The Refurbished Medical Equipment Market is anticipated to extent USD 11.91 billion by 2021, at a CAGR of 12.7% from 2016 to 2021.
Refurbished Medical Equipment Industry report, the refurbished medical equipment market has been segmented on the basis of product (operating room equipment & surgical equipment, patient monitors, defibrillators, medical imaging equipment, cardiovascular & cardiology equipment, neurology equipment, IV therapy systems, endoscopy equipment, intensive care systems, neonatal intensive-care equipment, and other medical equipment), and region (North America, Europe, Asia-Pacific, and Rest of the World). Among all product segments, the medical imaging equipment segment is estimated to account for the largest share of the refurbished medical equipment market in 2016.
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Market Drivers of Refurbished Medical Equipment Industry:
- Cost containment pressure on healthcare organizations
- Growing demand for refurbished medical devices in the private healthcare sector
- Large inventory of old or used medical devices
- Rising demand for capital-intensive diagnostic imaging equipment
- E-commerce platform enhancing the ease of purchase of refurbished medical equipment
- Environment-friendliness of the refurbishment process
Market Restraints of Refurbished Medical Equipment Industry:
- Negative perception about the quality of refurbished medical devices among end users
- Reluctance to purchase refurbished medical devices among public healthcare providers
- Lack of awareness about the benefits of refurbished equipment
Opportunities in Refurbished Medical Equipment Industry:
- Rapid growth in the number of private hospitals and diagnostic centers
- Emerging markets
Market Challenges in Refurbished Medical Equipment Industry:
- Stringent regulations on the import and use of refurbished medical devices in many countries
- Lack of standardization and harmonization of policies on the sale and use of refurbished devices
- Increase in influx of low-cost new medical devices
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The refurbished medical equipment market consists of a large number of large, medium-sized, and small companies.
The refurbished medical equipment market was dominated by
- GE Healthcare (U.K.)
- Philips Healthcare (Netherlands)
- Siemens Healthineers (Germany)
- Soma Technology, Inc.
- Dre Medical, Inc.
- Agito Medical A/S
- Everx Pvt Ltd.
- Integrity Medical Systems, Inc
Refurbished Medical Equipment Market by Region:
- North America
- Rest of the World (ROW)
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Partnerships, agreements, and collaborations; acquisitions; and expansions were the major strategies adopted by most market players between 2013 and 2016 to achieve growth in the refurbished medical equipment market.
The growth of the overall refurbished medical equipment market is driven by factors such as increasing privatization in the healthcare sector, poor reimbursement scenario for various medical treatments, large patient population base, and presence of a large number of hospitals/clinics with budget constraints in developing countries. Growing initiatives undertaken by leading OEMs (such as GE Healthcare, Philips Healthcare, and Siemens Healthcare) to establish refurbishment facilities in both mature and developing markets are further adding to the growth prospects of this market. On the other hand, the negative outlook of public institutes towards the purchase of refurbished medical equipment is a major factor limiting the growth of this market. The stringent regulatory environment in some countries (such as China, Egypt, and Kuwait) and the lack of standardization and harmonization of policies related to the sale and use of refurbished medical devices are the key challenges faced by players in the global refurbished medical equipment market.
Geographically, North America (comprising the U.S. and Canada) is expected to command the largest share of the refurbished medical equipment market in 2016, followed by Europe. A number of factors such as the increasing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), decreasing reimbursement, and favorable regulatory scenario for the sale and use of refurbished medical devices in the U.S. are driving the market growth in North America. The market growth in this region is further driven by the presence of a large number of public and private healthcare facilities.
- Original Equipment Manufacturers (OEMs)
- Third-party Refurbishers/Suppliers
- Clinical Centers
- Group Purchasing Organizations (GPOs)
- Medical Research Laboratories
- Academic Medical Centers and Universities
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Objectives of the Study:
- To define, describe, and forecast the global refurbished medical devices market on the basis of product and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micromarkets1 with respect to individual growth trends, future prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the refurbished medical devices market with respect to four main regions (along with countries), namely, North America, Europe, Asia-Pacific, and the Rest of the World
- To profile the key players in the refurbished medical devices market and comprehensively analyze their market shares and core competencies2
- To track and analyze competitive developments such as new product launches; agreements, partnerships, and collaborations; geographic expansions; joint ventures; and mergers and acquisitions in the global refurbished medical devices market.
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