Global Refurbished Medical Equipment Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
Growing inventory of used or old medical devices, e commerce facilitating purchase of refurbished equipment, demand for costly diagnostic imaging equipment, demand for refurbished equipment in private healthcare sector, and refurbishing & recycling medical equipment devices are the factors driving the global refurbished medical devices market for the forecasted period. Rising number of private hospitals and diagnostic centres and emerging economies that are looking forward for cost effective medical equipment are the opportunities for refurbished medical equipment’s.
Factors like new cost effective medical equipment’s and varying regulatory rules for using refurbished medical equipment’s are hampering growth of the refurbished medical equipment market. Perception that refurbished medical equipment is of inferior quality, and reluctance by healthcare organisations to buy refurbished medical equipment products are restraining growth of the refurbished medical equipment’s market for the forecasted period.
Unlike public hospitals or healthcare organizations, private hospitals are profit driven. The quality of service and pricing of services are looked after the management of private hospitals autonomously. To contain expenses, private hospitals and healthcare organisations seek for alternative means to provide cost effective healthcare without compromising quality for patients. Refurbished medical equipment helps to reduce expense for healthcare providers without compromising quality of treatment.
Diagnostic devices like, MRI machines, CT scan, and X ray, treatment related apparatus like cardiopulmonary bypass machines, and ICU systems are the most common refurbished medical equipment purchased by private hospitals. By purchasing refurbished medical devices, private hospitals can provide wide variety of treatments to patient at low cost, thereby staying ahead against competitors.
The research project market is segmented on the basis of products as medical imaging equipment’s, patient monitoring devices, neurology equipment, cardiovascular equipment, neonatal care equipment, operation theatre equipment, ICU systems, intravenous therapy systems and other medical equipment’s. Medical Imaging Equipment’s is further sub segmented as CT Scanners, Ultrasound systems, X ray machines, MRI machines, and other medical imaging equipment. Patient monitoring devices is further classified into non-invasive blood pressure monitoring, electrocardiograph devices, and pulse oximetry. Neurology equipment segment is divided into EMG machine and EEG machine. Cardiovascular equipment is sub segmented into coagulation analyser, cardiopulmonary bypass machine and other cardiovascular equipment. Neonatal care equipment is classified into neonatal care monitors and infant incubators. Operation theatre equipment is sub segmented into automatic external defibrillators, microscopes, CO2, O2 and other agent monitors, electrosurgical equipment, anaesthetic equipment and other operation theatre equipment’s. ICU systems are further classified into telemetry systems and hardwire systems.
Joint ventures, agreements, partnerships, collaborations, expansion in different countries, and strengthening supply chain network with distributors are some of the strategies taken by pioneers in refurbished medical equipment market, to increase their global presence.
Some of the leading companies in the refurbished medical equipment market are Siemens Healthcare Systems, Philips Healthcare, GE Health, DRE Medical, Integrity Medical Systems, Some Technology Inc., Black Imaging International Inc., Radiology Oncology Systems Inc., Everx Pvt Ltd., Agito Medical A/S, Johnson & Johnson, First Source Inc., Japan Care Co Ltd., Medilab Global Corp and CAN Medical Inc. The report provides comprehensive information like company profile, sales, revenue, market share and contact information.
The research report analysed refurbished medical equipment market geographically. Region wise the report is segmented as North America, Europe, Asia Pacific, and Rest of the World.
Following demand North America leads the global refurbished medical equipment market followed by Europe. Privatization healthcare system and medical tourism are the factors contributing to the growing refurbished medical equipment in North America and Europe. Supportive regulatory structure and awareness about reuse and recycle of medical equipment’s are fuelling the market of North America and Europe for the forecasted year.
African nations like Nigeria, Zimbabwe, Chad, and others have a huge market for refurbished medical equipment with the need to provide cost effective healthcare to the growing population.
Asia Pacific is the fastest growing market for refurbished medical equipment for the forecasted year. Large population base, cost effective treatment programmes by government, competent reimbursement policies are the reasons contributing to the refurbished medical equipment market in the region. Emerging economies like China and India are at the forefront of refurbished medical equipment market in Asia Pacific. Leading companies in refurbished medical equipment’s are seeking joint ventures, partnerships and distributors to gain market penetration in the region.
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