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The FDA has recently announced new supportive regulations regarding the servicing and refurbishment of medical devices.
Project MEND is building a larger facility for medical device refurbishing in Texas, U.S.A.
Segments in the global refurbished medical devices market have been determined on the basis of diagnostic devices, therapeutic devices, and region. Diagnostic devices include CT scanners, MRI machines, X-Ray machines, ultrasound machines, ECG Systems, patient monitors, and others.
Therapeutic devices include defibrillators, heart-lung machines, coagulation analyzers, infant incubators and warmers, infusion pumps, and others.
Regions covered the global refurbished medical devices market report include Europe, North America, Asia Pacific, and the Middle East & Africa.
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Leading market participants included in MRFR's global refurbished medical devices market report are GE Healthcare, Toshiba Medical System, First Source, Inc, DMS Topline, Block Imaging International, Agito Medical, Soma Technology, Siemens Healthcare, Johnson & Johnson, Stryker Corporation, and Phillips Healthcare.
Refurbished Medical Devices Market - Insights
Medical devices have become an essential part of the modern healthcare sector due to the accuracy and efficiency they offer in various medical applications. Market Research Future has performed extensive research of the global refurbished medical devices market to find the market's rate of growth and various important details governing the market's upcoming projection period which ends in 2023. MRFR's findings suggest growth at a healthy 10.8% CAGR during the projection period. Refurbished medical devices are older models of commonly used medical devices and machinery which are restored to original factory settings by manufacturers or others and are then resold for use.
Refurbished medical devices often undergo rigorous quality checks to ensure that the devices are properly calibrated and offer an efficient degree of accuracy for diagnostic or therapeutic applications. The rising use of medical devices has raised the issue of increased waste, particularly of the electronic form as hospitals often update their equipment.
Refurbished medical devices offer a more affordable alternative to expensive medical devices and have long-use periods which mitigate the issue of medical waste and improve market growth. Refurbished medical devices are particularly popular in developing or under-developed economies as they help offer affordability in medical devices and make treatment or diagnosis more affordable as well. The increasing population across the globe, with larger population in poor parts of the world, is another factor which drives the growth of the refurbished medical devices market.
However, considerable taxes are levied on the import of medical devices, thus challenging market growth. Moreover, there is a significant lack of awareness with regards to refurbished medical devices which restrains the market.
Refurbished Medical Devices Market - Regional Analysis
North America leads the global refurbished medical devices market due to the regions high adoption of medical devices and the resulting presence of a high volume of medical devices that may otherwise go to waste. Many organizations in the region refurbish medical devices for low-income bracket patients in the North American market. Europe and the Asia Pacific are neck and neck in terms of market size. However, it is likely that the Asia Pacific will make more significant progress during the review period due to the high adoption rate of refurbished medical devices in the many underdeveloped parts of the region. Emerging economies such as India, China, and many others have significant rural areas where the healthcare sector is expanding. Adoption of refurbished medical devices is expected to provide the regions healthcare sector with an overall boost. Meanwhile, the Middle East and Africa regional market have the smallest share of the market. However, the region displays potential due to the significant presence of poor countries where healthcare is a growing need.
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