The global Used and Refurbished Medical Equipment market size is projected to reach US$ 13750 million by 2027, from US$ 7815.1 million in 2020, at a CAGR of 8.4% during 2021-2027.
Refurbished Medical Equipment is fully tested, cleaned, calibrated and upgraded with new parts and renovation of older or damaged equipment to bring it to a workable or better-looking condition and is free of defects. The remanufacturing of medical devices is a growing phenomenon within the health-care industry. The types of devices that are currently refurbished range from machines such as neonatal monitors and anesthesia vaporizers to devices used in surgery, such as forceps, endoscopes, and cystoscopes.
In the last several years, global market of Used and Refurbished Medical Equipment developed rapidly, with an average growth rate of 8% during 2015 to 2019. Emerging markets including India offer high growth potential for companies engaged in the development and distribution of refurbished medical devices. North America is the largest consumption place, with a consumption market share nearly 48.3% in 2019. Market competition is intense.
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Used and Refurbished Medical Equipment market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Used and Refurbished Medical Equipment market in terms of revenue.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Used and Refurbished Medical Equipment market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Used and Refurbished Medical Equipment market.
Geographically, the Used and Refurbished Medical Equipment market report concentrates on elaborating the growth prospects of the marketplace spanning numerous regions across the globe. A detailed evaluation of the competitive trends has also been provided, enabling shareholders to leverage the best of information delivered, in order to take informed decisions. Say for example, the report retains focus on the parameters such as the ex-factory price, production capacity, etc.
The competitive spectrum holds a pivotal position in the Used and Refurbished Medical Equipment market, given that it is bound to help emerging entrants and prospective shareholders decide on the possibilities of penetrating the industry at the opportune time. The details of the competitive landscape outlined in this report are likely to provide an analysis of the prominent industry vendors, their growth profiles, strategies and tactics, etc., that would help investors in decision-making.
Driver: Increasing Adoption of Reprocessed Medical Devices to Stimulate Market Growth
The increase in adoption of Reprocessed Medical Devices for surgeries is anticipated to augment the Reprocessed Medical Devices Market during the forecast period. This is attributable to the benefits associated with the use of these devices such as high-cost efficiency. The use of these devices guarantees to reduce the medical waste generated by hospitals by more than 50% every year. Additionally, these devices also help to reduce the cost between 40-60% which is less than the cost of the original device; this makes huge cost-savings for most of the hospitals and organizations. Furthermore, these devices have also been approved by FDA and it was projected that as compared to the original equipment manufacturers, the third-party re-processors are more stringently regulated by FDA which is further expected to increase the demand for these devices in the years to come.
Driver: Increasing Cardiovascular Surgeries and Diagnostics to Drive the Market Growth
The increasing cardiovascular surgeries and diagnostics across the globe are anticipated to augment the growth of the Global Reprocessed Medical Devices Market during the forecast period. This is owing to the increasing cardiovascular surgeries due to increase in heart failure rates. The devices used in these surgeries include cardiac positioning and stabilization devices, blood pressure cuffs, blood pressure monitoring, diagnostic electrophysiology catheters and electrophysiology cables. Furthermore, the increasing cases of laparoscopy are also expected to increase the demand for the devices in the years to come. However, risk of surgical site infections and stringent regulations for medical device reprocessing practices may hamper the growth of the market in near future. Moreover, the regulatory changes favoring the adoption of medical device reprocessing will further support the growth of the market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.