This Medical Device Refurbishment Market research report contains a complete background analysis of the industry, which includes an assessment of the parental market. All the statistical and numerical that have been forecasted in this report is represented with the help of graphs, charts, or tables which makes this report more user-friendly. This Medical Device Refurbishment Market report contains a thorough description, competitive scenario, wide product portfolio of key vendors, and business strategy adopted by competitors along with their SWOT analysis and porter’s five force analysis. Whether it is about renewing a business plan, preparing a presentation for a key client, or giving recommendations to an executive, this Medical Device Refurbishment Market report will surely help you to a degree.
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. 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.
Global Medical Device Refurbishment Market:
- By Offering
- 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
- By Application
- Operating Room Equipment and Surgical Equipment
- Medical Imaging Equipment
- CT Scanners
- MRI Scanners
- X-Ray Machines
- Patient Monitors
- Multi-Parameter Monitors
- Fetal Monitors
- ECG Monitors
- Pulse Monitors
- Blood Pressure Monitors
- Cardiovascular and Cardiology Equipment
- Ventricular Assist Devices (VADs)
- Infusion Pumps
- Heart-Lung Bypass
- Stress Test Systems
- Neurology Equipment
- Endoscopy and Colonoscopy Equipment
- Intensive Care Unit Equipment
- Neonatal Intensive Care Units Equipment
- Dialysis Equipment
- ICU Bedside Monitors
- IV Therapy Systems
- Probes and Coils
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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.
Key Questions Answered with this Study
1) What makes Medical Device Refurbishment Market feasible for long term investment?
2) Know value chain areas where players can create value?
3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?
4) What geographic region would have better demand for product/services?
5) What opportunity emerging territory would offer to established and new entrants in Medical Device Refurbishment market?
6) Risk side analysis connected with service providers?
7) How influencing factors driving the demand of Medical Device Refurbishment in next few years?
8) What is the impact analysis of various factors in the Medical Device Refurbishment market growth?
9) What strategies of big players help them acquire share in mature market?
10) How Technology and Customer-Centric Innovation is bringing big Change in Medical Device Refurbishment Market?
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