Sudden Outbreak of COVID Projected to Bolster Demand Opportunities in Refurbished Medical Equipment Market, Says TMR Study

The refurbished medical equipment market has been estimated to experience noticeable growth avenues in the forthcoming years. This market growth can be attributed to the sudden outbreak of the COVID-19 cases across the world at a rapid pace. The pandemic has actually exposed the vulnerability of the healthcare system around the world. The ongoing shortage of the PPE (personal protective equipment) has bolstered the demand for refurbished and used medical equipment, for example, ventilators and some other equipment for critical care. Owing to this increasing demand for this refurbished medical equipment, the market has been predicted to experience significant growth opportunities in the upcoming years.

The Indian government has lifted the ban on the import of used and refurbished equipment in the medical industry. This initiative has stimulated the key market players to capitalize on the trend. Furthermore, the Union Environment Ministry of India has announced to relax the import ban of the country up to September 2020 in order to support the hospitals that are in need of ventilators.

Various significant efforts have been taken by the Indian healthcare system to enhance the preparedness against the ongoing pandemic. The government is putting efforts to increase ventilators inventory. Although there is stringent regulation in the country that prohibits the usage of waste materials, the health ministry is making an exception by lifting the ban on import in order to tackle the uncertainties related to the pandemic. Thus, based on these factors, the refurbished medical equipment market has been expected to enjoy growth avenues in the forthcoming years.  

As per the research report by Transparency Market Research, the refurbished medical equipment market is predicted to expand at a CAGR of ~13% and reach the valuation of ~US$ 24 Bn. during the forecast period from 2019 to 2027.

Increasing Investment in Advanced Refurbishing Facilities Estimated to Overcome Issues Related to Equipment Downtime

The key market players serving in the refurbished medical equipment market are investing a handsome amount. This investment is for the training and skills enhancement people in order to maintain the optimum performance of the refurbished medical equipment. These players are increasing their spending in state-of-art refurbishing facilities to bolster the credibility credentials in the healthcare landscape across the globe. Further, these players also comply with every country’s regulatory standards where they operate.

The costs related to the maintenance of the uptime of the refurbished medical equipment are comparatively expensive and put certain constraints for its market growth. In addition to this, there are a few sellers in the market that are ignorant about the investment to fulfill the requirements of the sustained performance that is mandatory in the refurbished products. This has put an adverse impact on the image of the reliable companies serving in the refurbished medical equipment market. Further, it is likely to hamper the growth prospects in the market. These factors are likely to help in order to create awareness to buy products from reliable and trusted sellers.

Some of the key players serving in the refurbished medical equipment market include Siemens Healthineers AG, Hitachi, Ltd., GE Healthcare, Shimadzu Corporation, Koninklijke Philips N.V., Block Imaging International, Inc., and Atlantis Worldwide, LLC.

Indian Hospitals With Budgetary Constraints estimated to Opt Refurbished Medical Products

The players operating in the refurbished medical equipment market have been exploring opportunities in the developing economies around the world. India is serving as the rapidly growing economy in the Asia Pacific region and creating demand for affordable medical equipment. The market for refurbished medical equipment is likely to grow at a rapid pace during the forecast period. This growth can be on the back of the improved healthcare sector in tier 2 and tier 3 cities in India. These semi-urban and rural population areas are looking for affordable care and treatment. This trend is likely to fuel demand opportunities in the refurbished medical equipment market.

The global refurbished medical equipment market is divided into:

  • Global Refurbished Medical Equipment Market, by Product
    • Medical Imaging Equipment
      • X-ray Systems
      • Ultrasound Systems
      • MRI Scanners
      • CT Scanner
      • Others
    • Operating Room Equipment
      • Heart-lung Machines
      • Defibrillators
      • Anesthesia Machines
      • Electrosurgical Units
      • Others
    • Patient Monitoring Devices
      • Multi-parameter Monitors
      • Electrocardiography Devices (ECG)
      • Pulse Oximeters
      • Neonatal Monitors
      • Others
  • Global Refurbished Medical Equipment Market, by Application
    • Cardiology
    • Respiratory and Gastroenterology
    • Neonatal Care
    • Orthopedic
    • Others
  • Global Refurbished Medical Equipment Market, by End Use
    • Hospitals
    • Diagnostic Centers
    • Ambulatory Surgical Centers
    • Others
  • Global Refurbished Medical Equipment Market, by Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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