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Regenerative medical device market
Regenerative medical device market
Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) — The “Reconditioned Medical Devices Market – Focused Insights 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
The refurbished medical devices market is expected to be valued at US$18.94 billion in 2023 and reach US$37.6 billion by 2029, growing at a CAGR of 12.11%.
Integrating and connecting new technologies
Around the world, medical practices are becoming more advanced and new technologies are being introduced. To compete with new medical devices, providers in the refurbished medical device market are also focusing on technology integration into refurbished solutions. Upgraded refurbished medical devices often integrate the latest technologies at a fraction of the cost of new devices. This has increased the demand for refurbished medical devices. For example, GE Healthcare offers the GoldSeal Discovery ST, a refurbished imaging system that integrates computed tomography (CT) and positron emission tomography (PET) at an affordable price, in fixed or mobile configurations.
Healthcare industry aims for sustainability and waste reduction
Across the globe, the healthcare industry is at a crossroads at a time when sustainability has become a global imperative. Based on this, governments and health authorities are leveraging circularity to streamline waste. The World Health Organization (WHO) states that around 15% of total medical waste is considered hazardous material. The healthcare industry accounts for more than 5% of carbon emissions. These factors will significantly impact the sales growth of remanufactured medical devices, however, with healthcare authorities leveraging new standards for medical waste, greater opportunities for market growth will emerge in the coming years.
Healthcare facilities seek to balance budget constraints
Medical equipment and services are costly for small and medium-sized healthcare facilities. As the cost of medical equipment and related services is rising, healthcare facilities strive to balance budgetary constraints with the imperative of quality patient care. The demand for state-of-the-art medical equipment remains constant in the ever-growing healthcare sector. However, the high cost of medical equipment often poses a significant financial burden for many small and medium-sized healthcare facilities. One of the most commonly implemented strategies by healthcare facilities is the purchase of refurbished medical equipment. These factors will drive the growth of the refurbished medical equipment market during the forecast period.
Insights by Product Type
The global refurbished medical devices market, by product type, is categorized into medical imaging equipment, in vitro diagnostic and laboratory equipment, operating theatre, surgical and therapeutic equipment, patient monitoring equipment, cardiology equipment, and dental equipment. By product, the medical imaging segment is expected to dominate the global market share in 2023 and grow at a healthy CAGR during the forecast period. The growth of this segment is attributed to the rising demand for medical imaging diagnostics worldwide and the cost of original or new medical imaging equipment. MRI, CT, and other medical equipment are in high demand due to the increasing number of patients. These factors are the driving factors for the highest growth rate of the segment. Medical diagnostic imaging equipment can solve 70%-80% of diagnostic problems, but about two-thirds of the world’s population does not have access to diagnostic radiology due to cost, access, and lack of expertise. Of these factors, refurbished medical imaging equipment easily solves the problems of cost and healthcare access.
Application Insights
The diagnostic and monitoring application segment will account for the most significant share of the global refurbished medical devices market in 2023. Globally, the rapid increase in the geriatric population has increased the demand for diagnostic services. Although diagnostic equipment is commonly used in medical settings, new equipment is 30% to 40% more expensive and not affordable for all small and medium-sized medical settings. These factors are driving the demand for refurbished diagnostic equipment. Furthermore, in diagnostics, medical imaging, in vitro diagnostics, cardiology, dental care, ophthalmology care, and clinical testing are major contributors to the demand for refurbished medical devices.
End-user insights
The global refurbished medical devices market by end user is segmented into hospitals, radiology/medical imaging centers, clinics, medical clinics, dental clinics, clinical and laboratories, and others. The hospital segment accounts for the most significant global market share in 2023. Across the globe, hospitals are facing significant financial pressure due to high investments in equipment during the pandemic, resulting in hospitals seeking budgetary constraints, driving the demand for refurbished medical devices. Moreover, rising government support to increase access to healthcare services in countries has led to an increase in the number of public and private hospitals. Most public hospitals are not allowed to import refurbished medical devices from other countries, however, imports and purchases from domestic vendors are driving the market growth.
