Importation of used and refurbished medical equipment is permitted in some countries given that the products must meet local regulatory requirements. Canada allows importation of pre-owned medical devices.
The global pre-owned medical devices market is expected to surpass US$ 12,146.1 Mn in terms of value by the end of 2028.
Global Pre-owned Medical Devices Market: Drivers
Increasing prevalence of Covid-19 is expected to propel growth of the global pre-owned medical devices market over the forecast period. For instance, in March 2020, Bloom Energy Corp. and Almo Corporation partnered to refurbish unused, out-of-warranty ventilators for use in the management of increasing COVID-19 cases.
Global Pre-owned Medical Devices Market: Opportunities
Increasing investment is expected to offer lucrative growth opportunities for players in the global pre-owned medical devices market. For instance, in June 2020, Powered by MRP, a provider of new and pre-owned devices, announced OM2, a tech venture fund's Series A round investment.
Global Pre-owned Medical Devices Market: Recent Developments
In January 2021, Block Imaging has acquired Platinum X-Ray Solutions, an imaging field service organization serving the Houston, TX and Dallas, TX areas in the U.S. Through this acquisition, Block Imaging continues to expand in providing refurbished imaging equipment, parts, and service.
On March 31, 2021, Fujifilm Healthcare has acquired Hitachi Diagnostic Imaging with integrated portfolio of diagnostic products and services, including CT, MRI, X-ray, AI, PACS, endoscopy and ultrasound systems.
In July 2020, Probo Medical, Probo Medical is a diversified supplier of refurbished medical equipment, has acquired certain assets of KPI Healthcare, Inc. As part of this transaction, Probo will add the highly regarded sales team of KPI in the US and Europe to its existing sales team and will have the opportunity to serve KPI’s global customer base for their future medical imaging equipment needs.
Global Pre-owned Medical Devices Market: Restraints
OEMs offering pre-owned medical devices is expected to hinder growth of the global pre-owned medical devices market. OEMs operate in the secondary market i.e. refurbished pre-owned medical devices market apart from manufacturing new medical devices. OEMs thus garner favorable customer perception about quality of the refurbished devices. OEMs often limit the software access and limit passwords through the use of ‘locational licenses’. This ‘locational license’ practice limits or prohibits the customer entities from accessing refurbishment services provided by the third-party and stand-alone refurbishers.
Global Pre-owned Medical Devices Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 4:53pm CEST, 7 September 2021, there have been 221,134,742 confirmed cases of COVID-19, including 4,574,089 deaths, reported to WHO. As of 6 September 2021, a total of 5,352,927,296 vaccine doses have been administered. Various governments have approved the use their local area development fund to buy medical equipment for public hospitals in the wake of spread of COVID-19.This in turn is expected to boost demand for pre-owned medical devices. For instance, in March 2020, Government of Maharashtra, India allowed legislators to use their local area development fund to buy medical equipment for public hospitals in the wake of spread of COVID-19.
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Online auction events for pre-owned medical devices are expected to boost growth of the market. For instance, in June 2018, BidMed LLC, a source for the for the acquisition, disposition, and valuation of pre-owned medical equipment, held two-day inaugural launch of its BidMed Premier Auction Event.
The market is witnessing increasing M&A activities. For instance, in July 2019, Centurion Service Group, a medical equipment liquidation specialist, acquired Ganim Medical, a re-furbisher of medical equipment with a unique retail model that enables hospitals to acquire new and preowned equipment via revenue generated from surplus assets.
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 are focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2020, Probo Medical, a supplier of refurbished medical equipment, acquired Elite Medical Technologies, LLC and Future Medical Equipment, Ltd.
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