The global refurbished medical devices market is estimated to be USD 10,130 million in 2020 and expected to reach USD 20,210 million in 2026, witnessing a CAGR of 12.2 percent, states Mordor Intelligence. Amidst this pandemic situation of COVID-19, the demand for refurbished medical devices, like mechanical ventilators is expected to observe a significant increase. However, the healthcare industry is still coping with the massive disruption in the supply chain which has negatively impacted the refurbished medical devices. Certain factors driving the market growth include cost containment pressure on healthcare organizations, a large inventory of old or used medical devices, the rising trend of medical tourism, and the increasing rate of private healthcare institutions.
With the emerging technologies, there has been an increasing trend of affordable buying, which is the basic reason for the emergence of the refurbished devices market. For example, today, a customer who is looking for any CT scanner under 4-slice opts for a refurbished unit, rather than a brand new system. The refurbished equipment allows buying of necessary devices at affordable prices, without compromising on quality; therefore healthcare facilities, including small and medium ones, purchase refurbished medical devices.
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment around the world. In fact, an increasing number of hospitals, which are new, are opting for alternate options to cut down on the capital investments. Hospitals, especially in developing regions would prefer refurbished medical devices as it requires less capital investment, enabling them to provide healthcare services at affordable costs to the patients.
Moreover, the demand for refurbished medical devices is much higher in low- and middle-income countries. One of the primary reasons being, poor health infrastructure and limited access to healthcare resources. And refurbished devices are easily affordable in such countries, thereby boosting the market growth. Hence, the refurbished medical devices market is increasing at a high rate.
The global refurbished medical devices market is highly competitive and consists of a number of major players. Companies, like Agito Medical A/S, Avante Health Solutions, Block Imaging International, Inc., Everx Pvt Ltd., GE Healthcare, Integrity Medical Systems Inc., Koninklijke Philips N.V., Radio Oncology Systems Inc., Siemens Healthcare Systems, and Soma Technology, hold substantial market share.