Pre-owned medical devices are earlier owned by any healthcare institution and later subject to sale or repurchase after refurbishment. Use of pre-owned medical devices requires European certification and CE mark in the Europe.
The global pre-owned medical devices market is estimated to be valued at US$ 6,023.8 million in 2021 and is expected to exhibit a CAGR of 10.5 % over the forecast period (2021-2028).
On September 1-3, 2021, Soma Tech Intl participated in the International FIME (Florida International Medical Expo), in Florida, Miami, U.S. Current year 2021 marks the 30th year of FIME, which is the Americas’ leading medical trade fair and exhibition, gathering thousands of medical device and equipment manufacturers and suppliers, dealers, distributors, and other healthcare professionals from across the North, Central, South America, and the Caribbean.
On April 15, 2021, Siemens Healthineers has acquired Varian Medical Systems, Inc., strengthening Siemens position as a holistic partner in healthcare
On January 2021, Philips has announced to acquire Capsule Technologies which is a provider of data platforms that aim to connect all of the medical devices and record systems within a hospital—to help build out its integrated care and vital sign monitoring solutions.
North America held dominant position in the global pre-owned medical devices market in 2020, accounting for 38.1% share in terms of volume, followed by Europe and Asia Pacific, respectively. Growth of North America Pre-Owned Medical Devices Market can be attributed to established healthcare infrastructure, higher healthcare expenditure, and cost-effective medical devices available in the region
Figure 1. Global Pre-owned Medical Devices Market Value (US$ Mn), by Region, 2020
Global Pre-owned Medical Devices Market: Drivers
High cost of new medical devices is expected to propel growth of the global pre-owned medical devices market over the forecast period. For instance, surgical robots can cost as high as US$ 1.85 million to US$ 2.3 million.
Moreover, favorable after- / post- sales services are also expected to aid in growth of the market. Many of the market participants / players such as the OEMs, third-party refurbishers and stand-alone refurbishers offer customized / favorable after- / post- sales services after sale of refurbished pre-owned medical devices.
|Base Year:||2020||Market Size in 2021:||US$ 6,023.8 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||10.5%||2028 Value Projection:||US$ 12,146.1 Mn|
GE Healthcare Ltd., Philips Healthcare, Siemens Healthcare, Canon Medical Systems Corporation, AGITO Medical A/S, Probo Medical, Advanced Ultrasound Electronics, and Soma Technology, Inc
|Restraints & Challenges:||
Global Pre-owned Medical Devices Market: Opportunities
Refurbishment of CT machines, nuclear imaging and medicine devices, and c-arm devices is expected to offer lucrative growth opportunities for players in the global pre-owned medical devices market. This is owing to high cost of CT machines, nuclear imaging and medicine devices, and c-arm devices.
Moreover, growing concerns regarding e-waste is also expected to aid in growth of the market. Environmental impact of any manufacturing process is considered of prime importance. Disposing of the used / end of life - cycle medical devices requires replacement of such medical devices and a consequent need for manufacturing new devices. Such practices are increasingly being re-considered for the environmental impact.
Increasing prevalence of Covid-19 has led countries to limit the export of medical devices. For instance, in March 2020, European Union announced emergency export restrictions on some hospital supplies in wake of the COVID-19 pandemic.
The market is witnessing increasing M&A activities. For instance, in February 2020, The InterMed Group acquired Sigma Imaging Technologies, a provider of MRI/CT/PET systems including mobile units, and offers equipment evaluation, refurbishment, installation, removal, relocation and storage.
Figure 2. Global Pre-owned Medical Devices Market Share, By Type, 2020
Key Takeaways of the Graph:
Global Pre-owned Medical Devices Market: Restraints
Initiatives to ban pre-owned medical devices are expected to hinder growth of the global pre-owned medical devices market. For instance, The Association of Indian Medical Device Manufacturers (AiMeD) has strongly opposed the idea of permitting the import of any kind of pre-owned and refurbished medical equipment on the grounds of serious health safety issues.
Moreover, negative perception about the quality of the refurbished pre-owned medical devices is also expected to limit growth of the market. There exists widespread negative perception about the efficacy and accuracy of the results given by refurbished pre-owned medical devices. Many customer entities prefer new medical devices.
Global Pre-owned Medical Devices Market: Competitive Landscape
Major players operating in the global pre-owned medical devices market include, GE Healthcare Ltd., Philips Healthcare, Siemens Healthcare, Canon Medical Systems Corporation, AGITO Medical A/S, Probo Medical, Advanced Ultrasound Electronics, and Soma Technology, Inc.
Global Pre-owned Medical Devices Market: Key Developments
Major players in the market offer rental services. For instance, in September 2019, AGITO Medical announced that its Rental Solutions division is now available through NHS Supply Chain.
Pre-owned medical devices are previously owned by a healthcare facility and afterwards, repurchased or re-sold after refurbishing. Refurbishing is complete refurbishing of a used device with functional improvements including aesthetic changes and full end to end functionality. A wide variety of medical equipment and supplies can be purchased through a pre-owned medical device resale company. The equipment is made to current recommended standards and performance levels. Many quality brands are available at affordable prices through online dealers. United States remains to be the largest market for used and refurbished medical devices and supplies worldwide. For manufacturers and suppliers, the opportunities presented by the U.S. market are tremendous.
The global pre-owned medical devices market is witnessing several partnership strategies. For instance, in August 2021, Mindray North America, a medical imaging developer, partnered with Probo Medical, a seller of refurbished medical equipment to healthcare practices worldwide, for the distribution of its ultrasound systems.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section
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