Refurbished Medical Devices Market Analysis

Global Refurbished Medical Devices Market Overview

The Refurbished Medical Devices Market Size was valued at USD 11.05 billion in 2023 and is projected to grow from USD 12.33 Billion in 2024 to USD 22.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.63% during the forecast period (2024 - 2032). Growing demand for expensive diagnostic equipment and increasing manufacturers' attention to the technology used in medical equipment are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

A case in point is when, in October 2023, AA Medical partnered with MED-SELL.COM. A US-based provider of sustainable solutions to redefine the pre-owned medical device and equipment solutions. The strategic union will aim to redefine the pre-owned medical device and equipment landscape, providing more options and catering to different healthcare needs.

Global MedTech Solutions collaborated with a top pharmaceutical company in June 2023 for the purpose of producing refurbished infusion pumps that have been integrated with smart monitoring systems. This involves making use of these smart pumps, which are designed to adjust medication dosages based on real-time information about patients, hence enhancing treatment accuracy and safety.

In May 2023, Siemens Healthineers and CommonSpirit Health joined forces to buy Block Imaging for its expertise in vending refurbished medical equipment, including associated services and parts. Therefore, this collaboration was aimed at helping boost the recycling process of medical equipment ultimately giving it more value for consumers/patients while reducing waste too. It led to an increased revenue base as well as a number of customers.

Apex Medical Equipment launched a new range of AI-enabled refurbished surgical robots in March 2023. These advanced machines provide accurate precision during a few invasive surgeries, which takes little healing time, thus increasing patient recovery rates.

Meditech Solutions introduced new, improved MRI machines with enhanced imaging capabilities and advanced diagnostic features in January 2023. The technology claims faster scan times along with higher accuracy levels, hence transforming the field of medical imaging.

Block Imaging acquired Reliable Healthcare Imaging in December 2021 to open up a new repair and reprocessing facility for CT scanner tubes and HV tanks.

Hermes Medical Solutions signed an agreement with Radiology Oncology Systems in May 2021 to deliver cost-effective, innovative solutions, including refurbished medical devices, to Medical Imaging and Radiotherapy Departments across US institutions.

Refurbished Medical Devices Market Trends

• Growing technology advancement to boost market growth

The market is anticipated to increase due to factors like the pressure healthcare organizations are under to manage costs, the availability of refurbished medical equipment, and the rise in healthcare service providers. For instance, the American Hospital Association's data from 2022 estimates that there are roughly 6,093 hospitals in the United States. The number of investor-owned (for-profit) community hospitals, state and local government community hospitals, federal government hospitals, and nonfederal psychiatric hospitals, respectively, is 2,960, 1,228, 951, 207, 635, and 112 (according to the same source). Additionally, in 2022, there will be about 1,265 hospitals in Canada, according to Canada.ca. Thus, many healthcare facilities would raise the demand for refurbished medical equipment. In addition to new medical equipment, there is a rising market for used medical equipment. To save capital expenditures, many new hospitals are choosing alternative strategies. Many hospitals opt to use used medical equipment to reduce capital expenditure and provide patients with healthcare services at reasonable prices. Furthermore, the need for reconditioned medical equipment is substantially greater in low- and middle-income nations, with access to healthcare resources being restricted and the health infrastructure being underdeveloped among the leading causes. Hence, it is projected that factors like affordability and the rising number of healthcare service providers will fuel market expansion throughout the projection period. Therefore, such medical condition has enhanced the Refurbished Medical Devices market CAGR across the globe in the recent years.

However, Refurbishing entails thorough cleaning and replacing any broken components is another factor driving the growth of the Refurbished Medical Devices market revenue.

Refurbished Medical Devices Market Segment Insights

Refurbished Medical Devices Diagnostic Devices Insights

The market segments of Refurbished Medical Devices, based on Diagnostic Devices, includes X-Ray Machines, CT Scanners, Ultrasound Systems, MRI Machines, ECG Systems, and Patient Monitors. The X-Ray Machines segment held the majority share in 2022, contributing to around ~33% of the Refurbished Medical Devices market revenue. One of the leading causes of the rising number of diagnostic imaging tests performed globally is the increasing burden of chronic diseases. For example, the World Health Organization (WHO) estimates that roughly 65 million people worldwide have the chronic obstructive pulmonary disease (COPD). Likewise, the CDC estimates that 18.2 million Americans aged 20 and older will have coronary artery disease in 2021. Many doctors primarily demand chest x-rays of patients to diagnose heart issues. As a result, the prevalence of these disorders is rising, increasing the need for effective and affordable diagnostic equipment like x-ray systems.

September 2021: Except for the United States and China, Shimadzu Corporation debuted the mobile X-ray system MobileArt Evolution MX8 Version in Japan. Where patients have limited mobility, a portable x-ray machine is used.

Refurbished Medical Devices Therapeutic Devices Insights

The Refurbished Medical Devices market segmentation have been divided into heart-lung machines, coagulation analyzers, infant incubators and warmers, defibrillators, and infusion pumps. The Heart-Lung Machines segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Globally, the number of open heart operations, heart transplants, and lung operations has significantly increased in recent years. This is primarily due to several environmental and lifestyle modifications that have increased the frequency of cardiovascular illnesses and the occurrence of organ failure. In addition, governments in several developing countries are working to enhance patient access to healthcare, increasing the demand for artificial heart-lung machines. Also, industry participants are spending money on R&D projects to update the current oxygenator pumps on the market.

