Refurbished Medical Equipment Market Analysis
The term “refurbished medical equipment” refers to medical devices that have been restored to a condition similar to that of new equipment. Refurbishment involves repairing and reconditioning the device, updating software and hardware without changing its original purpose, and replacing worn-out parts. Given the rapid pace of technological change, the time between the purchase of superior systems and the wear and tear of older devices is decreasing. The growth of the refurbished medical equipment market is being driven by the increasing involvement of key manufacturers in refurbishing their equipment and the growing demand for cost-effective systems by small-scale private hospitals and clinics. For instance, the high cost of large and technologically advanced equipment such as MRI systems and CT scanners is a limiting factor for small-scale private hospitals and clinics, leading to a high demand for refurbished medical equipment and driving market growth.
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Refurbished Medical Equipment Market Drivers
The refurbished medical equipment market is projected to experience growth, mainly due to the increasing emphasis on refurbishment by original equipment manufacturers. Companies such as GE Healthcare, Siemens, and Philips are refurbishing large scanning machines such as angiography, radiology-based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices, and offering them at a lower cost of about 30% compared to new systems. The end-users tend to trust original equipment manufacturer-based refurbishment more. The adoption of effective remanufacturing standards is also expected to increase the adoption of refurbished medical devices. For instance, Siemens adheres to the EN ISO 13485:2003 standard, which is a quality management system used by medical device manufacturers, and the ISO 14001:1996 standard, which is an international standard for an effective environmental management system, in its remanufacturing process.
During the forecast period, the refurbished medical device market is expected to experience growth due to the rising demand for cost-effective medical equipment. This demand is especially prevalent in low-income countries where there is limited disposable income. The high costs of large and advanced medical equipment also contribute to the growth of the refurbished equipment market, with refurbished medical devices available at 30-50% lower prices than new equipment. Furthermore, e-commerce platforms are expected to offer easy purchasing and selling options for refurbished medical equipment.
Refurbished Medical Equipment Market Restrain
During the forecast period, the growth of the refurbished medical device market is likely to be hindered by the lack of standardized regulatory policies for the resale of such devices. Moreover, the negative perception of refurbished products is also expected to be a major obstacle to the growth of this market.
Refurbished Medical Equipment Market – Regional Analysis
Coherent Market Insights has segmented the global refurbished medical equipment market regionally into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Currently, North America dominates the market due to the presence of major medical device manufacturers that offer refurbishment services and the increasing number of end-users. Companies such as GE Healthcare and Philips Healthcare have a strong presence in the region. Additionally, the American Hospital Association (AHA) reported an increase in the number of registered hospitals in the U.S. from 5,534 in 2017 to 5,564 in 2018, which has contributed to the growth of both new and refurbished medical equipment demand. The Asia Pacific region is also expected to grow significantly due to improving medical facilities, unmet medical needs, and the rise in medical tourism.
Refurbished Medical Equipment Market – Competitive Landscape
Philips Healthcare (a subsidiary of Koninklijke Philips N.V.), GE Healthcare (owned entirely by General Electric Company), Siemens Healthineers, Soma Technology Inc., Block Imaging International Inc., and Agito Medical A/S are the significant players in the refurbished medical equipment market.
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Based on the type of product, the global market for used medical equipment is divided into the following categories:
- 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
The global market for remanufactured medical equipment is divided according to the end user.
- Diagnostic Centers
- Ambulatory surgical centers
The reconditioned medical equipment market is regionally segmented on a global scale.
- North America
- Latin America
- Asia Pacific
- Middle East
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Refurbished Medical Equipment Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Refurbished Medical Equipment Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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