ASIA-PACIFIC TO WITNESS THE FASTEST GROWTH IN THE REFURBISHED MEDICAL DEVICES MARKET
The Asia-Pacific region is expected to witness the fastest growth of the refurbished medical devices market. Amid the pandemic situation, the adoption and usage of refurbished medical devices such as patient monitoring devices are expected to increase in the emerging economies present in this region.
Furthermore, the reform in regulatory policies is expected to support the market growth. For instance, in February 2020, the Malaysian Medical Device Authority (MDA) drafted guidelines related to the requirement of the document submission about refurbished medical devices. Thus, a positive impact of COVID-19 can be expected in this region.
In addition, the increasing number of hospitals and diagnostic centers, with the increasing focus on rural development both by the government and private organizations, led to a great demand for refurbished medical instruments. As per the data provided by a study titled ‘’COVID-19 in India: State-wise estimates of current hospital beds, intensive care unit (ICU) beds and ventilators’’ published in April 2020, India has around 43,486 private hospitals and about 25,778 public hospitals.
The presence of well-established companies in this region is further expected to support the market growth. For instance, SANRAD Medical Systems is one of the leading companies in India dealing with refurbished medical imaging equipment. It mainly offers products in magnetic resonance and computed tomography. Thus, such factors are expected to boost the market growth in the Asia-Pacific region.