Market Synopsis
Competitive Market Growth, Size, Share and Forecast to 2026 for Medical Device Refurbishment Market, By Offering (Products (Therapeutic, Diagnostic), Services); By Organization Size (Small And Medium Organizations, Large Organizations); By End-User (Clinics And Diagnostic Centers, Nursing Homes And Assisted Living, General Medical And Surgical Hospitals, Specialty Hospitals, Emergency And Other Outpatient Care Centers, Others); By Application (Operating Room Equipment And Surgical Equipment, Medical Imaging Equipment (CT Scanners, MRI Scanners, X-Ray Machines, Fluoroscopy, Echocardiography, Ultrasound, PET, Others), Patient Monitors (Multi-Parameter Monitors, Fetal Monitors, ECG Monitors, Pulse Monitors , Blood Pressure Monitors, Others), Cardiovascular And Cardiology Equipment (Defibrillators, Ventricular Assist Devices (VADs), Infusion Pumps, Heart-Lung Bypass, Stress Test Systems, Others), Neurology Equipment (EEG, EMG, Others), Endoscopy And Colonoscopy Equipment, Intensive Care Unit Equipment (Neonatal Intensive Care Units Equipment, Ventilators, Dialysis Equipment, ICU Bedside Monitors, Others),IV Therapy Systems, Probes And Coils, Others);
Market Snapshot
The Medical Device Refurbishment Market was valued USD 10,130 million in 2021 and will grow at a CAGR of 12.20% for the forecast period of 2020-2026, as per the market research report by Absolute Markets Insights titled ” Medical Device Refurbishment Market
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Report Description Medical Device Refurbishment Market.
Market Overview
The healthcare industry has seen remarkable progress in recent years. Government bodies around the globe are prioritising on providing quality healthcare facilities to their citizens through investments in healthcare. The advancement in medical device manufacturing technology has enabled faster diagnosis and treatment of various health conditions, and countless lives are being saved each year through the use of these devices. However, facilities such as healthcare clinics and hospitals need to invest heavily for procuring these devices. Budgetary constraints amongst the end-users often hinder the procurement of advanced medical devices. But, with the arrival of refurbished medical devices, which have been quality tested and approved for medical use, the end-users can considerably reduce the capital spending. Refurbished medical equipment or devices are fully tested, calibrated, cleaned, and upgraded ( optional) medical equipment which had considerable faults that made it unfit for professional use. These devices are being increasingly used in clinics and hospitals which have budgetary constraints, m refurbished devices are significantly less expensive as compared to new medical devices. These factors are leading to the growth of the global medical device refurbishment market.
Medical Device Refurbishment Market based on a variety of criteria, including forward/backward integration, economies of scale, the proportion of different distribution channels, various elements influencing consumer behavior, including brand loyalty, price, and product accessibility, capital investments, the regulatory environment, production rights and patents, promotional tactics, and other client preferences. The stakeholders in the industry are likely to benefit from this information and be encouraged to make decisions.
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Medical Device Refurbishment Market Competitive Landscape:
The prominent companies in the Medical Device Refurbishment Market are:
Avante Health Solutions,
Block Imaging,
Edge Medical Solutions Private Limited,
EverX Pty Ltd,
fair-medical Inc,
FlexRay Medical,
Future Health Concepts,
GENERAL ELECTRIC COMPANY,
Hilditch Group Ltd,
Integrity Medical Systems, Inc.,
Koninklijke Philips N.V.,
Master Medical Equipment,
Meridian Medical Inc.,
Nationwide Imaging Services,
Pacific Healthcare Imaging,
PrimedeQ,
Radiology Oncology Systems,
Sanrad Medical Systems,
SOMA TECH INTL,
The Siemens Healthineers company,
US Med-Equip, Inc.,
Venture Medical ReQuip.,
Impact of COVID-19:
Insights on COVID-19 in consumer behavior, demand shifts, purchasing trends, supply chain restructuring, market forces dynamics, and significant government participation are presented in this paper. Regarding the impact of COVID-19 on the markets, the new research offers additional information, analysis, projections, and estimates.
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Key Benefits of Global Medical Device Refurbishment Market Report:
- The research on global Medical Device Refurbishment Market trends includes in-depth historical and future analyses.
- The Global Medical Device Refurbishment Market Growth Research Report offers comprehensive data on Market Introduction, Market Summary, Global Market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and National levels.
- The research on global Medical Device Refurbishment Market trends aids in locating business prospects.
