Pre-Owned medical devices are defined as the devices that were owned earlier by any healthcare institution and that are now subject to sale or repurchase after refurbishment. ‘Refurbishment’ is defined as restoration of the device to its original specifications including replacement of basic wear parts and aesthetic changes to a complete end-to-end refurbishment. Many organizations such as the European Coordination Committee of the Radiological, Electromedical and Healthcare IT Industry (COCIR), Japan Industries Association of Radiological Systems (JIRA) and Medical Imaging and Technology Alliance (MITA) endorse this definition of pre-owned medical devices.
It is widely-accepted and validated by organizations such as the COCIR, JIRA, MITA and International Association of Medical Equipment Remarketers and Servicers (IAMERS) that the process of refurbishment prolongs the effective life of a medical device. Typically, for all high-value, fixed/stationary medical devices, it has been observed that during the prescribed lifetime, many critical components undergo rapid wear-and-tear; the embedded software/technology turns obsolete. Over and above such hardware and software technological obsolescence, acquiring the components is rendered difficult due to many factors such as closure of production of components by suppliers, installation of such medical devices in difficult-to-reach geographical areas with no distribution coverage and other factors. Hence, mid-life intervention via refurbishment is thus of significance for effective and optimum usage of the medical devices.
In 2012, the global pre-owned medical devices market reported a return amounting US$2.4 million. The market is likely to grow and reach a value of US$4.9 million by 2019. The estimated CAGR for this growth is 10.6% during 2013 to 2019.
On the basis of device type, the report segments the market into CT machines, x-ray and mammography machines, ultrasound machines, MRI machines, c-arm devices, and nuclear imaging and medical devices. Amongst these, the segment of pre-owned x-ray and mammography machines is predicted to expand at a CAGR of more than 6.0% during the forecast horizon. However, newly launched x-ray and mammography machines are more economical in comparison with other medical devices including SPECT, MRI, CT, and PET machines. Hence, consumers prefer purchasing new x-ray and mammography machines as compared to refurbished pre-owned machines. Hence, on the basis of value, though the segment of refurbished pre-owned X-ray and mammography machines held the largest share, its growth rate is poised to be low in comparison with the other segments of refurbished pre-owned medical devices.
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The report segments the pre-owned medical devices market on the basis of geography into Europe, North America, Asia Pacific, and RoW. Amongst these, the regions of North America and Asia Pacific lead the market with collectively the highest share and are predicted to exhibit a huge growth rate in the forecast horizon. On the other hand, within Europe and RoW, a number of countries have discouraged or banned the utilization of refurbished pre-owned medical devices and thus these regions hold a small share in the market. These two regions are also poised to exhibit a low CAGR all through the forecast horizon.
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