Market Size of Refurbished Medical Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 12.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refurbished Medical Devices Market Analysis
The refurbished medical devices market witnessed a CAGR of 12.2% over the forecast period.
During the COVID-19 pandemic the demand for refurbished medical devices, like mechanical ventilators and patient monitoring devices increased significantly to cater to the need of a large patient base. However, supply chain disruption and trade ban had a negative impact on the refurbished medical devices market.
Factors such as cost containment pressure on healthcare organizations, availability of refurbished medical devices, and rise in healthcare service providers are expected to drive the market growth. For instance, according to the data published by the American Hospital Association in 2022, there are about 6,093 hospitals in the U.S. According to the same source, there are about 2,960, 1,228, 951, 207, 635, and 112 nongovernment not-for-profit community hospitals; investor-owned (for-profit) community hospitals; state and local government community hospitals; federal government hospitals; and nonfederal psychiatric hospitals, respectively. Also, according to Canada.ca, there were around 1,265 hospitals in Canada in 2022. Thus, the high number of healthcare facilities is expected to increase the demand for refurbished medical devices.
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment around the world. An increasing number of new hospitals are opting for alternate options to cut down on capital investments. Several hospitals prefer refurbished medical devices to save capital investment and offer healthcare services at affordable costs to patients. Moreover, the demand for refurbished medical devices is much higher in low- and middle-income countries, one of the primary reasons being underdeveloped health infrastructure and limited access to healthcare resources. Thus, factors such as affordability and the increasing number of healthcare service providers are anticipated to drive market growth over the forecast period.
However, quality issues of refurbished medical equipment among end users and reluctance to purchase refurbished medical equipment among healthcare providers are expected to hinder the market growth.