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Medical Device Refurbishment Market Regional Insights
North America accounted for the lion’s share of the revenue in the global medical device refurbishment market in 2019. The higher number of medical device refurbishing companies in the U.S., coupled with the rising investments in rural healthcare facilities is a major reason for the higher share of North America in the global medical device refurbishment market. Furthermore, the U.S. has implemented policies that facilitate the refurbishment of medical devices, with the Food and Drug Administration (FDA) agency laying out refurbishment guidelines. Also, the well-established B2B online medical sales channels allow the end-users to procure the refurbished devices with ease. Orders can also be placed for the refurbishment of devices. Radiology Oncology Systems, for instance, provides refurbished high quality radiation and diagnostic imaging equipment for end-users mainly across North America. Some of the brands which are being refurbished by the company include Varian, SIEMENS, Philips Healthcare, Toshiba and GE Healthcare, amongst others. Installation and maintenance services are also being provided by the company. Customizations are also being provided depending on the client’s requirements. However, the APAC region is expected to show the highest growth during the forecast years in the global medical device refurbishment market. The immense focus on primary, secondary and tertiary healthcare in countries like India, China, Malaysia, Singapore, etc., coupled with the presence of providers who are importing unused medical devices from developed countries is considered to lead the growth of the APAC region in the global medical device refurbishment market. Sanrad Medical Systems, for example, is a refurbished medical device provider which is based in India. The company specializes in refurbishing MRI and CT medical devices. Sanrad has made over 500 successful installations thus far, and provides after sale services to check the functioning of the refurbished medical equipment. Also, studies show that around 30% of the medical equipment in the private healthcare facilities in India are refurbished. The growth of small and medium-sized private healthcare clinics is aiding the adoption of refurbished medical devices in the APAC region.
The report provides a thorough analysis of the Medical Device Refurbishment Market expansion and other factors in significant geographic areas. North America, Europe, Asia-Pacific, and Latin America are the main regions addressed in the research.
Why the Medical Device Refurbishment Market Report is Beneficial?
- The Medical Device Refurbishment Market report was put together using a comprehensive and innovative research technique.
- The study provides a thorough overview of the competitive landscape for the Medical Device Refurbishment Market
- “It contains a substantial amount of data on the most recent product and technology breakthroughs in the Medical Device Refurbishment Market
- The wide variety of analysis related to how these enhancements will affect the future growth of Medical Device Refurbishment Market
- The Medical Device Refurbishment Market study’s thorough research report combines the necessary historical data and analysis.
- The Medical Device Refurbishment Market report’s insights are clear and include graphical representations of the data in the form of bar graphs, statistics, pie charts, etc.
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Medical Device Refurbishment Market Segmentation:
The Medical Device Refurbishment Market the market has been divided into groups based on product type and application. The share and growth rate of each market segment are assessed. Additionally, the experts have investigated possible areas that might pay off for the makers in the upcoming years. The geographical study provides accurate volume and value forecasts, assisting market participants in gaining a comprehensive understanding of the entire sector.
Global Medical Device Refurbishment Market:
- By Offering
- Products
- Therapeutic
- Diagnostic
- Services
- By Organization Size
- Small and Medium Organizations
- Large Organizations
- By End-User
- Clinics and Diagnostic Centers
- Nursing Homes and Assisted Living
- General Medical and Surgical Hospitals
- Specialty Hospitals
- Emergency and Other Outpatient Care Centers
- Others
- By Application
- Operating Room Equipment and Surgical Equipment
- Medical Imaging Equipment
- CT Scanners
- MRI Scanners
- X-Ray Machines
- Fluoroscopy
- Echocardiography
- Ultrasound
- PET
- Others
- Patient Monitors
- Multi-Parameter Monitors
- Fetal Monitors
- ECG Monitors
- Pulse Monitors
- Blood Pressure Monitors
- Others
- Cardiovascular and Cardiology Equipment
- Defibrillators
- Ventricular Assist Devices (VADs)
- Infusion Pumps
- Heart-Lung Bypass
- Stress Test Systems
- Others
- Neurology Equipment
- EEG
- EMG
- Others
- Endoscopy and Colonoscopy Equipment
- Intensive Care Unit Equipment
- Neonatal Intensive Care Units Equipment
- Ventilators
- Dialysis Equipment
- ICU Bedside Monitors
- Others
- IV Therapy Systems
- Probes and Coils
- Others
Global Medical Device Refurbishment Market by Region
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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