Refurbished Medical Devices Market Outlook, Competitive Strategies & Forecast by 2023
Refurbished medical devices market 2020 can progress steadily at a rate of 10.8% between 2018 and 2023 (evaluation period), says MRFR/Market Research Future. We will provide COVID-19 impact analysis with the report, along with all the notable developments following the coronavirus disease outbreak.
Top Drivers and Key Restraints
The recent COVID-19 outbreak has given rise to apprehensions with regard to the scarcity of vital life-saving medical devices that not only help curb the spread of the pandemic but also cater to individuals affected by other diseases and disorders. The rising cases of SARS-CoV-2 have sent the healthcare sector reeling while the shutdown of manufacturing units following the worldwide lockdown have been unfavorable for the refurbished medical devices market to some extent. However, as the novel coronavirus has had a brutal impact on the global economy, the healthcare industry has been struggling due to reduced funding and shortage of new medical devices. This has, in turn, boosted the demand for refurbished medical devices and equipment such as ventilators.
The increased cases of cardiovascular diseases and cancer worldwide are presumed to foster medical equipment market’s growth. Surge in privatization within the healthcare sector, rising preference for lower priced medical devices owing to budget constraints, and the surging uptake of refurbished medical devices across countries will also ensure relentless market expansion in the years ahead. The burgeoning geriatric population, emerging medical tourism trend, and the mounting number of diagnostic imaging procedures could also positively impact the global market.
The high prices of new medical devices compel healthcare facilities, especially in developing regions like Asia Pacific, to opt for refurbished ones, which can be a major growth opportunity for the global vendors in the coming years. The global market also stands to benefit from the increasing efforts given by renowned medical device manufacturers in the form of collaborations and agreements with other firms. For instance, in October 2020, Intalere entered an agreement with Avante Health Solutions for refurbished ultrasound and diagnostic imaging equipment. Intalere is expected to receive lower priced refurbished medical imaging equipment such as MRI, CT, ultrasound and cath/angio and more.
Refurbished medical devices industry has been categorized into diagnostic devices and therapeutic devices.
The diagnostic devices covered in the study are ECG systems, CT scanners, patient monitors, MRI machines, Ultrasound Systems, X-Ray Machines and more. Patient monitor-based segments are portable patient monitoring devices, among others.
The key types of therapeutic devices in the market include infusion pumps, coagulation analyzers, heart-lung machines, defibrillators, infant incubators and warmers, and others.
The global market is regionally split into Asia Pacific/APAC and North America along with MEA/Middle East and Africa and Europe.
North America is believed to be on a winning streak, proving to be the most lucrative market for refurbished medical devices. The high awareness level with regard to refurbished equipment along with the flourishing healthcare industry in the United States has bolstered the market value in the region. The favorable standardization of the regulations and policies associated with the sale and the deployment of refurbished medical devices are growth rendering factors in the regional market. The growing prevalence of chronic diseases like cancer and cardiovascular diseases is another key growth fostering factor in the North American market.
APAC seems to be making significant strides and is expected to burgeon at the fastest rate, mainly due to the soaring popularity of e-marketing and the substandard reimbursement policies across various countries. The expanding patient populace along the escalating number of new hospitals that opt for lower priced refurnished devices to bring down the capital investments can be favorable for the regional market in the ensuing years. With the rapid emergence of modern technologies, the affordable buying trend has picked up considerable speed in the region, which raises the demand for refurbished medical devices. Plus, the boom in medical tourism is also bolstering the regional market size.
The industry leaders covered in the MRFR report are Agito Medical (Denmark), Siemens Healthcare (Germany), GE Healthcare (US), Soma Technology (U.S.), DMS Topline (U.S.), Johnson & Johnson (US), Phillips Healthcare (Netherlands), Block Imaging International (US), Toshiba Medical System (Japan), First Source, Inc (U.S.), Stryker Corporation (US), to mention a few.