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% from 2016 to 2021.The buying, selling, and use of pre-owned medical equipment is quite common. The medical care community requires a lot of medical equipment to operate, and it often makes sense to reuse items whenever possible. Medical facilities can save a lot of money by buying and selling used equipment. The refurbishment process creates jobs and businesses. Reusing equipment saves waste and is environmentally friendly. There are many reasons to purchase used medical equipment.
There are a lot of people involved in the medical equipment refurbishment business. The marketplace requires companies to refurbish the equipment and different companies to sell the refurbished equipment. Some businesses perform both tasks. The original equipment manufacturer usually only deals with new products and machines.
There are different levels of refurbishment. Medical equipment may be pre-owned, used, refurbished, or reconditioned, in addition to being new. Not all these terms are synonymous, however. “Used” equipment is generally sold as is. “Pre-owned” means the equipment was purchased new by someone else, but does not indicate the duration of ownership or the condition the unit was in at the time of resale. A refurbished or reconditioned unit has been repaired in some way, either functionally, cosmetically, or both.
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Global Refurbished Medical Devices Market: Drivers & Restraints
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 synchronisation 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.
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Global Refurbished Medical Devices market: Segmentation
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
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Global Refurbished Medical Devices market: Overview
The refurbished medical devices market is anticipated to show tremendous growth and will post an impressive CAGR of more than 7% over the estimated period. The majority of healthcare organizations in developing countries are striving to reduce their capital investment in purchasing medical equipment and devices. With rapid advancements in medical technology, several new medical equipment is being introduced into the market. Along with this, the concept of affordable buying is building, which is one of the primary factors driving the market for refurbished medical devices in emerging economies. The pre-owned or used medical equipment improve the economy due an increased level of patient satisfaction, reduction in electronic and toxic waste, thereby improving the overall quality of health.
The increasing adoption of eco-friendly practices is one of the recent trends spurring this market’s growth in the coming years. The augmented adoption of refurbished medical devices helps reduce e-waste, lowers landfill, and significantly reduces the burden of disposing of waste, thereby reducing pollution. As it is both an economical and environment-friendly option, many vendors are implementing the process of remanufacturing and commercialization of refurbished devices. Besides, selling surplus devices to medical institutions or exporting them to other countries also generates a higher revenue for the manufacturers. This would, in turn, aid healthcare institutions to divert this income for other developmental activities.
Global Refurbished Medical Devices market: Region-wise Outlook
Based on geography the market is analysed 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.
Key Questions Answered
- What is the current and future Refurbished Medical Devices market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Refurbished Medical Devices space globally?
- What are the key, high growth markets that Refurbished Medical Devices manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Refurbished Medical Devices currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook Refurbished Medical Devices?
- What are the challenges and barriers that have hindered widespread adoption of Refurbished Medical Devices?
Global Refurbished Medical Devices market: Key Players
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.
Reasons to buy Global Refurbished Medical Devices market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- 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 that affect the 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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