Global Refurbished Medical Device Market, By Product (Medical Imaging Equipment, Operating Room and Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment and Others), Application (Diagnostic and Therapeutic), End Users (Hospitals, Clinics, Diagnostic Centres and Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) Industry Trends and Forecast to 2028
Rising demand for capital intensive diagnostic equipment coupled with rising hospital budget cuts are attributable to the growth of refurbished medical device market. Data Bridge Market Research analyses that the refurbished medical device will exhibit a CAGR of around 11.81% for the forecast period of 2021-2028.
Refurbished medical devices refer to those devices that have been approved for medical usage and purposes only after proper testing. Refurbished medical devices are free from any defects as these are restored to their original working condition. The refurbished medical devices are checked by the quality control department and the refurbishing process extends the shelf life of medical devices or equipment.
Rising number of hospitals especially in the developing countries have prompted the growth of refurbished medical device market. Rising geriatric population in need of medical assistances coupled with rising prevalence of chronic diseases and disorders will further propel growth in the demand for refurbished medical devices. Growing demand for low cost medical devices will again push the demand for refurbished medical devices in the upward direction.
High taxes imposed on the import of medical devices as a result of lack of awareness regarding refurbished medical devices will pose a major challenge to the market growth. Lack of standardized policies regarding the resale of refurbished medical devices will pose another threat to the market growth.
This refurbished medical device market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on refurbished medical device market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Refurbished Medical Device Market Scope and Market Size
The refurbished medical device market is segmented on the basis of product, route of application and end users. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- Based on the product, the refurbished medical device market has been segmented into medical imaging equipment, operating room and surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment and others. Medical Imaging Equipment is further sub-segmented into x-ray machines ultrasound systems, MRI machines, CT scanners, nuclear imaging systems and other medical imaging equipment. operating room and surgical equipment segment is sub-segmented into anaesthesia machines, operating room tables and lights, surgical displays, electrosurgical units and other operating room and surgical equipment. Patient monitors segment is sub-segmented into multi-parameter monitors, electrocardiography devices, pulse oximeters, mobile cardiac telemetry devices, non-invasive blood pressure monitors, foetal monitors and other patient monitors. Cardiology equipment segment is sub-segmented into heart-lung machines, defibrillators and other cardiology equipment. Urology equipment segment is sub-segmented into dialysis machines and lithotripsy devices. Neurology equipment segment is sub-segmented into EEG machines and EMG machines. Intensive care equipment segment is sub-segmented into ventilators and infant incubators and warmers.
- Based on the route of application, the refurbished medical device market has been segmented into diagnostic and therapeutic.
- On the basis of end user, the refurbished medical device market is segmented into hospitals, clinics, diagnostic centres and others.
Refurbished Medical Device Market Country Level Analysis
The refurbished medical device market is analysed and market size insights and trends are provided by country, product, route of application and end users as referenced above.
The countries covered in the refurbished medical device market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the refurbished medical device market owing to the prevalence of sophisticated healthcare infrastructure, increased demand for refurbished medical devices and presence of leading manufacturers in the region. Asia-Pacific on the other hand is projected to score highest growth rate for the forecast period owing to rising expenditure to develop healthcare infrastructure, rising awareness regarding refurbished medical device and affordability of these refurbished medical devices by low and middle class economies.
The country section of the refurbished medical device market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
Refurbished medical device market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for refurbished medical device market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the digital health technologies market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Refurbished Medical Device Market Share Analysis
The refurbished medical device market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to refurbished medical device market.
The major players covered in the refurbished medical device market report are Johnson & Johnson Services, Inc., GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., CANON MEDICAL SYSTEMS CORPORATION, Siemens Healthcare Private Limited, Block Imaging, SOMA TECH INTL, Hilditch Group Ltd, Integrity Medical Systems, Inc., Radiology Oncology Systems., Master Medical Equipment., US Med-Equip, Inc., fair-medical Inc, Future Health Concepts., US Medical Systems, PACIFIC HEALTHCARE IMAGING, Venture Medical ReQuip., Desert Tech Medical Systems., HiTech International Group, Inc. and JAPAN CENTRAL MEDICAL INC. among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.