Refurbished medical devices are used pieces of equipment that have undergone extensive inspection, testing, and repair to ensure they meet quality standards and are in good operating condition. These devices could be anything from X-ray and MRI scanners to surgical tools, patient monitors, and much more. In most cases, the refurbishing procedure includes thorough cleaning, the replacement of worn-out or broken parts, calibration, and testing to ensure the equipment operates safely and properly. Despite the possibility of some wear and tear, healthcare providers can save money by purchasing refurbished medical equipment rather than new ones. They are often repaired to an equivalent standard to that of brand-new machinery.
Europe Refurbished Medical Devices Market Driving Factors and Challenges
Drivers: The market for refurbished medical devices in Europe is growing due to a variety of factors, including changes in the healthcare system in the area. First and foremost, cost-effectiveness is a key motivator, as healthcare professionals look for more ways to save expenses without sacrificing the standard of patient care. Refurbished medical equipment is a more cost-effective option than brand-new gear, allowing healthcare organizations to spend less money while still having access to vital technologies. Refurbished gadgets help to reduce electronic waste and advance a circular economy model, thus they also contribute to the increased emphasis on sustainability and environmental responsibility.
Challenges: Europe's market for reconditioned medical devices is mostly constrained by the quality of the products. Fears over the quality of refurbished medical equipment among end users and healthcare providers' unwillingness to purchase used equipment are impeding the regional market's growth. Because medical equipment is so expensive in the worldwide medical device trade, it is expected that the European market for refurbished medical devices will be limited. Increased import and export duties by the government are expected to limit the region's use of reconditioned medical equipment and impact market revenue.
Impact of COVID-19 on Europe Refurbished Medical Devices Market
Due to the substantial demand for ventilators and patient monitoring equipment to support a large patient population, the pandemic has a positive impact on the European market for reconditioned medical equipment. However, supply chain disruptions and trade restrictions hindered the growth of the European market. Following a brief halt during the outbreak, the market is again seeing constant development due to increased demand from clinics and hospitals.
Europe Refurbished Medical Devices Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Agito Medical A/S, Block Imaging International Inc., DMS Topline, DRE Inc., Everx Pvt Ltd., First Source Inc., GE Healthcare, Integrity Medical Systems Inc., Johnson & Johnson, Philips Healthcare, Radio Oncology Systems Inc., Siemens Healthcare Systems, Soma Technology.
Europe Refurbished Medical Devices Market Segmentation:
By Product: Based on the Product, Europe Refurbished Medical Devices Market is segmented as; Operating Room Devices & Surgical Devices, Patient Monitors, Defibrillators, Neurology Devices, Cardiovascular & Cardiology Devices, IV Therapy Systems, Endoscopy Devices, Intensive Care Systems, Neinatal Intensive-care Devices, Others.
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.