Market Analysis
The global refurbished medical devices market is projected to have a luxurious growth at an incredible 10.8% CAGR during the assessment period (2017-2023). Refurbishment of devices is a process or organized method of inspecting efficacy and safety of any used equipment thereby ensuring that every safety parameter is met prior to the utilization of the device devoid of altering its proposed utilization according to the original registration. Refurbishment comprises of replacing the worn parts, installation of specific hardware/software updates devoid of altering the original device’s intended use, repair and reconditioning.
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There are various factors that is driving the growth of the refurbished medical devices market according to MRFR (Market Research Future) Report. These include huge patient population base having chronic diseases mainly cardiovascular diseases and cancer, rising need for low-cost medical devices owing to budget constraints especially in developing nations, rising number of private hospitals that invests in refurbished devices, unfavorable reimbursement scenarios, growing initiatives undertaken by the top medical device manufacturers, cost constraints, increase in geriatric population, immense growth of private healthcare institutions and increasing privatization. However, on the contrary, factors such as the reluctance to buy refurbished medical devices owing to lack of awareness regarding the advantages of using such devices, lack of standardization of policies associated to the use and sale of refurbished medical devices, strong regulatory practices, lack of support from the government bodies, huge taxes to import medical devices and inefficient reimbursement policies may hinder the growth of the refurbished medical devices market.
Market Segmentation
As per MRFR report, the global refurbished medical devices market is segmented on the basis of diagnostic devices and therapeutic devices.
Based on diagnostic devices, it is segmented into patient monitors, ECG systems, MRI machines, Ultrasound Systems, CT scanners, X-ray machines and others. The patient monitors are further segmented into portable patient monitoring devices and others. Of these, the patient monitor devices market will grab the maximum share in the refurbished medical devices market during the assessment period owing to advancements in technology in patient monitoring, low product cost and rising awareness of chronic devices.
Based on therapeutic devices, the refurbished medical devices market is segmented into infusion pumps, defibrillators, infant incubators & warmers, coagulation analyzers, heart-lung machines and others.
Regional Analysis
Based on region, the refurbished medical devices market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will spearhead the refurbished medical devices market during assessment period owing to growing awareness of refurbished devices coupled with the well-developed healthcare sector in this region. North America is followed by Europe and Asia Pacific, both of which share a similar form of market. Yet the market in the APAC region possess the highest growth rate. On the other hand, the refurbished medical devices market in the Middle East and Africa is likely to have minimal market share during the assessment period.
Competitive Analysis
The global refurbished medical devices market is highly competitive and fragmented due to the existence of different large and small vendors. The existence of various medium and small sized companies has created enough competition in the market. The majority of the key players are increasing in collaborations and alliances.
Key Players
Leading players profiled in the refurbished medical devices market include Block Imaging International (U.S.), Toshiba Medical System (Japan), Soma Technology (U.S.), First Source, Inc (U.S.), Johnson & Johnson (U.S.), DMS Topline (U.S.), Agito Medical (Denmark), Siemens Healthcare (Germany), Phillips Healthcare (Netherlands), Stryker Corporation (U.S.), and GE Healthcare (U.S.).
Aug 2018- Leading company in health technology, Royal Philips acquired Xhale Assurance, a scale-up company based in the US that develops and commercializes next-generation sensor technologies. This technology will help in broadening and differentiating Philip’s current range of oxygen saturation monitoring solutions thereby enabling the company to grow into an underserved clinical segment.
Feb 2018- Saudi Arabia launched healthcare privatization program to reduce waiting times in case of appointments with consultants and specialists and augment access to various medical services.
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