Global Refurbished Medical Devices Market 2016-2020
Overview of the refurbished medical devices market
According to the market research analysts at Technavio, the refurbished medical devices market is anticipated to show tremendous growth and will post an impressive CAGR of more than 7% over the estimated period. The majority of healthcare organizations in developing countries are striving to reduce their capital investment in purchasing medical equipment and devices. With rapid advancements in medical technology, several new medical equipment is being introduced into the market. Along with this, the concept of affordable buying is building, which is one of the primary factors driving the market for refurbished medical devices in emerging economies. The pre-owned or used medical equipment improve the economy due an increased level of patient satisfaction, reduction in electronic and toxic waste, thereby improving the overall quality of health.
The increasing adoption of eco-friendly practices is one of the recent trends spurring this market’s growth in the coming years. The augmented adoption of refurbished medical devices helps reduce e-waste, lowers landfill, and significantly reduces the burden of disposing of waste, thereby reducing pollution. As it is both an economical and environment-friendly option, many vendors are implementing the process of remanufacturing and commercialization of refurbished devices. Besides, selling surplus devices to medical institutions or exporting them to other countries also generates a higher revenue for the manufacturers. This would, in turn, aid healthcare institutions to divert this income for other developmental activities.
Competitive landscape and key vendors
Owing to the presence many large, medium, and small sized companies in the market, the global refurbished medical devices market is highly fragmented. The technological advances and product upgrades will increase the competition among vendors.
Key vendors in this market are -
- GE Healthcare
- Philips Healthcare
- Siemens Healthcare
- Toshiba Medical Systems
Other prominent vendors in the market include Agito Medical, Block Imaging International, DRE, Everx, Integrity Medical Systems, Radiology Oncology Systems, Soma Technology, and Stryker.
Segmentation by product and analysis of the refurbished medical devices market
- Refurbished radiation oncology systems
- Refurbished biotechnology instruments
- Refurbished minimally invasive devices
- Refurbished diagnostic imaging equipment
The refurbished diagnostic imaging equipment segment dominated the market and accounted for over 75% of the total market shares. Diagnostic imaging equipment is used to create a visual representation of the internal organs of the body to help in medical intervention and clinical analysis. Equipment such as X-rays, ultrasound systems, mammography equipment, MRIs, and CT systems are used for imaging in conditions such as cancer, Alzheimer's disease, and disorders of the reproductive organs. The number of radiological medical procedures have increased as a result of improved healthcare policies and advances in diagnostic imaging equipment technology will boost this segment’s growth in the coming years.
Geographical segmentation and analysis of the refurbished medical devices market
In terms of geographical regions, the Americas was the leading market for refurbished medical devices and accounted for close to 61% of the revenue market shares during 2015. The US was the highest revenue contributor in the region. All of the used medical equipment has to be registered with the FDA, which is one of the major factors contributing to this market’s growth.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global refurbished medical devices market?
- What are the key market trends impacting the growth of the global refurbished medical devices market?
- What are the challenges to market growth?
- Who are the key vendors in the global refurbished medical devices market?
- What are the market opportunities and threats faced by the vendors in the global refurbished medical devices market?
- What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global refurbished medical devices market?
Technavio also offers customization on reports based on specific client requirement.
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A medical device is considered to be refurbished when the device or a part of the device is rebuilt from one or more used medical devices and can be used for the purpose initially intended by the original device. The augmented demand for low-cost medical devices and increasing privatization in the health care sector in developing countries is likely to lead to the increasing adoption of refurbished medical equipment and devices in the future. GE Healthcare and Philips Healthcare are some of the key players identified in this market space.
The report, global refurbished medical devices market, is part of Technavio’s healthcare and life sciences research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as cardiovascular and metabolic disorders, central nervous system, oncology, medical imaging, life science research tools, and vaccines. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.