Figure 1: Refurbished Medical Devices Market, by Therapeutic Devices, 2023 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Infant Incubators and Warmers were the fastest-growing segments. Premature infants now have more access to medical treatment because of continuing neonatal care advancements. If the newborn needs surgery, keeping them in an incubator increases the likelihood of recovering since the technology enables medical professionals to prepare them best. Additionally, cutting-edge technologies have improved patient happiness and observable sound therapy effects in hospitals, such as webcams in NICUs to connect families with their newborns.

Refurbished Medical Devices Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America refurbished medical devices market accounted for USD 4.5 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period due to the existence of favourable policies and modern healthcare infrastructure. The region's growing privatisation of health care, a huge patient pool, and technological advancements all contribute to the expansion of the market for reconditioned medical equipment.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: REFURBISHED MEDICAL DEVICES MARKET SHARE BY REGION 2023 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Refurbished Medical Devices market accounts for the second-largest market share. The UK's rising disease rate, wider availability of insurance, and quicker uptake of cutting-edge medical technology for treatment are some of the main reasons influencing demand for reconditioned medical equipment. Further, the Germany market of Refurbished Medical Devices held the largest market share, and the UK market of Refurbished Medical Devices was the fastest growing market in the European region

The Asia-Pacific Refurbished Medical Devices Market is expected to grow at the fastest CAGR from 2022 to 2030. The adoption and use of refurbished medical devices, including as patient monitoring devices, are anticipated to rise in the region as a result of the pandemic crisis. For instance, the India Brand Equity Foundation said in August 2022 that imports from nations including the United States, China, and Germany account for 75–80% of the growth of the Indian medical device sector. The acquisition of reconditioned medical equipment is anticipated to rise in order to reduce the capital investment in the nation due to the greater cost of new medical equipment and rising currency exchange rates. Furthermore, it is anticipated that the existence of reputable businesses in this area will assist market expansion. Moreover, China market of Refurbished Medical Devices held the largest market share, and the India market of Refurbished Medical Devices was the fastest growing market in the Asia-Pacific region.

Refurbished Medical Devices Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of Refurbished Medical Devices grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the refurbished medical devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the refurbished medical devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, refurbished medical devices industry has provided medicine with some of the most significant benefits. The refurbished medical devices market major player such as Siemens Healthiness, and Patient Monitors are working to expand the market demand by investing in research and development activities.

Siemens Healthiness (Germany) sells reconditioned devices through its "eco line" products. The company's Imaging and Advanced Therapies business areas have grown by roughly 9–10% in the last two years. Several markets provide products for used medical imaging. The company's geographic growth and increased revenue from international markets are signs of its strength in the reconditioned medical equipment market. In January 2020, In order to provide comprehensive services for the newest imaging technology at Hamilton Health Sciences hospitals in Canada, Siemens Healthineers (Germany) and Hamilton Health Sciences (Canada) have entered into a 15-year agreement that has the potential for an additional 10-year extension. The transaction was worth about 192 million USD.

Also, American private equity firm Avista Capital Partners, with its main office in New York City, specializes in growth capital and leveraged buyout investments in middle-market businesses in the domestic healthcare industry.In February 2022, Probo Medical, LLC, was purchased by US-based private equity company Avista Capital Partners for an unknown sum. Through this transaction, Avista Capital Partners will meet the growing need for more modern, high-quality, refurbished equipment and quicken expansion. Located in the US, Probo Medical, LLC is a maker of diagnostic imaging devices focused on used machines.

Key Companies in the market of Refurbished Medical Devices includes

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  Agito Medical AS

  
  


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  Avante Health Solutions

  
  


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  Block Imaging International Inc.

  
  


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  Everx Pvt. Ltd

  
  


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  GE Healthcare

  
  


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  Integrity Medical Systems Inc.

  
  


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  Koninklijke Philips NV

  
  


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  Radio Oncology Systems Inc.

  
  


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  Siemens Healthcare Systems

  
  


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  Soma Technology

  
  


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  Hilditch Group

  
  


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  Master Medical Equipment

  
  


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  Cambridge Scientific Products

  
  


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  Johnson & Johnson

  
  


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  Canon medical systems, among Others

  
  

Refurbished Medical Devices Industry Developments

December 2021:To launch a brand-new CT scanner tube and HV tank repair and reprocessing plant, Block Imaging purchased Reliable Healthcare Imaging.

May 2021:To provide cost-effective and creative solutions, including refurbished medical devices, to Medical Imaging and Radiotherapy Departments in the US, Hermes Medical Solutions and Radiology Oncology Systems engaged in a partnership.

Refurbished Medical Devices Market Segmentation

Refurbished Medical Devices Diagnostic Devices Outlook

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  X-Ray Machines

  
  


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  CT Scanners

  
  


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  Ultrasound Systems

  
  


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  MRI Machines

  
  


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  ECG Systems

  
  


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  Patient Monitors

  
  

Refurbished Medical Devices Therapeutic Devices Outlook

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  Heart-Lung Machines

  
  


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  Coagulation Analysers

  
  


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  Infant Incubators and Warmers

  
  


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  Defibrillators

  
  


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  Infusion Pumps

  
  

Refurbished Medical Devices Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America