According to the report “Global Refurbished Medical Devices Market” published by Market Data Forecast, the global market is projected to reach USD 12.25 billion by 2021 from USD 6.8 billion in 2016, at a CAGR of 12.5%.
Away from the glare of very public discussions on stents, a device used largely in the heart, another debate engulfs the medical devices industry in the country. And that involves allowing the import of refurbished or pre-owned medical equipment. Genuine refurbished goods involve rehauling a product with genuine spares for an additional run and the equipment come with safety and quality guarantees of an original product. Importing of non-OEM products is done by traders, unsupported by guarantees and hence pose a safety threat to patients. The present thinking is to allow refurbished products that are less than 10 years old. Refurbished products are usually priced about 35 per cent less than the original, agreeing with industry estimates.
The factors influencing the Global Market for Refurbished Medical Devices Market, either positively or negatively are presented in the DROC analysis. The increasing incidence of cancer and cardiovascular diseases are the major factors driving the refurbished medical device market. Moreover, growing privatization in the healthcare area, rising demand for low cost medical devices owing to economic constraints and growing acceptance of refurbished medical devices in numerous nations are the key factors fuelling the growth of the refurbished medical equipment market during the forecast period. Lack of standardization and synchronization of policies associated to the use and sale of refurbished medical devices is the key challenge encountered by players in the global Refurbished Medical devices Market.
For granular level understanding, the Refurbished Medical Devices Market is segmented based on the following categories with Market Size Estimations and Y-o-Y Forecasts presented for each sub-segments.
- By Product Type
- Operating Room Devices & Surgical Devices
- Patient Monitors
- Neurology Devices
- Medical Imaging Devices
- Cardiovascular & Cardiology Devices
- IV Therapy Systems
- Endoscopy Devices
- Intensive Care Systems
- Neonatal Intensive-Care Devices
- Other Medical Devices
Based on geography the market is analyzed under various regions namely, North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. North America leads the refurbished medical devices market due to the increasing trend of medical tourism and growing privatization of the healthcare sector in this region. Asia Pacific is predicted to show high growth owing to growing provision from government and effective reimbursement policies in this region.
- North America Refurbished Medical Devices Market
- Europe Refurbished Medical Devices Market
- Asia-Pacific Refurbished Medical Devices Market
- Latin America Refurbished Medical Devices Market
- Middle East and Africa Refurbished Medical Devices Market
The key players in the refurbished medical devices market are Siemens Healthcare systems, First Source Inc., DMS Topline, Radio Oncology Systems Inc., Johnson & Johnson, GE Healthcare, DRE Inc., Block Imaging International Inc., Integrity Medical systems Inc., Everx Pvt Ltd., Philips Healthcare, Agito medical A/S and Soma Technology.
The Refurbished Medical Devices Market study offers the following deliverables:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is blooming
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors thateffect the global market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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