Global Refurbished Medical Devices Market is valued at USD 13.1 billion in 2020 which is expected to reach USD 22.3 billion by 2027 at a CAGR 11.7% from 2020-2027. The Qualiket Research delivers valuation and analysis of refurbished medical devices market on global and regional level. The study provides a comprehensive assessment of the industry competition, sales estimates, avenues, current & latest trends, and industry-validated market data.
Refurbished medical devices are means equipments which are restored to its original working condition by manufacturers or other experts. These devices are tested and checked by the quality control department. Refurbished Medical Devices are designed to have long use periods. These devices are attractive option for most of the hospitals and diagnostic centers.
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Increase in prevalence of cardiovascular diseases and cancer is the key driving factor which is expected to boost the global refurbished medical devices market growth. Furthermore, rise in initiatives taken by the leading medical device manufacturers to establish refurbished facilities in developed and developing countries will positively contribute the market growth. Moreover, increase in demand for capital intensive diagnostic imaging equipment which is expected to propel the market growth during this forecast period. Also, emergence of e-commerce portals as attractive platforms for refurbished medical devices will drive the market growth.
Impact of COVID 19
The global refurbished medical devices market report provides an exclusive analysis of COVID- 19 pandemic on the market space under scrutiny. The increase in cases of COVID 19 across the globe is expected to be slowed temporarily due to the COVID-19 pandemic during this forecast timeline.
The key operating players in global refurbished medical devices market are GENERAL ELECTRIC COMPANY, DRE Medical., Siemens Healthcare systems, Block Imaging, Integrity Medical systems Inc, Radio Oncology Systems,, Everx Pvt Ltd.,and Johnson & Johnson Services, Inc.
However, lack of awareness about the benefits of these devices is the major restraining factor which is expected to hamper the global refurbished medical devices market growth. Also, lack of standardization policies related to the sale and use of refurbished medical devices will hinder the market growth during this analysis period.
The Global Refurbished Medical Devices Market is based on the product, and region. In terms of product, the global refurbished medical devices market is segmented into Medical Imaging Equipment, (X-Ray Machines, Ultrasound systems, CT Scanners, and Others), Operating Room & Surgical Equipment(Anesthesia Machines, CO2 & Agent Monitors, Microscopes, & Others) and Patient Monitors (Multi-parameter Monitors, Electrocardiography Devices, Pulse Oximeter, and Others).
Based on the region, the global refurbished medical devices market segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America is expected to hold a significant share in the global refurbished medical devices market, owing to developed healthcare infrastructure and rapid adoption of advanced technologies in healthcare sector. On the other hand, Asia Pacific is an emerging market is anticipated potential growth due to increase in per capita income, the rise in the geriatric population, and improving healthcare infrastructure.
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