The Global Refurbished Medical Devices Market is projected to reach USD 9.5 billion by 2020, and is growing at a CAGR of 10.3% during the forecast period from 2015 to 2021. Refurbished medical devices are products that have been tested and verified to function properly and are free of defects.
The refurbishment process includes initial physical check, testing of all equipment parameters, replacement of non-functioning parts & components, testing & calibration of all accessories, peripherals & modules, recording of all changes made in the equipment, and approval by the quality control department. The devices that are commonly refurbished are designed to have long-use periods.
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The global refurbished medical devices market is segmented on the basis of Diagnostic Equipment (Ultrasound Systems, X-Ray Machines, CT Machines, MRI Machines, Patient Monitoring Devices, Nuclear Medicine Devices, Mammography Equipment, Telemetry Systems, Cath Labs), Therapeutic Equipment (Minimally Invasive Devices, Heart Lung Machines, Radiation Oncology Systems, Infusion Pumps, Non-Invasive Devices), and Geography (North America, Europe, Asia-Pacific, Rest of the WoSeimens rld).
There are two distinct groups that refurbish medical devices. The refurbishment in the first group is performed by the OEM and the products are sent to the medical institutions of developed countries. The refurbishment in the second type is done by a third party and the devices are sold to the medical institutions of developing countries.
Factors such as the most affordable and viable alternative to expensive high-end equipment, reduction in electronic and toxic waste, e-Marketing are boosting the sales of this market and the rise in the number of patient population are some of the reasons enhancing the growth of the market.
However, huge taxes levied on the import of medical devices, absence of standardized refurbishment procedures, lack of awareness regarding refurbished equipment, and unwillingness to purchase refurbished devices are some of the reasons hampering the growth of this market.
The major players of this market are GE Healthcare, Seimens Healthcare, Johnson & Johnson, Philips Healthcare, Toshiba, and DRE Medical among others.
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Key Deliverables in the Report:
Global, regional, and country-level analysis along with forecasts of the study market
Study of the effect of exogenous & endogenous factors, viz. demographic, economics, and political factors, among others, which affect the global market
Porter’s Five Forces framework incorporating the factors influencing each force to determine the intensity of competition
Segment and sub-segment level analysis of the market over the review and forecast period
Identification of key factors instrumental in changing the market scenario, exploiting new opportunities and gaining competitive edge
SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators
Some points from TOC:
1.1 Report Description
1.2 Markets Covered
1.3 Research Methodology
- Executive Summary
- Market Overview
3.1 Market Definition
3.2 Market Drivers
3.2.1 Most affordable and viable alternative to expensive high-end equipment
3.2.2 Reduction in electronic and toxic waste
3.2.3 e-Marketing is boosting the sales
3.2.4 Rise in the number of patient population
3.3 Market Restraints
3.3.1 Huge taxes levied on import of medical devices
3.3.2 Absence of standardized refurbishment procedures
3.3.3 Lack of awareness regarding refurbished equipment
3.3.4 Unwillingness to purchase refurbished devices
3.4 Market Opportunitites
3.5 Market Threats
- Porters Five Force Analysis
4.1 Bargaining Power of suppliers
4.2 Bargaining power of buyers
4.3 Degree of competition
4.4 Threat of substitution
4.5 Threat of new entrants
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