Used and Refurbished Medical Devices Market Size, Share, Growth, and Industry Analysis, By Type (Medical Imaging Devices, Operating Room and Surgical Devices, Patient Monitors, Cardiovascular and Cardiology Devices, Neurology Devices, & Others), By Application (Hospitals and Clinic, Nursing Homes, & Others) and Regional Insights and Forecast To 2031

Updated On: 29 April 2024

USED AND REFURBISHED MEDICAL DEVICES MARKET REPORT OVERVIEW

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The global used and refurbished medical devices market size was USD 8471.7 million in 2022 and will touch USD 12340 million by 2029, exhibiting a CAGR of 5.4% during the forecast period. 

The refurbished scientific equipment area is developing. It's being driven with the aid of factors like affordability, breakthroughs in technology, and concern for the surroundings. There's stress in healthcare to cut expenses without harming patient care. This makes improved machinery a popular choice. As the tech world advances, so do health centers. They upgrade their tools and the older ones end up on secondhand marketplaces. Each of these used pieces is closely examined and maintained. This increases their quality and safety. Compliance with regulation is also factored in. 

Questions revolve around the dependability of refurbished machines, regulatory compliance, and guarantee restrictions. Health providers must be careful. It's crucial to thoroughly evaluate suppliers. Ensuring that improved equipment aligns with their standards is key before buying. Even with obstacles, the market for second-hand and renovated medical gear is expanding. Health care globally is hunting for budget-friendly ways to deliver service.

COVID-19 Impact: Market Growth Boosted by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

When the pandemic hit, healthcare places struggled with more costs and less money coming in. People started looking at cheaper options, like buying used or fixed-up medical stuff. These offered big savings compared to brand-new things. The readymade tools they got we­re a fast fix, helping hospitals cope with more demand. The devices provided a fast, easy option. It was better than waiting for new orders, helping hospitals cope with growing needs more efficiently.

Just like new medical tools, the supply of used and fixed-up stuff also got messed up during the pandemic. Speed limits, building delays, and shipment issues made it hard to get refurbished tools. This meant some places or types of equipment might end up short.

LATEST TRENDS

"Sustainability in Medical Devices to Drive Market Growth"

Plastics and metals, which are synthetic materials, play a role in problems like deforestation and pollution. Not just that, they also lead to the destruction of habitats and encourage mining. Buildings, generally, use a lot of energy, emit gases that warm the earth, and affect our climate. Healthcare workers see the gains to our environment when medical tools get better, thanks to stress on being sustainable. But new machines are not only resource hogs and waste creators, they also play their role in changing the climate. Hence, innovating to extend the usage of current equipment can help. It cuts down our need for newer products and the environmental price tags they carry. This strategy aligns nicely with the round economy, which goals to reduce waste and sell the lengthy-term use of merchandise. It's vital to preserve an eye on excellent and safety, however, updated gadgets do offer huge blessings. These can be value financial savings for the healthcare centers and a hazard to play an element in a greener healthcare gadget.

USED AND REFURBISHED MEDICAL DEVICES MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into medical imaging devices, operating room and surgical devices, patient monitors, cardiovascular and cardiology devices, neurology devices, & others.

• Medical Imaging Devices: This consists of devices like X-ray scanners, CT scanners, and ultrasound structures used for monitoring and diagnostic purposes in healthcare.

• Operating Room and Surgical Devices: Equipment important for surgical approaches, the device consists of surgical instruments, contraptions for anesthesia, surgical lamps, and a running desk.

• Patient Monitors: Important for continuous monitoring of patient's vital signs and physiological parameters, including coronary heart price, blood pressure, and oxygen saturation.

• Cardiovascular and Cardiology Devices: Specialized gadgets for diagnosing and treating coronary heart-related situations, which include ECG machines, defibrillators, pacemakers, and cardiac catheters.

• Neurology Devices: used within the analysis and remedy of neurological issues, which includes EEG gadgets, EMG gadgets, nerve stimulators, and intracranial stress video display units.

• Others: This category may also include an extensive range of medical devices which include implantable pumps, ventilators, endoscopic gadgets, dental units, and dental probes, which can be clinical specialties and activities.

By Application

Based on application the global market can be categorized into hospitals and clinic, nursing homes, & others.

