Refurbished Medical Devices Market Size, Share, Growth, and Industry Growth, By Type (Refurbished Radiation Oncology Systems, Refurbished Minimally Invasive Devices, Refurbished Biotechnology Instruments, Refurbished Diagnostic Imaging Devices, and Others.), By Application (Hospitals, Clinics, and Others), Regional Forecast By 2031

Updated On: 08 April 2024

Refurbished Medical Devices Market Report Overview

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The global refurbished medical devices market size is USD 13.44 billion in 2022, as per our research, the market is projected to touch USD 31.677 billion by 2031, exhibiting a CAGR of 10.0% during the forecast period. 

 The global COVID-19 pandemic has been unprecedented and staggering, with refurbished medical devices experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Refurbished medical equipment is described as a medical device that has been repaired and rebuilt to a standard that is on par with new equipment. Refurbishing entails reconditioning, repairs, the installation of certain software and hardware updates without altering the original device's intended use, and the replacement of worn-out components. Technology is evolving more quickly regarding software, hardware, and other areas, which reduces the time between buying advanced systems and wearing out preoccupied gadgets. The desire for affordable systems by small-scale private hospitals and clinics and the growing engagement of major manufacturers in refurbishing their equipment fuel the growth of the market for refurbished medical equipment. 

The market for refurbished medical equipment consists of sales of refurbished medical equipment by companies (organizations, sole proprietors, and partnerships) that produce refurbished medical equipment. Refurbished medical equipment has undergone refurbishment, restoration, installation, and replacement of worn parts without changing their intended use. The quality control division inspects and tests these gadgets, and they are frequently refurbished for extended usage.

COVID-19 Impact: Effective Patient Care Demand Surged Market Growth

The global market has suffered a serious blow as a result of the COVID-19 epidemic. Effective patient care is now a critical demand in the medical sector. As a result, the market for refurbished medical equipment is seeing decreased demand at the present time. Medical gadgets undergoing refurbishment are not frontline instruments. X-rays and CT scans are particularly useless during this time. Additionally, the medical and healthcare sector is recovering from the massive disruption caused by the pandemic outbreak. 

LATEST TRENDS

"Rising Demand for Imaging Equipment to Surge Market Growth"

The rising demand for imaging devices for the diagnosis of various illnesses, it is anticipated that the market for reconditioned medical imaging equipment is forecasted to expand rapidly over the next few years. Except for a few mild diseases, medical imaging technology like X-ray, MRI, and CT scan scanners is widely used to identify every problem. Medical imaging technology that has been refurbished performs just as well as new technology. The need for refurbished medical imaging equipment is growing globally due to the rise in disease rates. Many hospitals rely on used medical imaging equipment since it saves them a lot of money compared to purchasing new equipment.

Refurbished Medical Devices Market Segmentation

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• By Type Analysis

By type, the market is segmented into refurbished radiation oncology systems, refurbished minimally invasive devices, refurbished biotechnology instruments, refurbished diagnostic imaging devices, and others.

• By Application Analysis

Based on application, the market is classified into hospitals, clinics, and others.

DRIVING FACTORS

"Rising Focus On Original Equipment to Propel the Demand for Devices"

The refurbished medical equipment market is anticipated to rise as a result of original equipment manufacturers' increased attention on medical device refurbishment. For example, businesses like GE Siemens, Healthcare, and Philips are now concentrating on the refurbishment of large scanning machines such as radiology-based equipment, X-ray systems, angiography, magnetic resonance, and other molecular imaging devices. These devices are available at a cost that is lower than the cost of new systems. End customers are more likely to trust refurbishment that is based on the manufacturers of the original equipment. Additionally, it is anticipated that the introduction of efficient remanufacturing standards will increase the use of reconditioned medical equipment.

"Surging Demand for Medical Devices at Low Cost to Surge Market Growth"

The refurbished medical devices market growth is anticipated to be backed by the rising need for affordable medical equipment. Due to the low levels of disposable income in these countries, the need for refurbished medical equipment is higher. The market is anticipated to grow significantly due to the high cost of large, technologically sophisticated equipment. When compared to new equipment, refurbished medical equipment is less expensive. Additionally, e-commerce platforms should make it simple to sell and buy refurbished medical equipment.

RESTRAINING FACTORS

"Lack of Standard Regulatory Policies to Restrict Growth of the Market"

The lack of defined regulatory standards for the resale of refurbished devices is anticipated to restrain market growth. The market for refurbished medical devices is also anticipated to be significantly constrained by negative consumer perceptions about refurbished products.

Refurbished Medical Devices Market Regional Insights

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"Asia Pacific to Dominate the Global Market Due to the Steady Adoption of Refurbished Devices"

Asia Pacific is estimated to hold a dominating part of the refurbished medical devices market share due to the rapid adoption of refurbished devices in emerging economies. The rising number of clinics and hospitals is also estimated to foster market growth. 

North America is anticipated to show significant growth in the market owing to the constant rise in the number of hospitals in the region. 

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• GE Healthcare (U.S.)
• Siemens Healthcare (Germany)
• Philips Healthcare (Netherlands)
• Ultra Solutions
• Soma Technology (U.S.)
• Johnson & Johnson
• Agito Medical (Denmark)
• Block Imaging  (U.S.)
• Whittemore Enterprises
• Radiology Oncology Systems (U.S.)
• Integrity Medical Systems (U.S.)
• TRACO (Switzerland)
• First Source (India)
• Soma Technology (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.