New York, USA, Sept. 22, 2022 (GLOBE NEWSWIRE) — Refurbished Medical Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Refurbished Medical Devices Market Information by Medical Imaging Equipment, Operating Room and Surgical Equipment, Patient Monitors, Cardiovascular and Cardiology Equipment, and Region – Forecast till 2027”, the refurbished medical devices market is set to capture a growth rate of 11.7% from 2020 to 2027 while touching a valuation of USD 20.20 Billion by 2027.
Refurbished Medical Devices Market Scope
Refurbished medical equipment can be described as restored medical devices that are repaired to a condition that is quite similar to new equipment. Refurbishment covers repair, reconditioning, installation of new hardware/software updates without altering the basic use of the device, and replacement of the worn components. Technology with respect to hardware, software, and others has been changing at a rapid pace, shortening the time between the purchase of advanced systems and worn-out devices.
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Market Drivers:
Heightened focus of the renowned original equipment manufacturers on the refurbishment of a variety of medical devices will favor the worldwide market. For instance, vendors like Siemens, Philips and GE Healthcare are now emphasizing on the refurbishment of scanning machines like radiology-based equipment, angiography, X-ray systems, magnetic resonance, and various molecular imaging devices, selling these at nearly 25% less cost than that of the new systems.
Original equipment developer-based refurbishment notes higher demand among end-users. Additionally, the adoption of advanced remanufacturing standards can further enhance the use of refurbished medical devices. To illustrate, Siemens remanufacturing process follows the EN ISO 13485: 2003 which ensures all the quality management systems are deployed by medical device manufacturers as well as ISO 14001: 1996, an international standard for an efficient environmental management system.
The accelerated need for medical devices at lower cost will facilitate significant growth of the refurbished medical device market between 2020 and 2027. The need for refurbished medical devices is much higher in a number of low-income economies owing to low disposable income. Refurbished medical devices are available at 40 to 50% lower prices in comparison with new equipment. Other than this, e-commerce platforms offer easy selling as well as purchasing options for refurbished medical equipment, which in turn should benefit the global market.
Refurbished Medical Devices Market Restraints:
Low awareness level about refurbished medical devices can be a major challenge for the worldwide market. Several health facilities worldwide remain unaware of the advantages of refurbished medical devices. A number of hospitals keep investing in new medical devices., given the negative perspective regarding refurbished devices. This brings down the demand for refurbished medical devices to a large extent.
The requirement for a higher number of awareness programs with regard to refurbished medical devices in medical institutes has become necessary. Higher awareness level about the cost-efficiency and benefits can mean higher high adoption in the future.
Moreover, the lack of standardization regulations and policies for refurbished devices will be unfavorable for the market.
Refurbished Medical Devices Market COVID 19 Analysis
The COVID-19 outbreak has rendered a significant blow to the worldwide market. The medical sector is now in urgent need of effective covid patient care. The refurbished medical devices market is therefore noting reduced demand during this period. Medical devices requiring refurbishment are not frontline instruments. Especially, X-rays and CT scanners are not useful during this time.
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Refurbished Medical Devices Market Segmentation
By Medical Imaging Equipment
MRI Machines, X-ray Machines, Nuclear Imaging Systems, Ultrasound Systems, and CT Scanners are the top medical imaging equipment in the market. These devices help create a database of the physiology and anatomy of internal organs and find out any abnormality immediately. But as their technological complexity rises, the overall cost surges as well. therefore, refurbished forms of these devices offer better options to the customers.
Refurbished Medical Devices Market Regional Insights
The Asia Pacific market will witness the highest growth in the refurbished medical devices market. During the pandemic situation, the use of refurbished medical devices like patient monitoring devices has risen considerably in the emerging countries of the region. Moreover, the favorable changes in the regulatory policies will assist in market growth. To cite an instance, in February 2021, the Malaysian Medical Device Authority set up guidelines associated with the need for document submission regarding refurbished medical devices. As a result, the COVID-19 outbreak will leave a positive impact on the regional market. On top of this, the soaring number of diagnostic centers and hospitals, with a rising emphasis on rural development by the government as well as private organizations, has raised the demand for refurbished medical devices.
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Europe is a strong market as well, where the demand for refurbished medical devices has been surging at an incredible pace. Treatment for various chronic diseases and illnesses is cost-effective while facilities refurbishing old medical devices are mounting in number. The investments in the refurbished medical devices industry are quite high in the region.
North America has been performing exponentially well in the global market, thanks to the rising popularity of medical tourism and the surging privatization of the healthcare industry. The compelling market expansion in the region is also in response to the heightened government support and favorable reimbursement policies.
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