Geographic Analysis
North America dominated the global refurbished medical devices market share, accounting for more than 27% of the global share in 2023. The region dominates the market share due to the growing aging population, prevalence of chronic diseases, healthcare expenditure, need for advanced imaging techniques, and major shift towards digital medical devices. Moreover, the increasing cost burden on hospitals to integrate new technologies in medical devices is accelerating the demand for affordable refurbished medical devices. Also, several leading companies as well as startups are present in the region, facilitating the delivery of refurbished medical devices, contributing to the significant growth of the market.
Vendor Landscape
GE Healthcare, Koninklijke Philips, and Siemens Healthineers are the three largest companies accounting for over 60% of the global regenerative medical device market. These vendors are continuously investing in the development of regenerative medical devices and are expected to dominate the market with their continuous commitment to advancements in regenerative medical devices. EverX, SOMA TECH INTL, and Integrity Medical Systems are the fastest growing vendors in the regenerative medical device market. These companies have a wide geographic reach, a diverse product portfolio, and a strong focus on innovation and research activities.
Recent Vendor Activity in the Global Regenerative Medical Device Market
In recent years, several advanced regenerative medical devices have been launched in the global market, some of which are listed below:
In 2023, GE HealthCare partnered with reLink Medical to provide asset management solutions to healthcare providers. The partnership features standard medical equipment storage, refurbishment, recycling and equipment donations.
In 2023, Koninklijke Philips is rolling out a campaign for refurbished products and strengthening its focus on circular solutions in Germany.
GE Healthcare has opened a new refurbishment facility in Bangladesh for its A1-Sure ultrasound systems in 2024. The facility will make refurbished medical devices available in Tier 2 and Tier 3 cities across the country.
In 2024, Stryker partnered with Project CURE to donate medical equipment and supplies to resource-poor countries. This partnership helps build the company’s brand image.
In 2023, Siemens Healthineers and CommonSpirit Health formed a joint venture to acquire Block Imaging, a US company pioneering regenerative medical imaging equipment, parts and services. With this acquisition, the company aims to expand sales of regenerative medical devices in the US market.
Major Company Profiles
GE Healthcare
Phillips Royal Society
Siemens Healthineers
Somatec International
Integrity Medical Systems
EverX
Other major vendors
Key attributes:
Report Attributes
detail
Number of pages
150
Forecast Period
2023 – 2029
Estimated market value in 2023 (USD)
$18.94 billion
Market value forecast to 2029 (USD)
$37.6 billion
Compound Annual Growth Rate
12.1%
Target area
global
Key topics:
Chapter 1 Overview of the regenerative medical device market
executive summary
Key findings
Chapter 2 Regenerative Medical Device Market
Chapter 3: Remanufactured Medical Devices Market Outlook and Opportunities
Regenerative Medical Device Market Opportunities and Trends
Driving the regenerative medical device market
Regenerative medical device market constraints
Chapter 4: Remanufactured Medical Devices Market Segmentation Data
Worldwide: Projected Revenue by Product Type (2020-2029, $ billion)
Medical Imaging Equipment
IVD and Laboratory Equipment
Operating room, surgical/therapeutic equipment
Patient Monitoring Equipment
Cardiology Equipment
Dental Equipment
Other Products
Worldwide revenue forecast by application (2020-2029, $ billion)
Worldwide: Revenue forecast by end user (2020-2029, $ billion)
hospital
Radiology/Medical Imaging Center
Clinics, medical offices, dental offices
Clinical Research Laboratory
Other End Users
Chapter 5. Overview of Major Regions
North America: Remanufactured medical device market forecast revenue (2020-2029, $ billion)
APAC: Remanufactured Medical Devices Market Revenue Forecast (2020-2029, $ Billion)
Latin America: Refurbished Medical Devices Market Projected Revenue (2020-2029, $ Billion)
Middle East and Africa: Refurbished Medical Devices Market Projected Revenue (2020-2029, $ Billion)
Chapter 6 Overview of the Regenerative Medical Device Industry
Regenerative medical device market – competitive environment
Remanufactured Medical Devices Market-Profiles of Key Vendors
Remanufactured Medical Device Market-Other Key Vendors
Reconditioned Medical Devices Market – Key Strategic Recommendations
For more information on this report, please visit: https://www.researchandmarkets.com/r/y4trc1
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