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Refurbished Medical Devices Market Research Report - Segmented By Product, Application, End User, Geography (North America, Europe, Asia Pacific, Rest of the World) - Size, Share, Trends, COVID-19 Impact and Growth Analysis Report - Industry Forecast (2022 to 2027)

Refurbished Medical Devices Market Size (2022-2027)

The global refurbished medical devices market size was worth USD 12.5 billion in 2022 and is expected to reach USD 21.6 billion with a CAGR of 12.2% during the forecast period 2022-2027. 

Refurbished medical devices are those that are reconstructed or renovated devices instead of replacing them with new devices. Refurbishment deals with damaged, repair, replacing worn parts, and installing software/hardware updates without changing the original device.

The recent novel coronavirus (COVID-19) originated in Wuhan, China. The World Health Organization announced an emergency public health issue. Due to the pandemic, nations announced a lockdown to prevent virus spread. The majority of the population stopped visiting hospitals to prevent attacks from viruses. During the COVID-19 period, the demand for refurbished medical devices is prominently increasing like mechanical ventilators. The healthcare industry is dealing with huge disturbances in the supply chain which has adversely affected the refurbished medical devices market. The market growth is slowed down temporarily due to COVID-19 during the forecast period. 

Market Drivers

Factors driving the refurbished medical devices market are rising hospital monetary cuts, growing demand for budget-intensive diagnostic imaging equipment, and rising prominence for eco-friendly products. The increasing number of hospitals and diagnostic centers, growing medical tourism demand, and the private health institutions invest huge capital boosting the refurbished medical devices market globally. Many of the hospitals choose refurbished medical devices as they need small monetary investments. 

In low and middle-income countries, the demand for refurbished medical devices is increasing along with poor health infrastructure and restricted access to healthcare resources escalate the market growth. The ease of affordability also stimulates the market. The growing occurrences of chronic diseases together with the increasing elderly population, and the wide adoption of refurbished equipment by private hospitals in developing and developed countries. Combining devices with IoT and tremendous efforts initiated by both public and private sectors highly try their best to in providing superior healthcare services available to all boosting refurbished medical devices market growth. 

Market Restrains

However, strict rules for the import and use of refurbished medical devices in some countries and a dearth of policies for using and sales of refurbished devices restrain the market growth during the forecast period. Also, the inflow of less price medical devices is increasing, and not being aware of the quality of refurbished medical devices diminishing the market.

REFURBISHED MEDICAL DEVICES MARKET REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2022 – 2027

Base Year

2022

Forecast Period

2022 – 2027

Segments Covered

By Product, Application, End User, and Region

Regions Covered

North America, APAC, Europe, LATAM, MEA

 

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Segmentation Analysis

The global refurbished medical devices market has been segmented and sub-segmented based on product application, and end-user. 

Refurbished Medical Devices Market - By Product

  • Medical Imaging Equipment
    • X-ray Machines
    • Ultrasound Systems
    • MRI Machines
    • CT Scanners
    • Nuclear Imaging Systems
    • Other Medical Imaging Equipment
  • Operating Room & Surgical Equipment
    • Anesthesia Machines
    • CO2 and Agent Monitors
    • Microscopes
    • Operating Room Tables & Lights
    • Surgical Displays
    • Electrosurgical Units
    • Others
  • Patient Monitors
    • Multi-parameter Monitors
    • Electrocardiography Devices
    • Pulse Oximeters
    • Mobile Cardiac Telemetry Devices
    • Non-invasive Blood Pressure Monitors
    • Fetal Monitors
    • Other Patient Monitors
  • Cardiovascular and Cardiology Equipment
    • Heart-lung Machines
    • Defibrillators
    • Other Cardiology Equipment
  • Urology Equipment
    • Dialysis Machines
    • Lithotripsy Devices
  • Neurology Equipment
    • EEG Machines
    • EMG Machines
  • Intensive Care Equipment    
    • ​​​​​​​Ventilators
    • Infant Incubators and Warmers​​​​​
  • Endoscopy Equipment
  • IV Therapy Systems
  • Other Medical Equipment

By product, the medical imaging equipment segment dominates the refurbished medical devices with the largest share in 2022. The demand for initial stage disease diagnosis with the increasing number of hospitals and diagnostic imaging centers escalate the market growth. 

Refurbished Medical Devices Market - By Application

  • Diagnostic
    • Cardiology
    • Urology
    • Neurology
    • Orthopedics
    • Physiology
    • Emergency Medicine
    • Oncology
    • Obstetrics/Gynecology (OB/GYN)
    • Other Diagnostic Applications​​​​​​​
  • Therapeutic
    • ​​​​​​​Cardiology
    • Urology
    • Neurology
    • Orthopedics
    • Physiology
    • Emergency Medicine
    • Oncology
    • Obstetrics/Gynecology (OB/GYN)
    • Other Therapeutic Applications

By application, the diagnostic segment is accounted to hold the largest share in the refurbished medical devices throughout the timeline period. Increasing regular approvals for refurbished devices, a growing number of targeted diseases, and extending applications of diagnostic imaging procedures fueling the segment growth. Also, less purchasing power developing countries, well-established and government-approved refurbishment process accepted by major OEMs. The factors mentioned above drive the market growth in the coming years. 

Refurbished Medical Devices Market - By End-User

  • Hospitals
  • Ambulatory Care Centers
  • Diagnostic Imaging Centers
  • Other End Users

By end-users, the hospital's segment accounted for the largest share in the refurbished medical devices market. The increasing number of hospitals with a rising concentration in offering affordable care and treatment to the patients

Regional Analysis

Geographically, North America is dominating the refurbished medical devices market accounting for the largest share throughout the forecast period. The growth in the region owes to the growing direction in medical tourism and rising privatization of the healthcare domain. As per the American Hospital Association (AHA), the number of hospitals registered in 2017 was 5,534 increased to 5,564 in 2018. 

