Global Medical Device Refurbishment Market Research 2022-2030 Business Outlook

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Global Medical Device Refurbishment Market Research 2022-2030 Business Outlook

The Latest research study released by Absolute Markets Insights Medical Device Refurbishment Market with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that aid the market growth.In terms of revenue, global medical device refurbishment market was valued at US$ 11114.64 Mn in 2022 and is anticipated to grow at a CAGR 11.32% over the forecast period.  Some of the Major Companies covered in this Research 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
  • 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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The healthcare industry has seen remarkable progress in recent years. Government bodies around the globe are prioritising on providing quality healthcare facilities to their citizens through investments in healthcare. The advancement in medical device manufacturing technology has enabled faster diagnosis and treatment of various health conditions, and countless lives are being saved each year through the use of these devices. However, facilities such as healthcare clinics and hospitals need to invest heavily for procuring these devices. Budgetary constraints amongst the end-users often hinder the procurement of advanced medical devices. But, with the arrival of refurbished medical devices, which have been quality tested and approved for medical use, the end-users can considerably reduce the capital spending. Refurbished medical equipment or devices are fully tested, calibrated, cleaned, and upgraded ( optional)  medical equipment which had considerable faults that made it unfit for professional use.  These devices are being increasingly used in clinics and hospitals which have budgetary constraints, m refurbished devices are significantly less expensive as compared to new medical devices. These factors are leading to the growth of the global medical device refurbishment market.

The COVID-19 pandemic has had a significant impact on the healthcare industry globally. Countries are increasingly trying to tackle the growth in COVID-19 infections. Business operations have seen a massive hit due to the pandemic. Temporary health clinics and welfare centers are being set up in numerous countries to cater to the growing number of COVID-19 patients. There has been a considerable spike in the procurement of refurbished medical devices to meet the shortage of new and functioning medical devices globally, especially in underdeveloped and developing economies. The lesser costs associated with refurbished medical devices make it affordable for lower income countries to procure them with ease. Faster shipping speeds offered by the refurbished medical device providers has also helped in increasing the adoption of these devices across the globe. In April 2019, Co-Vents, for instance, were seeking decommissioned critical care ventilators from brands such as Puritan Bennett, Respironics and CareFusion for refurbishment inorder to meet the rising demand for ventilators in the U.S. due to the Coronavirus crisis. The organization was seeking to supply over 1000 ventilators in a span of 60 days.

They received numerous enquiries regarding the availability of refurbished ventilators from both private and public healthcare bodies. Studies show that there were thousands of unused and out-of-service ventilators which remained idle in hospitals and warehouses spread across the U.S. The shortage of ventilators in the government stockpile is also aiding in the growth of the refurbished ventilators market. The California state department collaborated with Bloom Energy for refurbishing of ventilators which were not fit for immediate use. The refurbishing of the ventilators could be performed in under five hours, thereby helping in faster supply of refurbished ventilators in California. Therefore, the COVID-19 pandemic is expected to have a positive impact on the global medical device refurbishment market in the coming years.

Medical Device Refurbishment Market Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.

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