Global Refurbished Medical Equipment Market – Insights
Refurbished medical equipment are restored devices that are fit to be used in medical settings. Refurbishing of medical equipment is done through reconditioning, repairing, installation of certain software/hardware updates without changing the intended use of the original device, and replacement of worn parts.
Global Refurbished Medical Equipment Market: Drivers
Constantly changing technological trends is a major factor boosting growth of the refurbished medical equipment market. Moreover, increasing focus of manufacturers on refurbishment of their equipment and high demand for cost effective systems from small scale private hospitals and clinics is also expected to fuel growth of the market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems.
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The demand for devices refurbished by original equipment manufacturers is increasing among end users. Moreover, use of efficient remanufacturing standards is expected to boost demand for these devices. For instance, Siemens remanufacturing process adheres to EN ISO 13485: 2003, which ensures quality management systems are used by medical device manufacturers and ISO 14001: 1996, which is an international standard for an effective environmental management system.
Increasing preference among end users to buy medical devices at low cost is expected to contribute to growth of the global refurbished medical device market. Low disposable income in emerging regions increases demand for refurbished medical device in such regions. Moreover, high cost of large and technological advanced equipment is also expected to boost demand for refurbished medical equipment. Refurbished medical equipment are available at 30 to 50% lower price as compared to new equipment. Increasing preference for e-Commerce platforms for buying or selling refurbished medical equipment is also contributing to growth of the market.
Global Refurbished Medical Equipment Market: Restraints
However, absence of standardized regulatory policies for resale of refurbished medical devices is expected to hinder growth of the global refurbished medical equipment market over the forecast period. Moreover, negative perception about refurbished product is also expected to hinder growth of the market.
Global Refurbished Medical Equipment Market – Regional Analysis
North America is expected to account for the largest market share in global refurbishment medical equipment market over the forecast period. This is attributed to high presence of major medical devices manufacturers that offer refurbishment services such as GE Healthcare and Philips Healthcare. Increasing presence of end users is also expected to boost growth of the market in North America. For instance, according to American Hospital Association’s annual survey of hospitals in the U.S., the total number of registered hospitals in the U.S. in 2017 was 5,534, which increased to 5,564 in 2018. Increasing development in the healthcare sector and growing medical tourism is expected to boost growth of the market in Asia Pacific.
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Global Refurbished Medical Equipment Market – Competitive Landscape
Major players operating in the global refurbished medical equipment market include, Siemens Healthineers, Soma Technology, Inc., GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Block Imaging International, Inc., and Agito Medical A/S.
Global Refurbished Medical Equipment Market – Taxonomy
On the basis of product type, the global refurbished medical equipment market is segmented into:
- Operating Room Equipment & Surgical Equipment
- Patient Monitors
- Medical Imaging Equipment
- Cardiovascular & Cardiology Equipment
- Neurology Equipment
- Endoscopy Equipment
- Intensive Care Unit Equipment
- Neonatal Intensive Care Units Equipment
- IV Therapy Systems
- Other Equipment
On the basis of end user, the global refurbished medical equipment market is segmented into:
- Diagnostic Centers
- Ambulatory surgical centers
On the basis of region, the global refurbished medical equipment market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East
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