, and Other Operating Room and Surgical Equipment), Patient Monitoring (Multiparameter Monitors, Electrocardiography Devices (ECG), and Non-invasive Blood Pressure Monitors), Cardiovascular and Cardiology Equipment, Neurology Equipment, Endoscopy Equipment, Intensive Care Units, and Other Medical Equipment) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Refurbished Medical Devices Market Bar Graph
Study Period: 2018-2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 12.2 %

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Market Overview

The refurbished medical devices market was valued at approximately USD 10,130 million in 2020, and it is expected to reach USD 20,210 million in 2026, witnessing a CAGR of 12.2% over the forecast period, 2021-2026.

Amidst this COVID-19 pandemic situation, the demand for refurbished medical devices, like mechanical ventilators, is expected to observe a significant increase. However, the healthcare industry is still coping with the massive disruption in the supply chain, which has negatively impacted the refurbished medical devices.

Certain factors driving the market growth include 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.

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 of 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 around the world. In fact, 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.

Scope of the Report

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. The refurbished medical devices market is segmented by product (medical imaging equipment (X-ray machines, ultrasound system, MRI machines, CT scanners, nuclear imaging systems (Pet, Spect, and Pet/CT), and other medical imaging equipment), operating room, and surgical equipment (anesthesia machines, CO2 and agent monitors, microscopes, electrosurgical units, and other operating room and surgical equipment), patient monitoring (multiparameter monitors, electrocardiography devices (ECG), and non-invasive blood pressure monitors), cardiovascular and cardiology equipment, neurology equipment, endoscopy equipment, intensive care units, and other medical equipment) and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across the major regions globally. The report offers the values (USD million) for the above segments.

By Product
Medical Imaging Equipment
X-ray Machines
Ultrasound Systems
MRI Machines
CT Scanners
Nuclear Imaging Systems (Pet, Spect, and Pet/CT)
Other Medical Imaging Equipment
Operating Room and Surgical Equipment
Anesthesia Machines
CO2 and Agent Monitors
Microscopes
Electrosurgical Units
Other Operating Room and Surgical Equipment
Patient Monitors
Multiparameter Monitors
Electrocardiography Devices (ECG)
Non-invasive Blood Pressure Monitors
Cardiovascular and Cardiology Equipment
Neurology Equipment
Endoscopy Equipment
Intensive Care Units
Other Medical Equipment
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Medical Imaging Equipment is Expected to hold a Significant Market Share Over the Forecast Period

Medical imaging is the process of making a visual representation of the interior of the body for medical intervention. The usage of medical imaging devices is expected to slightly decline due to the sudden drop in hospital visits. Furthermore, as per the issued guidelines of the American College of Radiology, the United States, CT-scanners and X-rays are not appropriate first-line diagnostic tools for COVID-19.

These instruments help in establishing a database of the normal anatomy and physiology of internal organs so that any abnormality can be noticed immediately, and as their technological complexity increases, the total cost of it also increases. Hence, refurbished versions of these products provide greater options to the customers. For instance, 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. Hence, the availability of such technologically advanced systems at cheaper rates is expected to drive the market in this segment.

The majority of the clinics and hospitals that have purchased or used refurbished medical equipment generally have neutral-to-positive experiences with the purchase. Most end users have been found to indicate that they purchased used or refurbished equipment due to budgetary constraints.

Total Number of Hospitals, by Type, India, 2020

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Asia-Pacific to Witness the Fastest Growth in the Refurbished Medical Devices Market

The 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 the 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 - Growth Rate by Region

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Competitive Landscape

The refurbished medical devices market is highly competitive and consists of a number of major players. Companies like 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, hold substantial market shares in the refurbished medical devices market.

Recent Developments

  • 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.
  • 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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Cost Containment Pressure on Healthcare Organizations

      2. 4.2.2 Large Inventory of Old or Used Medical Devices

      3. 4.2.3 Growing Rate of Private Healthcare Institutions

    3. 4.3 Market Restraints

      1. 4.3.1 Quality Issues of Refurbished Medical Equipment among End Users

      2. 4.3.2 Reluctance to Purchase Refurbished Medical Equipment Among Healthcare Providers

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Medical Imaging Equipment

        1. 5.1.1.1 X-ray Machines

        2. 5.1.1.2 Ultrasound Systems

        3. 5.1.1.3 MRI Machines

        4. 5.1.1.4 CT Scanners

        5. 5.1.1.5 Nuclear Imaging Systems (Pet, Spect, and Pet/CT)

        6. 5.1.1.6 Other Medical Imaging Equipment

      2. 5.1.2 Operating Room and Surgical Equipment

        1. 5.1.2.1 Anesthesia Machines

        2. 5.1.2.2 CO2 and Agent Monitors

        3. 5.1.2.3 Microscopes

        4. 5.1.2.4 Electrosurgical Units

        5. 5.1.2.5 Other Operating Room and Surgical Equipment

      3. 5.1.3 Patient Monitors

        1. 5.1.3.1 Multiparameter Monitors

        2. 5.1.3.2 Electrocardiography Devices (ECG)

        3. 5.1.3.3 Non-invasive Blood Pressure Monitors

      4. 5.1.4 Cardiovascular and Cardiology Equipment

      5. 5.1.5 Neurology Equipment

      6. 5.1.6 Endoscopy Equipment

      7. 5.1.7 Intensive Care Units

      8. 5.1.8 Other Medical Equipment

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Spain

        6. 5.2.2.6 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Middle-East and Africa

        1. 5.2.4.1 GCC

        2. 5.2.4.2 South Africa

        3. 5.2.4.3 Rest of Middle-East and Africa

      5. 5.2.5 South America

        1. 5.2.5.1 Brazil

        2. 5.2.5.2 Argentina

        3. 5.2.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Agito Medical AS

      2. 6.1.2 Avante Health Solutions

      3. 6.1.3 Block Imaging International Inc.

      4. 6.1.4 Everx Pvt. Ltd

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Integrity Medical Systems Inc.

      7. 6.1.7 Koninklijke Philips NV

      8. 6.1.8 Radio Oncology Systems Inc.

      9. 6.1.9 Siemens Healthcare Systems

      10. 6.1.10 Soma Technology

      11. 6.1.11 Hilditch Group

      12. 6.1.12 Master Medical Equipment

      13. 6.1.13 Cambridge Scientific Products

      14. 6.1.14 Johnson & Johnson

      15. 6.1.15 Canon MedicalSystems

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Global Refurbished Medical Devices Market market is studied from 2018 - 2026.

The Global Refurbished Medical Devices Market is growing at a CAGR of 12.2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Avante Health Solutions, GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare Systems, Soma Technology are the major companies operating in Global Refurbished Medical Devices Market.

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