Global Refurbished Medical Devices Market - Segmented by Diagnostic Equipment, by Therapeutic Equipment, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The refurbished medical devices market is expected to witness a CAGR of 10.3% during the forecast period. North America dominates the global market, due to the high incidence of various diseases, such as cardiovascular disease and cancer, which is a favorable regulatory scenario for the use and sale of refurbished devices.
Large Inventory of Old or Used Medical Devices
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment, around the world. In fact, increasing number of hospitals that are new, are opting for alternate options to cut down on the capital investments. With the emerging technologies, there has been an increasing trend of ‘affordable buying,’ which is the basic reason for the emergence of refurbished devices market. For example, today, a customer who is looking for any CT scanner under 4-slice, opts a refurbished unit, rather than a brand new system. The refurbished equipment allows buying of necessary devices at affordable prices, without compromising on quality, which is why, not only the startup healthcare facilities, but also the small and medium ones purchase refurbished medical devices. This is helping the market of refurbished medical devices to drive at high growth rate.
Additionally, cost containment pressure on healthcare organizations, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, and environment-friendliness of the refurbishment process, are also driving global refurbished medical devices market.
Reluctance to Purchase Refurbished Medical Equipment among Public Healthcare Providers
The general perception of the refurbished devices impedes the growth of this market. A reused or refurbished device is often doubted for its durability and quality. There is always a perceived risk of accuracy and quality of outputs, associated with the refurbished devices. If not all, some medical devices do lose their capability to produce quality outputs, after being used for a certain period. Hospitals refrain from buying this equipment, in the fear of risking a patient’s life and their reputation in the healthcare industry. Moreover, the governments have strict punishments for the hospitals, if the use of refurbished devices harms a patient at any level.
Additionally, quality issues of refurbished medical equipment among end users and lack of awareness about the benefits of refurbished equipment, are also restraining the growth of global refurbished medical devices.
North America is Dominating the Market
North America dominates the global market, due to the high incidence of various chronic disease, such as cardiovascular disease and cancer. In addition to that, supportive regulatory policies for selling and using refurbished medical equipment are also expected to drive the growth of this market in North America.
Major Players: GE HEALTHCARE, SEIMENS HEALTHCARE, JOHNSON & JOHNSON, PHILIPS HEALTHCARE, TOSHIBA, SOMA TECHNOLOGY, DRE MEDICAL and AGITO MEDICAL, amongst others.
Reasons to Purchase the Report
Current and future market outlook for refurbished medical devices, in the developed and emerging markets
Analyze various perspectives on the market, with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the market estimate sheet (in excel)
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