Pre-Owned medical devices are defined as the devices that were owned earlier by any healthcare institution and that are now subject to sale or repurchase after refurbishment. ‘Refurbishment’ is defined as restoration of the device to its original specifications including replacement of basic wear parts and aesthetic changes to a complete end-to-end refurbishment. Many organizations such as the European Coordination Committee of the Radiological, Electromedical and Healthcare IT Industry (COCIR), Japan Industries Association of Radiological Systems (JIRA) and Medical Imaging and Technology Alliance (MITA) endorse this definition of pre-owned medical devices. 
 
It is widely-accepted and validated by organizations such as the COCIR, JIRA, MITA and International Association of Medical Equipment Remarketers and Servicers (IAMERS) that the process of refurbishment prolongs the effective life of a medical device. Typically, for all high-value, fixed/stationary medical devices, it has been observed that during the prescribed lifetime, many critical components undergo rapid wear-and-tear; the embedded software/technology turns obsolete. Over and above such hardware and software technological obsolescence, acquiring the components is rendered difficult due to many factors such as closure of production of components by suppliers, installation of such medical devices in difficult-to-reach geographical areas with no distribution coverage and other factors. Hence, mid-life intervention via refurbishment is thus of significance for effective and optimum usage of the medical devices.
 
The pre-owned medical devices market can thus be segmented into types of pre-owned medical devices that are refurbished, namely - X-ray and Mammography Machines, CT Machines, MRI Machines, UltraSound Machines, Nuclear Imaging and Medicine Devices and C-arm Devices. Globally, the pre-owned X-ray and Mammography machines market, from 2013, is estimated to grow at a CAGR of over 6% till 2019. The new X-ray and Mammography machines are comparatively less expensive than other new medical devices such as CT/MRI/PET/SPECT machines; hence the customer entities typically tend to purchase new X-ray and Mammography machines than such refurbished pre-owned machines. Thus currently, in terms of value, although the refurbished pre-owned X-ray and Mammography machines market accounts for the largest market, its growth rate is expected to be minimal as compared to that of other refurbished pre-owned medical devices market segments.
 
Currently, in terms of geography, the North American and the Asia-Pacific region account for the largest markets for refurbished pre-owned medical devices and are also expected to display high growth rate during the forecast period. A majority of the countries in the RoW and European regions ban or discourage the usage of refurbished pre-owned medical devices, hence these regions account for the smaller market shares for refurbished pre-owned medical devices and are also expected to display low CAGR during the forecast period.
 
 

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
.