Refurbished Medical Equipment
Market - Regional Analysis
Regional segmentation of Refurbished
Medical Equipment Market by Coherent Market Insights includes North
America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North
America holds dominant position in refurbishment medical equipment market,
owing to presence of major medical devices manufacturers, also providing refurbishment
services and increasing number of end users. For instance, companies such as GE
Healthcare and Philips Healthcare have high presence in this region. Moreover,
according to American Hospital Association (AHA), an annual survey of hospitals
in the U.S. suggests the total number of registered hospitals in the U.S. in
2017 were 5,534, which increased to 5,564 in year 2018. This increasing number
of healthcare centers such as hospitals is leading to increasing demand for new
as well as refurbished medical equipment, which in turn is positively impacting
growth of the refurbished medical equipment market. Moreover, Asia Pacific is
expected to witness fast growth due to improving medical facilities, unmet
medical needs and increasing medical tourism.
Refurbished medical equipment is
defined as a restored medical device rebuilt to a condition that is comparable
to the new equipment. Refurbishment includes reconditioning, repair,
installation of certain software/hardware updates without changing the intended
use of the original device, and replacement of worn parts. Technology in terms
of software, hardware and others is changing at a faster pace, which shortens
the interval between the purchase of superior systems and worn out of
preoccupied devices. Factors driving growth of refurbished medical equipment
market are increasing involvement of key manufacturers in refurbishment of
their equipment and increasing demand of cost effective systems by small scale private
hospitals and clinics. For example, high cost of huge and technologically
complex equipment such as MRI systems and CT scanners is a restraining factor
for small scale private hospitals and clinics, which leads to high demand for
refurbished medical equipment and in turn propelling the market growth.
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Refurbished Medical Equipment
Market DriverS
Increasing focus of original
equipment manufacturers in refurbishment of medical device is expected to
propel growth of the refurbished medical equipment market. For instance,
companies such as GE Healthcare, Siemens, and Philips have now started focusing
on refurbishment of large scanning machines such as angiography, radiology
based equipment, magnetic resonance, X-ray systems, and other molecular imaging
devices and are offering it at around 30% less cost of the new systems.
Original equipment manufacturer-based refurbishment is more trusted by the end
users. Moreover, adoption of effective remanufacturing standards is expected to
enhance adoption of refurbished medical devices. For instance, Siemens
remanufacturing process adheres to EN ISO 13485: 2003, which ensures quality
management systems are used by medical device manufacturers and ISO 14001:
1996, which is an international standard for an effective environmental
management system.
Increasing demand for medical
devices at low cost is expected to aid in growth of the refurbished medical
device market during the forecast period. Demand for refurbished medical device
is higher in low income countries, due to low disposable income in the regions.
High cost of large and technological advanced equipment is also estimated to
have a major impact on growth of refurbished equipment market. Refurbished
medical equipment are available at 30 to 50% lower price as compared to new
equipment. Moreover, e-commerce platforms are expected to provide easy selling
and purchasing options for refurbished medical equipment.
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Refurbished Medical Equipment
Market Restrain
Dearth of standardized regulatory
policies for resale of refurbished device is expected to hamper the market
growth over the forecast period. Moreover, negative perception about
refurbished product is also expected to be a major restrain for growth of
refurbished medical device market.
Refurbished Medical Equipment
Market – Competitive Landscape
Key players operating in the
refurbishment of medical device market include GE Healthcare (a wholly owned
subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke
Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging
International, Inc., and Agito Medical A/S.
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