Global Pre-Owned Medical Devices Market: Overview
Buying and owning pre-owned medical devices is gaining popularity in a number of healthcare facilities and hospitals across the world. In recent times, nearly all diagnostic, patient monitoring and therapeutic medical devices such as defibrillators, pulse oximeters, ventilators, AEDs, IV pumps, vital sign monitors and ECGs can be purchased at reduced rates.
Until recently, pre-owned medical devices market were sold to developing regions. The suppliers did not have any specialized training, which led to restrain on the market growth. However, there has been emergence of economic crises and containing costs in healthcare budgets due to recession. Due to this, the market for pre-owned medical equipment has received an impetus for growth. Moreover, there are an increased number of trained professionals in the industry, fueling the market upswing.
A number of organizations such as JIRA, COCIR, IAMERS and MITA have validated that refurbishment of medical devices boosts their effectivity and life. Generally, over the prescribed lifespan of medical devices, there could be some components prone to wear and tear, or their technology becomes obsolete. Some products may not be produced anymore, not supplied to certain areas, and could be complex to install. Therefore, refurbishment of such equipment proves useful, additionally boosting the market for pre-owned medical devices market.
Global Pre-Owned Medical Devices Market: Trends and Opportunities
The perpetually surging geriatric population, accidents and injuries results in a large number of surgeries being performed globally, each day. With the healthcare sector flourishing all over the globe, rise in governmental support, strict regulatory practices and sturdy reimbursement policies are foretold to bolster the rise of the market.
The majority of healthcare organizations in developing countries are striving to reduce their capital investment in purchasing medical equipment and devices. With rapid advancements in medical technology, several new medical equipment is being introduced into the market. Along with this, the concept of affordable buying is building, and is one of the significant factors driving the market for pre-owned medical devices in emerging economies. The pre-owned medical devices improve the economy with an increased level of patient satisfaction, reduced toxic and electronic waste, thus improving the overall quality of health.
The rise in adoption of green practices a vital trend boosting the growth of the market in the coming years. As it is both an economical and environment-friendly option, many vendors are implementing the process of remanufacturing and commercialization of pre-owned medical devices across the world.
Global Pre-Owned Medical Devices Market: Geographical Analysis
On the basis of geography, North American and the Asia-Pacific are responsible for holding a large part of the world market for pre-owned medical devices. Over the coming years, these regions are also expected to register a positive growth trajectory. A number of countries in Europe and RoW discourage the use of pre-owned medical devices, and thus demonstrate lower opportunity for market growth.
Global Pre-Owned Medical Devices Market: Companies Mentioned
Some of the prominent players of the global pre-owned medical devices market are Siemens Healthcare, Soma Technology, Inc., Agito Medical, Philips Healthcare, Toshiba Medical Systems Corporation and GE Healthcare Ltd.
The global pre-owned medical devices market is segmented as follows:
- Global Pre-Owned Medical Devices Market, by Devices
- C-arm Devices
- CT Machines
- Ultrasound Machines
- Nuclear Imaging and Medicine Devices
- X-Ray and Mammography Machines
- MRI Machines