Europe is expected to witness substantial growth in the refurbished medical devices market during the forecast period. Countries like Germany and U.K are estimated to obtain have strong growth during the timeline period. 

However, Asia-Pacific is foreseen to portray the highest growth owing to rising government support and increasing reimbursement policies. In countries like India and China, the demand for medical refurbished imaging infrastructure is increasing, booming the market growth during the timeline period. The rising patient population with the growing number of chronic disorders and increasing demand for refurbished medical devices by low capital hospitals and clinics drives the market growth in the region. 
In India, SANRAD Medical System is one leading medical device company dealing with medical refurbished imaging devices offering products in MRI and CT, augmenting the market growth. 

Latin American refurbished medical devices market is the second largest growing region with developing medical facilities and increasing unmet medical needs.

The Middle East& Africa region is at its nascent stage and is anticipated to have notable growth in the upcoming years. Israel, UAE, Africa, and the Rest of MEA contribute a major share

Key Market Players

Some of the major players involved in the refurbished medical devices market include GE Healthcare, Agito Medical A/S, DRE Inc., Integrity Medical systems Inc., Block Imaging International Inc., Everx Pvt Ltd., Radio Oncology Systems Inc., Siemens Healthcare systems, Philips Healthcare, Johnson & Johnson, DMS Topline, First Source Inc. and Soma Technology.

Chapter 1. Global Refurbished Medical Devices Market  – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. Global Refurbished Medical Devices Market    – Executive Summary

2.1. Market Size & Forecast – (2021 – 2026) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

                2.3.1. Impact during 2021 - 2026

                2.3.2. Impact on Supply – Demand

                2.3.3. Impact on Production Cost

                2.3.4. Impact on Supply Chain

Chapter 3. Global Refurbished Medical Devices Market    – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. Global Refurbished Medical Devices Market Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3  Customer Analysis

4.4. Porters Five Force Model

                4.4.1. Bargaining Power of Suppliers

                4.4.2. Bargaining Powers of Customers

                4.4.3. Threat of New Entrants

                4.4.4. Rivalry among Existing Players

                4.4.5. Threat of Substitutes                 

Chapter 5. Global Refurbished Medical Devices Market –  Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. Global Refurbished Medical Devices Market –  By Product

6.1. Medical Imaging Equipment

                6.1.1. X-ray Machines

                6.1.2. Ultrasound Systems

                6.1.3. MRI Machines

                6.1.4. CT Scanners

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

                6.1.6. Others

6.2. Operating Room and Surgical Equipment

                6.2.1. Anesthesia Machines

                6.2.2. CO2 and Agent Monitors

                6.2.3. Microscopes

                6.2.4. Electrosurgical Units

                6.2.5. Operating Room Tables & Lights

                6.2.6. Surgical Displays

                6.2.7. Others

6.3. Patient Monitors

                6.3.1. Multiparameter Monitors

                6.3.2. Electrocardiography Devices (ECG)

                6.3.3. Pulse Oximeters

                6.3.4. Non-invasive Blood Pressure Monitors

                6.3.5. Mobile Cardiac Telemetry Devices

                6.3.6. Fetal Monitors

                6.3.7. Other Patient Monitors

6.4. Cardiovascular and Cardiology Equipment

6.5. Neurology Equipment

6.6. Endoscopy Equipment

6.7. Intensive Care Units

6.8. Urology Equipment

6.9. IV Therapy Systems

6.10. Other Equipment

Chapter 7. Global Refurbished Medical Devices MarketBy Application

7.1. Diagnostic Applications

                7.1.1. Cardiology

                7.1.2. Urology

                7.1.3. Neurology

                7.1.4. Orthopedics

                7.1.5. Physiology

                7.1.6. Emergency Medicine

                7.1.7. Oncology

                7.1.8. Obstetrics/Gynecology

                7.1.9. Other Diagnostic Applications

7.2. Therapeutic Applications

                7.2.1. Cardiology

                7.2.2. Urology

                7.2.3. Neurology

                7.2.4. Orthopedics

                7.2.5. Physiology

                7.2.6. Emergency Medicine

                7.2.7. Oncology

                7.2.7. Obstetrics/Gynecology

                7.2.8. Other Therapeutic Applications

Chapter 8. Global Refurbished Medical Devices Market – By End User

8.1. Hospitals

8.2. Diagnostic Centres

8.3. Ambulatory Care Centres

8.4. Others

Chapter 9. Global Refurbished Medical Devices Market, By Geography – Market Size, Forecast, Trends & Insights

9.1. North America

                9.1.1. U.S.A

                9.1.2. Canada

                9.1.3. Mexico

  9.2. Europe

                9.2.1. Italy

                9.2.2. Spain

                9.2.3. Russia

                9.2.4. Germany

                9.2.5. UK             

                9.2.6. France

                9.2.7. Rest of Europe                 

9.3. Asia Pacific

                9.3.1. Japan

                9.3.2. South Korea

                9.3.3. China

                9.3.4. India

                9.3.5. Australia & New Zealand

                9.3.6. Rest of Asia-Pacific

9.4. Rest of the World

                9.4.1. Middle East

                9.4.2. Africa

                9.4.3. South America

                                9.4.3.1 Brazil

Chapter 10. Global Refurbished Medical Devices Market  – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

10.1. Company 1

10.2. Company 2

10.3. Company 3

10.4. Company 4

10.5. Company 5

10.6. Company 6

10.7. Company 7

10.8. Company 8

10.9. Company 9

10.10. Company 10

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