Stocking Refurbished Medical Inventories Prepares Hospitals to Tackle COVID-19 Pandemic
Coronavirus (COVID-19) has exposed the vulnerability of healthcare systems worldwide. With the ongoing shortage of PPE (Personal Protective Equipment), there is an unprecedented demand for used and refurbished medical equipment such as ventilators and other critical care equipment. Hence, companies in the refurbished medical equipment market are capitalizing on this trend, since the Government of India has lifted the import ban on used and refurbished medical equipment. The Union Environment Ministry of India announced that it has relaxed the country’s import ban up to September 2020 to support hospitals in need of ventilators.
The healthcare system in India refurbished medical equipment market is increasing efforts to increase the inventory of ventilators in order to enhance preparedness against the COVID-19 pandemic. Though stringent regulations prohibit the use of waste materials in India, health ministry are making an exception by lifting the import ban to tackle uncertainties associated with the pandemic.
To know the scope of our report Get a Sample on Refurbished Medical Equipment Market
Used Versus Refurbished Medical Equipment: Which is better?
Individuals have a common misconception that used and refurbished medical equipment is the same. However, refurbished medical equipment are restored according to factory specifications. On the other hand, purchasing used medical equipment is less expensive. Companies in the refurbished medical equipment market are reaping incremental benefits, as healthcare systems plan on cost savings by purchasing refurbished medical products.
Companies in the refurbished medical equipment market make sure that the equipment are tested, repaired, and pass the inspection test before handing it over to healthcare practitioners. For instance, Soma Technology— a medical equipment supplier in Connecticut, has an extensive product profile in medical imaging equipment and operating room equipment. As such, the revenue of medical imaging equipment and patient monitoring devices is projected for exponential growth in the market landscape.
Hospitals in India with Budgetary Constraints Opt for Refurbished Medical Products
Companies in the refurbished medical equipment market are exploring untapped opportunities in developing economies. India being one of the rapidly growing economies of Asia Pacific is creating a demand for affordable medical equipment. This is evident since the refurbished medical equipment market revenue in Asia Pacific is expected to grow at an aggressive pace, where the global market is projected to reach a value of ~US$ 24 Bn by the end of 2027.
Get a glimpse of the in-depth analysis through our Report Brochure
The healthcare sector is witnessing better growth in tier 2 and tier 3 cities of India, which involves semi-urban and rural population looking for affordable treatment and care. This trend has sparked the demand for refurbished medical equipment in order to keep the cost of setting up hospitals at a reasonable budget. Already pre-owned, second-hand and refurbished medical equipment hold a significant share of the India medical equipment sector. Imaging and critical care equipment are among the popular choices for owning refurbished medical products.
Investing in Advanced Refurbishing Facilities Overcomes Issues Associated with Downtime of Equipment
The refurbished medical equipment market is estimated to register a striking CAGR of ~13% during the forecast period. However, costs involved in maintaining the uptime of refurbished medical equipment is prohibitively expensive for budget-constrained healthcare systems. Moreover, many sellers are ignorant to invest in fulfilling the requirements of sustained performance mandatory in refurbished products. This has tarnished the reputation of other reliable companies in the refurbished medical equipment market, which is likely to hamper market growth. Hence, companies are increasing awareness to only buy refurbished products from trusted and reliable sellers.
Key market players invest in people skills and training to maintain optimum performance of refurbished medical equipment. They are increasing spending in state-of-the-art refurbishing facilities and stock of spares to bolster their credibility credentials in the global healthcare landscape. OEMs such as GE, Siemens, Toshiba, and Philips are gaining increased visibility, owing to their investments in refurbishing facilities. Market players are complying with regulatory standards of every country they operate in to boost their credibility in the global market landscape.
Expanding operations in future? To get the perfect launch ask for a custom report
Analysts’ Viewpoint
Hospitals in the India refurbished medical equipment market are stocking refurbished medical inventories such as ventilators to be better prepared for undetermined times of the COVID-19 era. Similarly, healthcare systems in small cities of India are investing in refurbished medical products to align with low budget set up costs of hospitals.
Imaging and critical care equipment such as heart-lung machines are growing increasingly popular in hospital environments. However, high costs associated with uptime and optimum maintenance of products have led to a reluctance in the adoption of refurbished products. Hence, companies should increase awareness about the warranty of products and encourage practitioners to purchase refurbished goods only from trusted and reliable sellers who invest in state-of-the-art refurbishing facilities.
Refurbished Medical Equipment Market – Scope of the Report
TMR’s report on the global refurbished medical equipment market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period 2019 to 2027. The report provides the overall revenue of the global refurbished medical equipment market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global refurbished medical equipment market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global refurbished medical equipment market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global refurbished medical equipment market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global refurbished medical equipment market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global refurbished medical equipment market. The next section of the global refurbished medical equipment market report highlights the USPs, which include regulatory scenario of refurbished medical devices, pricing analysis, global installed base of CT scanners, MRI Machines, PET Scanners by key region, good refurbishment practices for medical imaging equipment, import scenario of refurbished medical devices, and strategic development and mergers & acquisitions across globe in the global refurbished medical equipment market.
The report delves into the competition landscape of the global refurbished medical equipment market. Key players operating in the global refurbished medical equipment market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global refurbished medical equipment market report.
Key Questions Answered in Refurbished Medical Equipment Market Report
- What is the sales/revenue generated by the global refurbished medical equipment market across all the regions during the forecast period?
- What are the key trends in the global refurbished medical equipment market?
- What are the major drivers, restraints, and opportunities in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which application segment will expand at the fastest CAGR during the forecast period?
Refurbished Medical Equipment Market – Research Objectives and Research Approach
The comprehensive report on the global refurbished medical equipment market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global refurbished medical equipment market. It is followed by market introduction, market dynamics, and an overview of the global refurbished medical equipment market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the refurbished medical equipment market. The next section of the global refurbished medical equipment market report highlights the USPs, which include regulatory scenario of refurbished medical devices, pricing analysis, global installed base of CT scanners, MRI Machines, PET Scanners by key region, good refurbishment practices for medical imaging equipment, import scenario of refurbished medical devices, strategic development, and mergers & acquisitions in the global market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section further divided into smaller sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key refurbished medical equipment manufacturers has been mapped to ascertain the size of the global refurbished medical equipment market in terms of value. The forecast presented here assesses the total revenue generated in the refurbished medical equipment market. In order to provide an accurate forecast, we initiated by sizing up the current refurbished medical equipment market with the help of the parent market.
The report analyzes the global refurbished medical equipment market in terms of product, application, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2027 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global refurbished medical equipment market.