Refurbished Medical Equipment Market By Type (Operating room equipment & surgical equipment, Patient monitors and defibrillators) By Application (Hospitals, Clinical Centers) and Region - Global Forecast to 2026
22 May 2018
The global refurbished medical equipment market was valued US$ 6.3 Bn in 2017, and is expected to register a CAGR of over 9.7%. The report offers in-depth insights, revenue details, and other vital information regarding the global Refurbished Medical Equipment market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global refurbished medical equipment market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. the global refurbished medical equipment market is segmented on the basis of type, application, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analysed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Refurbishment is restoration of equipment or device to a reusable condition without changing the basic specifications of the device. The process of refurbishing medical devices ensures the safety and efficacy of the device so that the performance of the device is not altered.
Global Refurbished Medical Equipment Market Dynamics:
Increasing demand for refurbished medical equipment is relatively high from private hospitals, owing to lower budgets than that of government-run or funded medical facilities. Cost of personalized treatment in private hospitals is relatively higher than government or trust-run hospitals. In order to operate within budget and increase patient footfall by offering a wider range of diagnostics and treatments, many private hospitals adopt cost-effective solutions such as refurbished medical equipment.
Moreover, increasing incidence of cancer, cardiovascular, and neurological diseases, coupled with expanding aging population and rising demand for diagnosis and treatment of various age-related diseases is expected to result in growing patient pool and hospitalization over the forecast period.
Increasing cost of new diagnostic imaging devices and equipment such as magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging, and positron emission tomography (PET) scans along with financial constraints to buy new medical equipment in healthcare facilities are other major factors expected to drive growth of the global refurbished medical equipment market over the forecast period.
Unfavorable reimbursement scenario for purchase of new diagnostic imaging equipment in developing countries, and decreasing reimbursement in developed countries such as the US are factors resulting in increasing adoption of refurbished medical equipment. This coupled with focus on reducing cost pressure of diagnostics and treatment on patients, especially in developing countries, is expected to result in rising demand for refurbished medical equipment in future.
However, complexities/risks associated with single-use refurbished medical devices is expected to hamper the market growth over the forecast period. Refurbishment of single-use devices involves efficient cleansing, sterilization, and repackaging, and can raise some concerns regarding risk of cross-infection, as well as result in certain extent of deterioration of components and materials. Use of refurbished single-use medical devices can also lead to rise in hospital acquired infections, thereby risking potential harm or death to patient, and is one major factor expected to hamper growth of the global refurbished medical equipment market to a certain extent.
Penetration of refurbished medical equipment in developing economies is expected increase over the forecast period. This is attributed to unfavorable reimbursement scenario for various medical treatments in various developing countries, especially in Asia Pacific region. In addition, budget constraints as well as reduction in capital investments and spending on medical devices and related equipment is expected to create lucrative growth opportunities for players in the market.
Market analysis by type:
On the basis of type segmentation, medical imaging equipment segment is expected to contribute major revenue share and is expected to maintain its dominance over the forecast period. High cost associated with certain devices such as medical imaging, cardiovascular, and neurological equipment is a key factor driving growth of the global refurbished medical equipment market.
Market analysis by application:
Among all the application segments, hospital segment is expected to be fastest growing product segment in the global refurbished medical equipment market. This revenue increase is primarily attributed to budget constraints for public as well as private hospitals in developing and under-developed regions, and rising focus on reducing capital expenditure as well as spending on new medical devices and equipment.
Analysis by Region:
North America market is expected to dominate the global refurbished medical equipment market, and it accounts for largest market revenue over US$ 2,700 Mn in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period and expected to grow with a CAGR over 9.5%.
Increasing aging population in countries in North America coupled with extended life expectancy is expected to translate into a sustainable demand for medical devices. Hospitals and medical facilities can purchase refurbished medical equipment at lower cost as compared to new medical equipment, thus providing more cost-effective diagnosis and treatment to patients.
Moreover, increasing incidence of chronic diseases such as cancer and cardiovascular diseases is expected to create demand for medical equipment for diagnosis and treatment purpose, which in turn is expected to support growth of the target market in the region over the forecast period. Furthermore, government regulations regarding the approval process of refurbished devices, which in turns builds trust within buyer and consumer, with respect to safety, quality, and efficacy of product is expected to support demand for refurbished equipment over the forecast period.
China is expected to be fastest growing refurbished medical equipment market. Rising demand for healthcare services owing to the rapidly growing aging population and increase in number of affluent consumers seeking better quality medical services in the country is expected to fuel market growth over the forecast period. In addition, healthcare services are facing significant cost pressures and hence exploring more cost-effective solutions, which is expected to be major factor driving growth of the refurbished medical equipment market in China. However, import of used and refurbished medical equipment is restricted in the country, which represent significantly high potential opportunities for domestic manufacturers operating in the country.
Global refurbished medical equipment segmentation, by type:
- Operating room equipment & surgical equipment
- Patient monitors and defibrillators
- Medical imaging equipment
- Cardiovascular & cardiology equipment
- Neurology equipment
- IV therapy systems
Global refurbished medical equipment segmentation, by application:
- Clinical Centers
- Group Purchasing Organizations (GPOs)
- Medical Research Laboratories
- Academic Medical Centers and Universities
Global refurbished medical equipment segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Radiology Oncology Systems, Inc.
- Everx Pvt Ltd.
- Koninklijke Philips N.V.
- Integrity Medical Systems, Inc.
- Agito Medical A/S
- DRE Inc.
- SOMA Technology, Inc.
- Block Imaging International, Inc.
- Siemens Healthineers AG
- GE Healthcare Inc.
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
- 2.2.4 Opportunity Map Analysis
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