Refurbished Medical Equipment Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Refurbished medical equipment’s are basically medical products which are restored or rebuilt to their original working condition after use. The refurbishment is usually carried out through a process involving the renovation, reconditioning, repair, and installation of certain software / hardware updates without altering the intended use of the original device and the replacement of worn parts. This effectively enhances the overall lifetime of the equipment’s.
Refurbished equipment’s are then sold at a considerably lower price in comparison to new machines after being properly checked and tested by the quality control department.
Few major advantages of refurbished medical equipment’s include elimination of waste and conservation of resources; growth in access to healthcare in markets with growing cost pressures for healthcare; and lastly the generation of economic benefits from extending the value of manufacturing equipment’s lifecycle. As a result, these equipment’s are highly desired in hospitals, clinics, and other healthcare institutions.
The global refurbished medical equipment market is anticipated to grow at a CAGR of around 12.5% over the period of next 5 years.
MARKET DRIVERS:
The growth of this market is attributed towards major pertaining factors including; the surging demand for capital-intensive diagnostic imaging equipment around the globe, the growing demand for refurbished medical equipment in the private healthcare sector, the expanding population base suffering from critical ailments worldwide, the increasing number of diagnostic centers & hospitals across regions, the proliferating demand for cost-effective systems from small-scale private hospitals and clinics and the rising awareness among people regarding refurbished medical equipment etc.
Additionally, technological advancements and new innovations have been a continuous trend in the healthcare landscape since a long-time now. The emergence of technology and the growing prevalence of ‘affordable buying’ are inclining manufacturers’ to focus more on retrofitting their equipment’s rather than on buying new equipment’s. Also, for small scale private hospitals and clinics, the high cost of huge and technologically complex equipment such as MRI systems and CT scanners is a huge restraining factor. Opting for refurbished equipment’s without compromising on quality saves their cost and hence contributes considerably to the growth of the market.
Moreover, refurbishments done by original equipment manufacturers are more trusted by the end users. At present, these OEMs are seen to be increasingly adopting effective remanufacturing standards and established government validated refurbishment processes. 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. This increasing focus of original equipment manufacturers in refurbishment of medical device is expected to fuel growth of the refurbished medical equipment market comprehensively in the coming years.
Furthermore, other factors such as the proliferation of e-commerce platform enhancing the ease of purchase of refurbished medical equipment’s, the low purchasing power in emerging economies, surging prevalence of chronic diseases are also boosting the market growth. In addition, the integration of devices with Internet of Things (IoT) coupled with the extensive efforts by both government and non-governmental organizations (NGO) to make quality healthcare facilities accessible to all, the increasing privatization in the healthcare sector and the rising trend of medical tourism further contribute in propelling the growth of this market.
However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack of standardized regulatory policies for the resale of refurbished medical devices, increase in the influx of low-cost new medical devices, the high associated cost of research and development, complex government approval processes and the negative perception about the quality of refurbished medical devices restrain the growth of this market.
REFURBISHED MEDICAL EQUIPMENT MARKET SEGMENTATION:
By Product:
- Medical Imaging Equipment
- Operating Room & Surgical Equipment
- Patient Monitors
- Cardiology Equipment
- Urology Equipment
- Neurology Equipment
- Intensive Care Equipment
- Endoscopy Equipment
- IV Therapy Systems
- Other Medical Equipment
By Application:
- Diagnostic
- Cardiology
- Urology
- Neurology
- Orthopedics
- Physiology
- Emergency Medicine
- Oncology
- Obstetrics/Gynecology (OB/GYN)
- Other Diagnostic Applications
- Therapeutic
- Cardiology
- Urology
- Neurology
- Orthopedics
- Physiology
- Emergency Medicine
- Oncology
- Obstetrics/Gynecology (OB/GYN)
- Other Therapeutic Applications
By End User:
- Hospitals
- Ambulatory Care Centers
- Clinics
- Diagnostic Imaging Centers
- Other End Users
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
REGIONAL INSIGHT:
The North American region is the largest regional market for refurbished medical equipment, and the dominance of which is expected to remain stable in the upcoming years as well. The growth in the region can be well attributed to factors such as the presence of advanced healthcare infrastructure in the region, the growing governmental support coupled with the expansion of OEM suppliers in the region and the proliferating number of favorable regulatory scenario for the sale and use of refurbished medical devices in the region etc. Moreover, the growing geriatric population suffering from various chronic diseases, the implementation of stringent regulatory policies for developing standard refurbished devices, the presence of key players and the growing adoption of the low-cost equipment in the region also contribute to the market growth in the region etc. The major contributor in the region is the U.S.
In terms of region, the Asia Pacific region is the fastest growing regional market in the refurbished medical equipment market. The region’s growth is expected to multifold in the next few years on account of various associated factors. Some of the factors include the presence of vast patient pool, the growing trend of privatization, the increasing demand for refurbished medical equipment by low-budget hospitals and clinics, the presence of well-established companies, the increasing incidence of chronic and infectious diseases in the region and the increasing public healthcare expenditure in the region etc. Furthermore, the rapidly increasing aging population, growing favorable government policies and the developing medical tourism industry also contribute significantly in the growth of this region’s market. The major contributors in the region include India and China.
FEW KEY PLAYERS IN REFURBISHED MEDICAL EQUIPMENT MARKET:
- Cura Healthcare
- Siemens Healthineers
- Koninklijke Philips N.V.
- Avante Health Solutions
- Hilditch Group
- Everx Pvt Ltd.
- Integrity Medical Systems Inc.
- Radiology Oncology Systems Inc.
- Japan Central Medical Inc.
- Hoyu And Co. Ltd.
- Sanrad Medical Systems
- Ge Healthcare
- Rhombus Medical Equipment Llc
- Blue Start Limited
- Cielo Co. Ltd
- Soma Technology Inc.
- Block Imaging International Inc.
- Agito Medical A/S
- Dre Inc.
- Philips Healthcare
- Johnson & Johnson
- Pacific Healthcare Imaging Llc
- Venture Medical Requip Inc.
- Desert Tech Medical Systems
- Hi Tech International Group Inc.
- Master Medical Equipment
- Us Med-Equip
- Fair Medical Co. Ltd.
- Future Health Concepts
- Us Medical Systems Llc
- Nationwide Imaging Services
- Bond Japan Co. Ltd.
- Flexraymedical Aps
- Amber Diagnostics
- Dms Topline
- First Source Inc.
- Other Players
RECENT DEVELOPMENTS:
- In December 2020, TRIMEDX, a provider of clinical engineering, medical device cybersecurity and clinical asset management solutions to healthcare providers, announced the acquisition of Centurion Service Group, a full-service surplus medical equipment management company, to expand its Clinical Asset Management offering. Centurion along with other services is also engaged in maximizing the value of surplus equipment by turning it into new equipment, refurbished equipment, or essential services.
- In January 2021, Probo Medical (“Probo”), a leading global provider of medical imaging equipment, parts, repair and service, announced the acquisition of Mount International United Services Ltd (“MIUS”). Probo Medical is a global diversified supplier of refurbished medical equipment.
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- Publication date: 12th March 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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