According to Vision Research Reports, the global refurbished medical equipment market size surpassed at US$ 8.3 Bn in 2020 and to reach US$ 24.5 billion by 2028.
Rise in prevalence of various chronic conditions such as cardiology, respiratory & gastroenterology, neonatal condition, orthopedic, gynecology, and other conditions; stringent regulatory scenarios for refurbished medical equipment, favorable reimbursement policies; rising mergers & acquisitions; and presence of key players, especially in developing countries, are anticipated to propel the global refurbished medical equipment market.
Refurbished medical equipment are the restored or repaired devices, which involves repairing, reconditioning, or software or hardware installation without removing the original device. The refurbished medical equipment includes medical imaging equipment, operating room equipment, and patient monitoring devices. The equipment falling under the above categories are MRI scanner X ray machine, heart-lung machines, and other devices. Growing burden of various diseases across the globe and rising admission of patient population are expected to boost the need for the refurbished medical equipment. The original cost of the medical equipment incurs higher cost and thus, demand of the low cost medical equipment to be used at hospitals, and specialty centers is likely to propel the refurbished medical equipment market.
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.
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.
North America dominated the global refurbished medical equipment market in 2020 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.
Hospitals in India with Budgetary Constraints Opt for Refurbished Medical Products
Companies in the refurbished medical equipment market are exploring untapped opportunities in developing economies. India being one of the rapidly growing economies of Asia Pacific is creating a demand for affordable medical equipment. This is evident since the refurbished medical equipment market revenue in Asia Pacific is expected to grow at an aggressive pace, where the global market is projected to reach a value of ~US$ 24 Bn by the end of 2027.
The healthcare sector is witnessing better growth in tier 2 and tier 3 cities of India, which involves semi-urban and rural population looking for affordable treatment and care. This trend has sparked the demand for refurbished medical equipment in order to keep the cost of setting up hospitals at a reasonable budget. Already pre-owned, second-hand and refurbished medical equipment hold a significant share of the India medical equipment sector. Imaging and critical care equipment are among the popular choices for owning refurbished medical products.
Investing in Advanced Refurbishing Facilities Overcomes Issues Associated with Downtime of Equipment
The refurbished medical equipment market is estimated to register a striking CAGR of ~13% during the forecast period. However, costs involved in maintaining the uptime of refurbished medical equipment is prohibitively expensive for budget-constrained healthcare systems. Moreover, many sellers are ignorant to invest in fulfilling the requirements of sustained performance mandatory in refurbished products. This has tarnished the reputation of other reliable companies in the refurbished medical equipment market, which is likely to hamper market growth. Hence, companies are increasing awareness to only buy refurbished products from trusted and reliable sellers.
Key market players invest in people skills and training to maintain optimum performance of refurbished medical equipment. They are increasing spending in state-of-the-art refurbishing facilities and stock of spares to bolster their credibility credentials in the global healthcare landscape. OEMs such as GE, Siemens, Toshiba, and Philips are gaining increased visibility, owing to their investments in refurbishing facilities. Market players are complying with regulatory standards of every country they operate in to boost their credibility in the global market landscape.
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.
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.
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 2020, 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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The Refurbished medical equipment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Refurbished medical equipment market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Refurbished medical equipment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Refurbished medical equipment market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Refurbished medical equipment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Refurbished medical equipment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Refurbished medical equipment by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Refurbished medical equipment market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Refurbished medical equipment market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Refurbished medical equipment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Refurbished medical equipment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Refurbished medical equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Refurbished medical equipment market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Refurbished medical equipment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Refurbished medical equipment market. These factors have benefited the growth of the global market for Refurbished medical equipment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Refurbished medical equipment. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Refurbished medical equipment are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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