Refurbishing of medical equipment and devices is gaining popularity, especially in lower and middle income countries in Africa, Latin America and the APAC region. The advancement in medical manufacturing technology is enabling the refurbishing of medical devices at a considerably lower rate. Refurbished medical devices are being adopted as they are available at a fraction of the cost as compared to new and unused medical devices, without compromising on diagnostic or therapeutic quality. The global medical device refurbishment market is expected to see considerable growth during the forecast years due to the increased adoption of these equipment in underdeveloped and developed countries, especially amongst the small and medium healthcare facilities.
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The COVID-19 has increased the demand for refurbished medical equipment, especially medical imaging devices and ventilators. Ventilators are being refurbished at a faster pace to cater to the rising number of COVID-19 patients in countries like India, the U.S., Brazil, etc. These initiatives are also being supported by the government bodies. Hence, the COVID-19 pandemic is expected to have a positive impact on the global medical device refurbishment market in the coming years.
The detailed research study provides qualitative and quantitative analysis of medical device refurbishment market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, global medical device refurbishment market was valued at US$ 11114.64 Mn in 2019 and is anticipated to grow at a CAGR 11.32% over the forecast period.
- North America accounted for the highest market share in the global medical device refurbishment market in 2019. The presence of a large number of hospitals and clinics, both general and specialized, coupled with the presence of companies that are working on refurbishing of medical devices, especially from prominent brands such as GE Healthcare, Philips, etc., is a major reason for the higher market share of North America.
- Medical imaging systems accounted for a significant share in the global medical device refurbishment market in 2019. The ease of refurbishing medical system, coupled with the growing focus on medical imaging for detection of numerous illnesses such as cancer, gastrointestinal infections, respiratory infections, etc., is helping in the growth of refurbished medical imaging systems in the global medical device refurbishment market.
- Some of the players operating 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., amongst others.
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Global Medical Device Refurbishment Market:
- By Offering
- Products
- Therapeutic
- Diagnostic
- Services
- Products
- 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
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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