Refurbished Medical Equipment Market to Set Phenomenal Growth by 2026
Refurbished Medical Equipment Market: Introduction
According to the report, the global refurbished medical equipment market was valued at ~US$ 8 Bn in 2018 and is projected to expand at a high CAGR during the forecast period. Refurbished medical equipment are the devices used after rebuilding, repairing, and installed without changing the original content of the equipment. The refurbished equipment are in growing demand, owing to their cost effectiveness and budget constraints in various hospitals, clinics, and diagnostic centers. Several OEM manufacturers are properly restoring the devices as per original safety & effectiveness by the original equipment manufacturer (OEM). Medical imaging equipment, operating room equipment, patient monitoring devices, and other medical equipment are summarized as refurbished medical equipment. The global refurbished medical equipment market is driven by rise in prevalence of chronic diseases, increase in surgeries across the globe, and favorable guidelines for adoption of refurbished medical equipment. Refurbished medical imaging equipment and parts are available at 40% to 60% of the prices of new devices. Moreover, suppliers assure timely delivery and services, which make refurbished medical equipment a preferred choice among hospitals, diagnostic imaging centers, and private practitioners.
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North America dominated the global refurbished medical equipment market in 2018 and the trend is anticipated to continue during the forecast period. The region’s dominance can be ascribed to the growing patient population suffering from various chronic diseases, favorable reimbursement policies, stringent regulatory policies for developing standard refurbished devices, and presence of key players. Strong distributors’ networks and expansion of OEM suppliers in the region are estimated to augment the market in North America.
Technological Advancements and Favorable Sales Support Offered by Key Players to Propel Global Market
Ongoing development of medical devices technologies is bringing advanced medical equipment to remain competitive in the healthcare services sector. Faster adoption of replacement or upgrades of existing medical devices equipment by various healthcare providers are estimated to boost the refurbished medical equipment growth. Demand for technically advanced imaging equipment and simultaneous cost constraints among hospitals and imaging diagnostic centers are likely to augment the demand for refurbished imaging equipment and parts. Emerging markets such as India, Brazil, and China are likely to account for a significant share of this demand. Moreover, increase in penetration of major manufacturers in developing countries to reduce capital investment is anticipated to propel the refurbished medical equipment market.
Several OEMs (original equipment manufacturers) and third-party providers have established dedicated divisions for refurbished medical equipment. These divisions provide full customer support, right from installation to maintenance of equipment. For instance, GE Healthcare has established the GoldSeal Refurbishment Program for refurbished medical equipment, which provides complete after-sales support, along with installation assistance. Moreover, Siemens operates its refurbished equipment business through the Ecoline unit, and Koninklijke Philips N.V. has its diamond select platform for refurbished imaging equipment. These factors are likely to augment the growth of the refurbished medical equipment market.
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Rise in Number of Mobile and Shared Imaging Service Providers to Drive Global Market
The trend for mobile and shared imaging service providers is likely to increase in developed as well as emerging markets. Budget constraints, technology obsolescence, below average number of procedures, and patient accessibility are prompting hospitals and diagnostic imaging centers to opt for mobile and shared imaging services. Moreover, several hospitals and healthcare providers offer home-based imaging services for ultrasound and X-ray procedures to retain patients and offer healthcare accessibility. Costing, in terms of capital equipment is a major concern among these service providers. OEMs and third-party refurbishers can tap these opportunities to reach this expanding market to offer their affordable and quality refurbished imaging equipment.
Refurbished Medical Equipment Market: Prominent Regions
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, followed by Europe. This can be attributed to the large patient pool suffering from chronic diseases such as orthopedic, cardiovascular, neurological, and urologic. Moreover, increase in patient preference for minimally invasive surgeries and number of regulatory approvals for advanced medical equipment is likely to propel the demand for refurbished medical equipment. Furthermore, increase in privatization and growing adoption of the low cost equipment is likely to drive the refurbished medical equipment market.
High rate of adoption of refurbished medical equipment in the U.S. has contributed to the leading share held by North America in the global market. Presence of OEMs and third-party refurbishers in North America has contributed for leading share of the region in the global market. Increase in demand for refurbished medical equipment in public hospitals, private hospitals, clinics, and diagnostic centers is expected to drive the refurbished medical equipment market during the forecast period.
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Mergers & Acquisitions and Collaborations by Key Players to Drive Global Market
The global refurbished medical equipment market is consolidated, with the presence of established key players offering refurbished product in the market. The market is dominated by players with strong geographic presence and product offerings. Companies such as Siemens Healthineers AG, GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips N.V, Atlantis Worldwide, LLC, Block Imaging International, Inc., Shimadzu Corporation, and Hitachi, Ltd. are offering refurbished medical equipment across the globe. Collaborations, mergers & acquisitions, and launching of innovative products with approved guidelines are the major strategies adopted by key players offering refurbished medical equipment in the market. In May 2018, Global Medical Imaging, a part of Avante Health Solutions, received ISO 13485:2016 standards certification. This strengthened its market position and is expected to ease its international operations in offering sales and services of new and refurbished ultrasound systems and probes. In April 2018, Merry X-Ray Corporation, one of the leading distributors and service providers of X-ray systems in the U.S., announced the acquisition of Nationwide Imaging Services, Inc., a leading international provider of refurbished medical imaging equipment and parts. In February 2018, Philips completed the acquisition of Denmark-based AGITO Medical, which was engaged in sales and service of refurbished imaging systems and parts. This acquisition strengthened Philips’ offerings in multi-vendor service support in Europe.
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