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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 rate of 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 under 4-slice opts 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. As per the GCC Healthcare Industry 2018 report, the total number of hospitals in the GCC region was around 700, in which Saudi Arabia had 470 hospitals. Hospitals, especially in such developing regions, would prefer refurbished medical devices as they require less capital investment, enabling them to provide healthcare services at affordable costs to the patients.
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, for that matter). 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), pulse oximeters, 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.
|Cardiovascular and Cardiology Equipment|
|Intensive Care Units|
|Other Medical Equipment|
Key Market Trends
Medical Imaging Equipment is Expected to hold a Significant Market Share
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.
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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.
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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.
- 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 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Containment Pressure on Healthcare Organizations
4.2.2 Large Inventory of Old or Used Medical Devices
4.2.3 Growing Rate of Private Healthcare Institutions
4.3 Market Restraints
4.3.1 Quality Issues of Refurbished Medical Equipment among End Users
4.3.2 Reluctance to Purchase Refurbished Medical Equipment Among Healthcare Providers
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Medical Imaging Equipment
220.127.116.11 X-ray Machines
18.104.22.168 Ultrasound Systems
22.214.171.124 MRI Machines
126.96.36.199 CT Scanners
188.8.131.52 Nuclear Imaging Systems (Pet, Spect, and Pet/CT)
184.108.40.206 Other Medical Imaging Equipment
5.1.2 Operating Room and Surgical Equipment
220.127.116.11 Anesthesia Machines
18.104.22.168 CO2 and Agent Monitors
22.214.171.124 Electrosurgical Units
126.96.36.199 Other Operating Room and Surgical Equipment
5.1.3 Patient Monitors
188.8.131.52 Multiparameter Monitors
184.108.40.206 Electrocardiography Devices (ECG)
220.127.116.11 Pulse Oximeters
18.104.22.168 Non-invasive Blood Pressure Monitors
5.1.4 Cardiovascular and Cardiology Equipment
5.1.5 Neurology Equipment
5.1.6 Endoscopy Equipment
5.1.7 Intensive Care Units
5.1.8 Other Medical Equipment
5.2.1 North America
22.214.171.124 United States (By Product)
126.96.36.199 Canada (By Product)
188.8.131.52 Mexico (By Product)
184.108.40.206 Germany (By Product)
220.127.116.11 United Kingdom (By Product)
18.104.22.168 France (By Product)
22.214.171.124 Italy (By Product)
126.96.36.199 Spain (By Product)
188.8.131.52 Rest of Europe (By Product)
184.108.40.206 China (By Product)
220.127.116.11 Japan (By Product)
18.104.22.168 India (By Product)
22.214.171.124 Australia (By Product)
126.96.36.199 South Korea (By Product)
188.8.131.52 Rest of Asia-Pacific (By Product)
5.2.4 Middle-East and Africa
184.108.40.206 GCC (By Product)
220.127.116.11 South Africa (By Product)
18.104.22.168 Rest of Middle-East and Africa (By Product)
5.2.5 South America
22.214.171.124 Brazil (By Product)
126.96.36.199 Argentina (By Product)
188.8.131.52 Rest of South America (By Product)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Agito Medical AS
6.1.2 Avante Health Solutions
6.1.3 Block Imaging International Inc.
6.1.4 Everx Pvt. Ltd
6.1.5 GE Healthcare
6.1.6 Integrity Medical Systems Inc.
6.1.7 Koninklijke Philips NV
6.1.8 Radio Oncology Systems Inc.
6.1.9 Siemens Healthcare Systems
6.1.10 Soma Technology
6.1.11 Hilditch Group
6.1.12 Master Medical Equipment
6.1.13 Fair Medical Co. Ltd
6.1.14 Sanrad Medical Systems
6.1.15 Thompson Surigcal Instrument Inc.
6.1.16 Cambridge Scientific Products
6.1.17 Johnson & Johnson
6.1.18 Canon MedicalSystems
6.1.19 DRE Inc.
6.1.20 Biomex Istruments Pvt. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Refurbished Medical Devices Market market is studied from 2018 - 2026.
What is the growth rate of Global Refurbished Medical Devices Market?
The Global Refurbished Medical Devices Market is growing at a CAGR of 12.2% over the next 5 years.
Which region has highest growth rate in Global Refurbished Medical Devices Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Refurbished Medical Devices Market?
North America holds highest share in 2020.
Who are the key players in Global Refurbished Medical Devices Market?
- 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.