• Hospitals and Clinic: They are buying used and refurbished medical gear. It makes healthcare services less pricey. They purchase a diverse range of equipment. Cameras, nursing tools, surgical devices they buy it all!

• Nursing Homes: They look for new medical devices to give better care to residents. The refurbished patient lifts, mobility aids, and vital sign monitors come in handy.

• Others: Rehab centers, ambulatory surgeries, and outpatient facilities always stash and upgrade used medical gear. It's reliable and keeps healthcare settings within budget. Community health centers do the same to meet their patient's needs.

DRIVING FACTORS

"Cost-Effectiveness and Technological Advancements to Boost the Market"

One of the key driving factors in the global used and refurbished medical devices market growth is the cost-effectiveness and technological advancements in urban areas. Healthcare companies are continuously seeking out ways to cut charges without compromising affected person care. Second-hand and refurbished scientific devices offer significant price savings as compared to new equipment making them an attractive option for healthcare centers, especially the ones which might be coins-strapped. As healthcare facilities adopt new technologies they often sell or sell off their old devices which then enter newly developed markets and create increased demand. 

"Healthcare Services and Economic Factors to Expand the Market"

Another driving factor in the global used and refurbished medical devices market is the healthcare services and economic factors offered by these products. The developing call for healthcare offerings worldwide, specifically inside the growing international, creates a want for affordable medical equipment. Used and upgraded devices provide healthcare vendors with fee-effective answers to meet the growing call for best care. Economic fluctuations and healthcare financial constraints affect procurement decisions inside the pharmaceutical industry. In times of economic constraint, healthcare providers may also opt for upgraded systems in a value-powerful manner to reduce economic risk and keep operational efficiency.

RESTRAINING FACTOR

"Quality Concerns and Limited Warranty to Potentially Impede Market Growth"

One of the key restraining factors in the global used and refurbished medical devices market is the quality concerns and limited warranty of these products. Despite stringent preservation programs, healthcare professionals have concerns about the high-quality and reliability of refurbished medical gadgets Some corporations are reluctant to buy refurbished devices due to uncertainty about their for-maintenance history, durability, and ability patient safety dangers. Healthcare providers can be reluctant to put money into upgraded equipment due to worries about up-purchase assist, preservation, and availability of spare parts.

USED AND REFURBISHED MEDICAL DEVICES MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Presence of a Large Consumer Base"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global used and refurbished medical devices market share due to several factors. North America has a complicated and giant healthcare machine with cutting-edge hospitals, clinics, and dispensaries This system requires a constant delivery of medical devices to meet the desires of sufferers in a whole lot of production regions number one occupations, and healthcare services. And help strict rules governing its use. While these regulations make certain patient safety and product quality, additionally they require compliance by modern agencies, ensuring the high quality and availability of all progressive medical devices available on the market depend upon it. The huge healthcare market in North America contributes substantially to its dominance in the used and refurbished scientific device phase. With such a lot of hospitals, scientific centers, and clinics that care for different patients, there's a big call for cost-powerful options for new clinical gadgets.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The used and refurbished clinical gadgets marketplace is heavily motivated through key industry gamers who play a key role in using the market growth and shaping the possibilities of healthcare experts. These key manufacturers have distribution networks and sizable on-line channels, presenting healthcare facilities with easy get admission to more than a few revolutionary clinical gadgets Their robust international presence and reputation for pleasant innovation have contributed to increasing agree with and popularity among healthcare specialists. Additionally, these enterprise leaders are continuously making an investment in new procedures and technologies, introducing new strategies, ensuring compliance with regulatory requirements, and meeting the evolving desires of healthcare professionals. The concerted efforts of these key gamers appreciably have an impact on the aggressive landscape and future trajectory of the used and refurbished clinical gadgets marketplace.

List of Market Players Profiled

• GE Healthcare (U.S.)
• Philips Healthcare (Netherlands)
• Siemens Healthineers (Germany)
• Hitachi (Japan)
• Canon Medical (Japan)
• Block Imaging International (U.S.)
• Avante Medical Surgical (U.S.)

INDUSTRIAL DEVELOPMENT

February 2024: Leading manufacturers along with GE Healthcare, Philips, and Siemens Healthineers are operating aggressively to standardize upkeep schedules to ensure speedy, green, and value-effective device re-access.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.