The Latest Study Published by HTF MI Research on the “Refurbished Medical Devices Market’’ evaluates market size, trend and forecast to 2030. The Refurbished Medical Devices market study includes significant research data and evidences to be a practical resource document for managers and analysts is, industry experts and other key people to have an easily accessible and self-analysed study to help understand market trends, growth drivers, opportunities and upcoming challenges as well as information about the competitors. Some of the Major Companies covered in this Research are GE Healthcare (United States), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (United States), SOMA TECH INTL. (United States), Avante Health Solutions (United States), Hilditch Group (United Kingdom), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (United States), Radiology Oncology Systems, Inc. (United States), Master Medical Equipment (United States), US Med-Equip (United States), Fair Medical Co. Ltd. (Japan), Future Health Concepts (United States), US Medical Systems, LLC (United States), Amber Diagnostics (United States), BMEC Imaging Pvt Ltd. (India), Canon Medical Systems Corporation (Japan), Probo Medical (United States), Atlantis Worldwide (United States).
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According to HTF Market Intelligence, the Global Refurbished Medical Devices market to witness a CAGR of 7.6% during forecast period of 2024-2030. Global Refurbished Medical Devices Market Breakdown by Type (Imaging Devices, Operating Room and Surgical Devices, Patient Monitoring Devices, Defibrillators, IV Therapy Systems, Neurology Devices, Others) by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Specialty Clinics) by Distribution Channel (Direct Sales, Distributors, Online Sales) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Refurbished Medical Devices market size is estimated to increase by USD Billion at a CAGR of 7.6% from 2024 to 2030. The report includes historic market data from 2019 to 2023E. Currently, market value is pegged at USD Billion.
A refurbished medical device is a medical device that has been taken out of service and rebuilt to be reused. The device may be substantially rebuilt, or parts may be replaced, to ensure it’s as safe and effective as when it was new. Refurbished medical devices can be used for their original purpose, and they can meet or exceed the performance and safety requirements of new devices
Market Drivers
- Growing demand for cost-effective healthcare solutions, rising prevalence of chronic diseases, and increasing adoption of sustainable practices are key drivers for the refurbished medical devices market. Financial constraints in hospitals and clinics prompt the shift towards refurbished equipment, while the need for advanced diagnostic tools in managing chronic illnesses boosts demand. Additionally, environmental concerns drive the preference for reusing medical devices, reducing electronic waste. These factors collectively enhance market growth by expanding the customer base, improving access to high-quality medical equipment, and fostering a more sustainable healthcare ecosystem.
Market Trend
- Embedding IoT and AI technology in the refurbished medical devices helps in monitoring the performance and maintenance of the devices to guarantee reliability and durability. The use of enhanced sterilization and decontamination techniques enhances safety and enhances compliance with health standards. Proliferation of blockchain based tracking for devices history leads to transparency and builds trust. By upgrading the software, refurbished devices achieve the same image and diagnostic capabilities of new devices, making them just as functional. Furthermore, environmentally friendly procedures and sustainable packaging prove the company’s environmental responsibility.
Opportunities
- Many emerging economies have limited healthcare budgets, and refurbished medical devices may be attractive because of the lower prices offered. The availability of refurbished equipment in the market and improved government policies and funds improve market growth prospects. The growth in telemedicine and home healthcare services require cost effective medical devices. Opportunities are also growing due to increased healthcare awareness, an increased number of private clinics and diagnostic centers, etc. Purchases with healthcare organizations for large-volume orders and certified refurbishment programs guarantee high standard and credibility, which in turn increase market opportunities and adaption of refurbished medical equipment. On 23rd May 2024, the U.S. Food and Drug Administration issued a Final Guidance to explain what “remanufacturing” means with regards to reusable medical devices serviced by either maintenance or repair. The FDA explained “remanufacturing” under a Final Guidance entitled “Remanufacturing of Medical Devices: Guidance for Industry, Entities that Perform Services or Remanufacturing,” and thereby identified activities which it considered to be remanufacturing. Requirements addressed therein regarding these activities on remanufacturers are discussed in the guidance. It also contains recommendations related to device labeling information that is to be included to help ensure the quality, safety, and effectiveness of the remanufactured devices over their anticipated useful life.
Major Highlights of the Refurbished Medical Devices Market report released by HTF MI
Global Refurbished Medical Devices Market Breakdown by Type (Imaging Devices, Operating Room and Surgical Devices, Patient Monitoring Devices, Defibrillators, IV Therapy Systems, Neurology Devices, Others) by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Specialty Clinics) by Distribution Channel (Direct Sales, Distributors, Online Sales) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
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Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
· The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
· North America (United States, Mexico & Canada)
· South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
· Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
· Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Informational Takeaways from the Market Study: The report Refurbished Medical Devices matches the completely examined and evaluated data of the noticeable companies and their situation in the market considering impact of Coronavirus. The measured tools including SWOT analysis, Porter’s five powers analysis, and assumption return debt were utilized while separating the improvement of the key players performing in the market.
Key Development’s in the Market: This segment of the Refurbished Medical Devices report fuses the major developments of the market that contains confirmations, composed endeavours, R&D, new thing dispatch, joint endeavours, and relationship of driving members working in the market.
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Some of the important question for stakeholders and business professional for expanding their position in the Refurbished Medical Devices Market:
Q 1. Which Region offers the most rewarding open doors for the market Ahead of 2023?
Q 2. What are the business threats and Impact of latest scenario over the market Growth and Estimation?
Q 3. What are probably the most encouraging, high-development scenarios for Refurbished Medical Devices movement showcase by applications, types and regions?
Q 4.What segments grab most noteworthy attention in Refurbished Medical Devices Market in 2023 and beyond?
Q 5. Who are the significant players confronting and developing in Refurbished Medical Devices Market?
Refurbished Medical Devices Market Study Coverage:
- It includes major manufacturers, emerging player’s growth story, and major business segments of Refurbished Medical Devices market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
- Refurbished Medical Devices Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
- Refurbished Medical Devices Market Production by Region
- Refurbished Medical Devices Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
- Key Points Covered in Refurbished Medical Devices Market Report: Overview, drivers and barriers
- Refurbished Medical Devices Market Competition by Manufacturers
- Refurbished Medical Devices Market Capacity, Production, Revenue (Value) by Region (2024-2030)
- Refurbished Medical Devices Market Supply (Production), Consumption, Export, Import by Region (2024-2030)
- Refurbished Medical Devices Market Manufacturers Profiles/Analysis
- Refurbished Medical Devices Market Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
- Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
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