Refurbished medical equipment refers to the renovation of medical devices that is installations of specific hardware and software for advanced diagnose solutions of numerous diseases. Over the last few decades, technology is changing drastically. Such installations of technology are needed in medical equipment for better performance and prevention of diseases.
The rising demand for effective equipment and increasing investment in the refurbishment of medical devices by global manufacturers is expected to drive the growth of refurbished medical equipment market. Companies such as Siemens, GE Healthcare, and Philips are emphasizing the refurbishment of scanning machines such as radiology-based equipment, angiography, X-ray systems, magnetic resonance, and other imaging devices. Moreover, expensive diagnosis techniques such as CT scanners and MRI systems is anticipated to use the alternative cost-effective medical equipment techniques, which is expected to propel the market growth. Furthermore, the rising demand for medical equipment at a lower price is expected to boost the market growth during the forecast period. Such devices are highly in demand in emerging and low-income countries owing to low disposable income. In addition, such devices are easily available in e-commerce platform and retailers.
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Geographically, refurbished medical equipment market can be segmented as North America, Europe, Asia Pacific and LAMEA.
North America is expected to be dominant in refurbishment market owing to factors including the presence of global manufacturers in medical equipment market and rising prevalence of diseases. In addition, leading companies including Philips Healthcare and GE Healthcare are providing advanced medical devices in this region. Moreover, the rising number of hospitals and high demand for refurbished medical devices is attributed to increase the market share during the forecast period. Furthermore, according to an annual survey of American Hospital Association (AHA), the total number of listed hospitals are around 5,564 in 2018 as compared to 5,534 in 2017 in the United States.
The Asia-pacific market is predicted to be growing market attributed to factors including improving healthcare infrastructure and the rising medical tourism. Moreover, unmet medical needs of APAC region are anticipated to foster the growth in the market.
Europe is expected to be growing market attributed to factors including rising geriatric population and rising demand for diagnostic equipment. Moreover, medical equipment manufacturers are also involved in the biotechnology development further providing an opportunity for market growth.
LAMEA is predicted to be the growing market in medical equipment owing to the rising prevalence of chronic diseases and untapped market especially countries such as the Middle East and Africa.
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Prominent key players in the market are GE Healthcare, Integrity Medical systems Inc., Agito medical A/S, DRE Inc., Everx Pvt Ltd., Siemens Healthcare systems, Block Imaging International Inc., Radio Oncology Systems Inc., Johnson & Johnson, Philips Healthcare, DMS Topline and First Source Inc.
GE Healthcare, one of the biggest pharmaceutical giant had recently introduced a Cardiograph system, the world’s first cardiovascular dedicated computed tomography (CT) system, at the 66th annual conference of the American College of Cardiology (ACC). This cardiograph is the result of a planned partnership between GE Healthcare and Israel company, Arineta LTD.
By Product Type:
o Operating Room Equipment & Surgical Equipment
o Patient Monitors
o Medical Imaging Equipment
o Cardiovascular & Cardiology Equipment
o Neonatal Intensive Care Units Equipment
o Endoscopy Equipment
o Intensive Care Unit Equipment
o Neurology Equipment
o IV Therapy Systems
o Other Equipment
By End User:
o Diagnostic Centers
o Ambulatory surgical centers
o North America (U.S and Canada)
o Europe (Germany, France, Italy and Rest of Europe)
o Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
o LAMEA (Brazil, Turkey, Saudi Arabia, South Africa and Rest of LAMEA)
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