Refurbished Medical Equipment Market: Overview
The global refurbished medical equipment market is displaying robust growth and is predicted to continue doing so in the forthcoming years. The growth of the market stems from increasing demand from developed countries, which was limited only to developing countries until recently. Contradictory to popular beliefs, refurbishment of medical equipment is an organized industry wherein safety and efficacy aspects of newly modeled medical equipment are well satisfied before brought into use.
The report examines current growth trends and demand drivers to provide insightful information of growth trajectory of refurbished medical equipment market for the forecast period between 2019 and 2027. The report presents most relevant data to understand growth dynamics of refurbished medical equipment market over the forecast period. Analysis of geographical distribution and competitive outlook of the refurbished medical equipment market are some aspects of the refurbished medical equipment market covered in this report.
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Refurbished Medical Equipment Market: Competitive Landscape
The refurbished medical equipment market features a largely consolidated vendor landscape wherein key share is held by some large companies. High level of technological expertise needed for refurbishment of medical equipment is a factor it witness participation mostly from original equipment manufacturers (OEMs). This accounts for dominance of OEMs in refurbished medical equipment market.
Prominent players having significant presence in the global refurbished medical equipment market include GE Healthcare, Philips Healthcare, Johnson & Johnson, DMS Topline, Soma Technology, GE Healthcare, Siemens Healthcare, Agito Medical, and First Source Inc.
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Refurbished Medical Equipment Market: Key Trends
Rapid technological advances in medical equipment that is practically difficult for healthcare institutions to change frequently is a key factor behind surging demand for refurbished medical equipment. Healthcare institutions of all sizes, including large ones are increasingly opting for remodeled medical equipment anytime there is a need to change. Besides basic cost and overheads, installation of latest technology medical equipment involves huge added cost of technical personnel for their use. This is stoking demand for refurbished medical equipment.
In this scenario, large medical equipment manufacturers are focusing on refurbishment of expensive medical equipment as considerable part of business. Medical equipment manufacturers such as GE Healthcare and Siemens are focusing on refurbishment of scanning machines for angiography, magnetic resonance imaging, and X-rays among others.
In developed countries, exorbitant rise in cost for refurbishment of healthcare facilities is compelling healthcare administrators to seek for economical options. This is a key reason behind notable rise in demand for refurbished medical equipment in developed countries.
On the downside, absence of standard regulatory framework for resale of refurbished medical equipment hinders growth of refurbished medical equipment market. Medical equipment manufacturers involved in refurbishment of medical equipment are mostly not bound by price regulations that makes buyers at the receiving end. This accounts for somewhat slow growth of refurbished medical equipment market.
Refurbished Medical Equipment Market: Geographical Analysis
Key regions across which the refurbished medical equipment market is spread are North America, Asia Pacific, Europe, and Rest of the World. Among them, Asia Pacific displays substantial demand for refurbished medical equipment. Economic development in developing countries of the region has resulted in crop up of mid to small size private healthcare institutions in large numbers. Budget constraints compel these institutions to install refurbished medical equipment for rendering healthcare. Refurbished medical equipment mostly fits in the of large populations of economically weak classes, demand for refurbished medical equipment in developing regions is set to continue to rise. This benefits refurbished medical equipment market in Asia Pacific.
Meanwhile, developed countries of North America and Europe are emerging as key markets for refurbished medical equipment. Hefty prices of brand new equipment that are becoming unaffordable due to cost constraints is compelling healthcare institutions to opt for remodeled ones. This is fuelling growth of refurbished medical equipment market in North America and Europe.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.