HYDERABAD, TELANGANA, INDIA, December 16, 2022 /
EINPresswire.com/ -- Per the research report published by MarketDataForecast, the
global refurbished medical device market is expected to be worth USD 9.69 billion in 2022. Furthermore, the market is expected to grow at a CAGR of 12.5% from 2022 to 2027 and achieve USD 17.45 billion by 2027.
Refurbished Medical Devices are medical devices that are repaired from used or damaged ones into normal one by doing a few corrections and adding some of the missed parts. This saves the energy and the material used to produce the new one. It also means extending the life of the equipment to reduce waste disposal.
Increasing chronic disease and hospital budget restraints for new equipment drive the market forward.
In recent years, many people have been suffering from chronic diseases. Some chronic diseases such as cancer and cardiovascular diseases are increasing their spread to large numbers of people and demanding the medical devices used for diagnostics for those persons drives the market forward. Hospitals also show interest in investing in buying refurbished medical devices at a low cost compared to new ones. As a result, the new medical device and refurbished medical devices have equal performance, which results in increasing market demand.
Other factors, such as increasing government reimbursement, government support, increasing private hospitals and clinics, and increasing selling of individual parts of medical devices, drive the market forward.
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The availability of different types of devices for different sectors in the healthcare department supports the demand for product segments.
The product segment is divided into operating room devices & surgical devices, patients monitor,
defibrillators, neurology devices, medical imaging devices, cardiovascular & cardiology devices, IV therapy systems, Endoscopy devices, Intensive care systems, and neonatal intensive care devices. The
patient monitoring devices segment has the highest market share. Most people are using these devices to keep themselves fit and healthy. These devices are primarily used by older people and people suffering from cardiovascular, diabetes, and hypertension diseases. Increasing advanced technology and software in patient monitoring devices demand the segment growth forward.
Regional Outlook of the Refurbished Medical Devices Market
North America has the highest market share due to the increasing manufacturing of refurbished devices similar to the high-cost devices and demand in e-Marketing. North American refurbished medical devices market was valued at $2.9 billion in 2022 and is estimated to reach $5.02 billion by 2027 with a CAGR of 13.5 %.
Europe holds the second position in the market share. Europe refurbished medical devices market was valued at USD 2.22 billion in 2022 and is expected to reach USD 3.97 billion by 2027 with a CAGR of 12.3 %. Some factors, such as the increasing older population and upgrading healthcare facilities with advanced technology devices, demand the market in Germany and the United Kingdom.
Asia Pacific region is in the third position in the market share due to increasing hospitals in every populated area and increasing awareness about refurbished devices. As a result, Asia pacific refurbished medical device market was valued at 1.95 billion in 2022 and is predicted to reach 3.61 billion by 2027 with a CAGR of 13.17%.
Latin America refurbished medical device market was valued at USD 1.56 billion in 2022 and is expected to increase with a CAGR of 12.83% and reach USD 2.85 billion by 2027.
Middle East Africa refurbished medical device market was valued at USD 0.86 billion in 2022 and is expected to reach USD 1.54 billion by 2027 with a CAGR of 12.25%.
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Key Players in the Refurbished Medical Devices Market
Agito Medical AS, Avante Health Solutions, Block Imaging International Inc., and Everx Pvt. Ltd, Radio Oncology Systems Inc., Siemens Healthcare Systems, GE Healthcare, Integrity Medical Systems Inc., Koninklijke Philips NV, and Soma Technology are Some of the key players in the Refurbished Medical Devices market.
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