Refurbished Medical Equipment Market
Refurbished Medical Equipment Market (Product: Medical Imaging Equipment, Operating Room Equipment, Patient Monitoring Devices, and Others; Application: Cardiology, Respiratory and Gastroenterology, Neonatal Care, Orthopedic, and Others; and End User: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
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.
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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.
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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.
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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: Overview
- The global refurbished medical equipment market was valued at ~US$ 8 Bn in 2018 and is projected to expand at a high CAGR from 2019 to 2027. Rise in prevalence of various chronic conditions such as cardiology, respiratory & gastroenterology, neonatal condition, orthopedic, gynecology, and other conditions; stringent regulatory scenarios for refurbished medical equipment, favorable reimbursement policies; rising mergers & acquisitions; and presence of key players, especially in developing countries, are anticipated to propel the global refurbished medical equipment market.
- Refurbished medical equipment are the restored or repaired devices, which involves repairing, reconditioning, or software or hardware installation without removing the original device. The refurbished medical equipment includes medical imaging equipment, operating room equipment, and patient monitoring devices. The equipment falling under the above categories are MRI scanner X ray machine, heart-lung machines, and other devices. Growing burden of various diseases across the globe and rising admission of patient population are expected to boost the need for the refurbished medical equipment. The original cost of the medical equipment incurs higher cost and thus, demand of the low cost medical equipment to be used at hospitals, and specialty centers is likely to propel the refurbished medical equipment market.
- According to research, rise in prevalence of various chronic diseases is likely to increase the need of medical equipment, which, in turn, would boost the demand for refurbished medical equipment. CVD accounts for 45% of all deaths in Europe and 37% of all deaths in the European Union. CVD is the leading cause of death in men in all but 12 countries in Europe and is the primary cause of death in women in all but two countries. Moreover, in 2017, coronary heart disease, the most common heart disease, accounted for 365,914 deaths in the U.S. Moreover, around 18.2 million adults aged 20 and older are estimated to be suffering from coronary heart disease. This is expected to drive the refurbished medical equipment market in the region. The stringent regulations across the globe for refurbishing the medical equipment are likely to set the good standard and procedure for the manufacturers to develop refurbished medical equipment.
Refurbished Medical Equipment Market: Segmentation
- The global refurbished medical equipment market has been segmented based on product, application, end user, and region
- In terms of product, the global refurbished medical equipment market has been classified into medical imaging equipment, operating room equipment, patient monitoring devices, and others. Medical imaging equipment is further classified into X-ray systems, ultrasound systems, MRI scanners, CT scanner, and others. Operating room equipment is further segmented into heart-lung machines, defibrillators, anesthesia machines, electrosurgical units, and others. Patient monitoring devices is further classified into multi-parameter monitors, electrocardiography devices (ECG), pulse oximeters, neonatal monitors, and others. The medical imaging equipment segment is estimated to account for largest share of the market, owing to the increase in application of medical imaging equipment in diagnosis of neurological, cardiovascular, skeletomuscular, and oncology conditions is estimated to augment the adoption of medical imaging equipment across the globe. Moreover, introduction of Open MRI scanners has augmented the acceptance of refurbished MRI systems. Increase in demand for MRI scanners in emerging markets and quality support from OEMs for refurbished MRI scanners are estimated to boost the MRI scanner sub-segment.
- Based on application, the global refurbished medical equipment is further classified into cardiology, respiratory & gastroenterology, neonatal care, orthopedic, and others. The cardiology segment accounted for the major share of the global refurbished medical equipment market in 2018. The segment is projected to expand at a high CAGR during the forecast period. This can be attributed to rise in patient population at global level. According to the American Heart Association, between 2013 and 2016, 121.5 million adults in U.S. suffered from cardiovascular diseases.
- Based on end-user, the global refurbished medical equipment market has been divided into hospitals, diagnostic centers, ambulatory surgical centers, and others. The hospitals segment dominated the global refurbished medical equipment market in 2018, owing to dependency on hospitals for access to medical imaging services. Furthermore, budget constraints in hospitals, reduced patient flow, and demand for low cost of ownership are driving hospitals to adopt refurbished medical equipment.
Refurbished Medical Equipment Market: Regional Segmentation
- In terms of region, the global refurbished medical equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global refurbished medical equipment market in 2018, owing to high prevalence and incidences of chronic diseases in the U.S. and Canada, strong base of medical device companies in the U.S., and easy availability of refurbished medical equipment with upgraded technology in the region. These factors are expected to propel the market in North America in the next few years. Moreover, growing trend of privatization in the industry and strong presence of the distributors are likely to drive the market in the region during forecast period. Europe is likely to account for the second largest share of the global refurbished medical equipment market, followed by Asia Pacific. The attributable factors are vast base of technologically obsolete CT and MRI scanners in Europe and amended policies and regulations regarding radiation dose management.
- Moreover, presence of strong distribution channels, direct sales, and focus of key players operating in the refurbished medical equipment market are projected to propel the market in the region in the near future
- In Asia Pacific, the refurbished medical equipment market is likely to grow at a faster pace, owing to the lower cost of the refurbished medical equipment and increase in market penetration by companies as well as by establishing manufacturing facilities and distribution channels in the region. For instance, India is anticipated to be a lucrative market for medical devices, owing to the expansion of the health care sector and favorable government guidelines.
Refurbished Medical Equipment Market: Major Players
- Key players operating in the global refurbished medical equipment market are established companies offering refurbished medical instruments across the globe. These include
- Siemens Healthineers AG
- GE Healthcare
- Canon Medical Systems Corporation
- Koninklijke Philips N.V
- Atlantis Worldwide, LLC
- Block Imaging International, Inc.
- Shimadzu Corporation
- Hitachi, Ltd.
- These players are focused on adopting various organic and inorganic growth strategies to expand geographic presence, strengthen distribution network, and adapting to established guidelines, favorable reimbursement policies offering refurbished products across the globe. Companies entering into merger & acquisition and collaborating with other players and distributors are likely to boost the refurbished medical equipment market. New regulatory guidelines with policies would offer ample opportunities for hospitals and diagnostic centre to adopt advance imaging equipment systems.
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.
Refurbished Medical Equipment Market – Segmentation