Refurbished Medical Equipment Market, By Product Type (Operating Room Equipment & Surgical Equipment, Patient Monitors, Defibrillators, Medical Imaging Equipment, Cardiovascular & Cardiology Equipment, Neurology Equipment, Endoscopy Equipment, Intensive Care Units Equipment, Neonatal Intensive Care Units Equipments, IV Therapy Systems, and Others), By End Users (Hospitals, Diagnostic Centers, Clinics, Ambulatory Surgical Center, and Others), and By Region - Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2018-2026

  • To Be Published : Jun 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of the original device, and replacement of worn parts. Technology in terms of software, hardware and others is changing at a faster pace, which shortens the interval between the purchase of superior systems and worn out of preoccupied devices. Factors driving growth of refurbished medical equipment market are increasing involvement of key manufacturers in refurbishment of their equipment and increasing demand of cost effective systems by small scale private hospitals and clinics. For example, high cost of huge and technologically complex equipment such as MRI systems and CT scanners is a restraining factor for small scale private hospitals and clinics, which leads to high demand for refurbished medical equipment and in turn propelling the market growth.

Refurbished Medical Equipment Market DriverS

Increasing focus of original equipment manufacturers in refurbishment of medical device is expected to propel growth of the refurbished medical equipment market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems. Original equipment manufacturer-based refurbishment is more trusted by the end users. Moreover, adoption of effective remanufacturing standards is expected to enhance adoption of refurbished medical devices. 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.

Increasing demand for medical devices at low cost is expected to aid in growth of the refurbished medical device market during the forecast period. Demand for refurbished medical device is higher in low income countries, due to low disposable income in the regions. High cost of large and technological advanced equipment is also estimated to have a major impact on growth of refurbished equipment market. Refurbished medical equipment are available at 30 to 50% lower price as compared to new equipment. Moreover, e-commerce platforms are expected to provide easy selling and purchasing options for refurbished medical equipment.

Refurbished Medical Equipment Market Restrain

Dearth of standardized regulatory policies for resale of refurbished device is expected to hamper the market growth over the forecast period. Moreover, negative perception about refurbished product is also expected to be a major restrain for growth of refurbished medical device market.

Refurbished Medical Equipment Market - Regional Analysis

Regional segmentation of refurbished medical equipment market by Coherent Market Insights includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds dominant position in refurbishment medical equipment market, owing to presence of major medical devices manufacturers, also providing refurbishment services and increasing number of end users. For instance, companies such as GE Healthcare and Philips Healthcare have high presence in this region. Moreover, according to American Hospital Association (AHA), an annual survey of hospitals in the U.S. suggests the total number of registered hospitals in the U.S. in 2017 were 5,534, which increased to 5,564 in year 2018. This increasing number of healthcare centers such as hospitals is leading to increasing demand for new as well as refurbished medical equipment, which in turn is positively impacting growth of the refurbished medical equipment market. Moreover, Asia Pacific is expected to witness fast growth due to improving medical facilities, unmet medical needs and increasing medical tourism.

Refurbished Medical Equipment Market – Competitive Landscape

Key players operating in the refurbishment of medical device market include GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S.

Market Taxonomy

Global refurbished medical equipment market is segmented on the basis of product type:

  • Operating Room Equipment & Surgical Equipment
  • Patient Monitors
  • Defibrillators
  • Medical Imaging Equipment
  • Cardiovascular & Cardiology Equipment
  • Neurology Equipment
  • Endoscopy Equipment
  • Intensive Care Unit Equipment
  • Neonatal Intensive Care Units Equipment
  • IV Therapy Systems
  • Other Equipment

Global refurbished medical equipment market is segmented on the basis of end user

  • Hospitals
  • Diagnostic Centers
  • Clinics
  • Ambulatory surgical centers
  • Others

Global refurbished medical equipment market is segmented on the basis of region

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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