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The Refurbished Medical Devices market is segmented by Product (Medical Imaging Equipment, Operating Room & Surgical Equipment, Patient Monitors, Cardiovascular & Cardiology Equipment, Neurology Equipment, Endoscopy Equipment, Intensive Care Units, Other Medical Equipment), and Geography
Fastest Growing Market:
The global refurbished medical devices market is expected to witness a CAGR of 10.3% during the forecast period. Certain factors driving the market growth include cost containment pressure on healthcare organizations, a large inventory of old or used medical devices, the rising trend of medical tourism, and increasing rate of private healthcare institutions.
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment around the world. In fact, an increasing number of hospitals, which are new, are opting for alternate options to cut down on the capital investments. With the emerging technologies, there has been an increasing trend of ‘affordable buying,’ which is the basic reason for the emergence of the refurbished devices market. For example, today, a customer who is looking for any CT scanner under 4-slice opts for a refurbished unit, rather than a brand new system. The refurbished equipment allows buying of necessary devices at affordable prices, without compromising on quality; therefore healthcare facilities, including small and medium ones, purchase refurbished medical devices. Hence, the refurbished medical devices market is increasing at a high growth rate.
Refurbishment is a methodical process that brings used equipment to almost the same condition as new equipment (or sometimes even better condition for that matter). Such action provides for significant benefits both from an environmental and a social perspective. Refurbishment of medical equipment means extending the overall lifetime of the equipment itself, generally from 5/7 to 10/14 years or even more. Hence it qualifies as a method of reusing and preventing waste. This activity saves energy as well as the materials used for producing a new device.
|Cardiovascular & Cardiology Equipment|
|Intensive Care Units|
|Other Medical Equipment|
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Medical imaging is the process of making a visual representation of the interior of the body for medical intervention. These instruments help in establishing a database of normal anatomy and physiology of internal organs so that any abnormality can be noticed immediately. The medical imaging equipment includes X-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear imaging systems (pet, spect, and pet/CT), among others. Majority of the clinics and hospitals that have purchased, used, or refurbished medical equipment generally have neutral-to-positive experiences with the purchase. Most end users have been found to indicate that they purchased used or refurbished equipment due to budgetary constraints.
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North America dominates the global market, due to the high incidence of various chronic diseases, such as cardiovascular disease and cancer. The Center for Disease Control and Prevention (CDC) has stated that one person dies due to cradiovascular disease every 37 seconds in United States. This represents the high burden of cardiac disease in the country which is increasing the demand for such medical devices.
In addition to that, supportive regulatory policies for selling and using refurbished medical equipment are also expected to drive the growth of this market in North America.
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The global refurbished medical devices market is highly competitive and consists of a number of major players. Companies, like Agito medical A/S, Avante Health Solutions, Block Imaging International, Inc., Everx Pvt Ltd., GE Healthcare, Integrity Medical systems Inc., Koninklijke Philips N.V., Radio Oncology Systems Inc., Siemens Healthcare Systems, and Soma Technology, among others, hold substantial market shares in the refurbished medical devices market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Containment Pressure on Healthcare Organizations
4.2.2 Large Inventory of Old or Used Medical Devices
4.2.3 Rising Trend of Medical Tourism
4.2.4 Growing Rate of Private Healthcare Institutions
4.3 Market Restraints
4.3.1 Quality Issues of Refurbished Medical Equipment among End Users
4.3.2 Reluctance to Purchase Refurbished Medical Equipment Among Public Healthcare Providers
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Medical Imaging Equipment
22.214.171.124 X-Ray Machines
126.96.36.199 Ultrasound Systems
188.8.131.52 MRI Machines
184.108.40.206 CT Scanners
220.127.116.11 Nuclear Imaging Systems (Pet, Spect, and Pet/CT)
18.104.22.168 Other Medical Imaging Equipment
5.1.2 Operating Room & Surgical Equipment
22.214.171.124 Anesthesia Machines
126.96.36.199 CO2 and Agent Monitors
188.8.131.52 Electrosurgical Units
184.108.40.206 Other Operating Room and Surgical Equipment
5.1.3 Patient Monitors
220.127.116.11 Multiparameter Monitors
18.104.22.168 Electrocardiography Devices (ECG)
22.214.171.124 Pulse Oximeters
126.96.36.199 Non-invasive Blood Pressure Monitors
5.1.4 Cardiovascular & Cardiology Equipment
5.1.5 Neurology Equipment
5.1.6 Endoscopy Equipment
5.1.7 Intensive Care Units
5.1.8 Other Medical Equipment
5.2.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.2.4 Middle-East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East & Africa
5.2.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agito medical A/S
6.1.2 Avante Health Solutions
6.1.3 Block Imaging International, Inc.
6.1.4 Everx Pvt Ltd.
6.1.5 GE Healthcare
6.1.6 Integrity Medical systems Inc.
6.1.7 Koninklijke Philips N.V.
6.1.8 Radio Oncology Systems Inc.
6.1.9 Siemens Healthcare Systems
6.1.10 Soma Technology
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments