The refurbished medical equipment market is expected to reach USD 11.91 Billion by 2021 from USD 6.55 Billion in 2016, at a CAGR of 12.7% during the forecast period. Increasing privatization in the healthcare sector, poor reimbursement scenario for various medical treatments, large patient population base, and presence of a large number of hospitals/clinics with budget constraints in developing countries are the major factors driving the growth of this market.
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Geographically, North America (comprising the U.S. and Canada) is expected to command the largest share of the refurbished medical equipment market in 2016, followed by Europe.
A number of factors such as the increasing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), decreasing reimbursement, and favorable regulatory scenario for the sale and use of refurbished medical devices in the U.S.
are driving the market growth in North America.
Key Target Audience:
- Original Equipment Manufacturers (OEMs)
- Third-party Refurbishers/Suppliers
- Clinical Centers
- Group Purchasing Organizations (GPOs)
- Medical Research Laboratories
- Academic Medical Centers and Universities
Forecast size of refurbished medical equipment market with respect to four main regions (along with countries), namely, North America, Europe, Asia-Pacific, and the Rest of the World. Cardiovascular & cardiology equipment segment expected to grow at the highest CAGR in next five years.
The increasing prevalence of heart-related diseases and other cardiac illnesses is the key factor increasing the adoption of these equipment, globally.
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In this report, the refurbished medical equipment market has been segmented on the basis of product (operating room equipment & surgical equipment, patient monitors, defibrillators, medical imaging equipment, cardiovascular & cardiology equipment, neurology equipment, IV therapy systems, endoscopy equipment, intensive care systems, neonatal intensive-care equipment, and other medical equipment), and region (North America, Europe, Asia-Pacific, and Rest of the World).
Objectives of the Study
- To define, describe, and forecast refurbished medical equipment market on basis of product and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micromarkets1with respect to individual growth trends, future prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the refurbished medical devices market with respect to four main regions (along with countries), namely, North America, Europe, Asia-Pacific, and the Rest of the World
- To profile the key players in the refurbished medical equipment market and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as new product launches; agreements, partnerships, and collaborations; geographic expansions; joint ventures; and mergers and acquisitions in the global refurbished medical devices market
Trends in refurbished medical equipment market. Key players operating in refurbished medical equipment market are GE Healthcare (U.S.), Koninklijke Philips N.V.
(Netherlands), Siemens Healthineers (Germany), Block Imaging International, Inc., (U.S.), Soma Technology, Inc. (U.S.), DRE Medical, Inc. (U.S.), Agito Medical A/S (Denmark), Everx Pvt Ltd.
(Australia), Integrity Medical Systems, Inc. (U.S.), and Radiology Oncology Systems, Inc.
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Growing initiatives undertaken by leading refurbished medical equipment market players (such as GE Healthcare, Philips Healthcare, and Siemens Healthineers) to establish refurbishment facilities in both mature and developing markets are further adding to the growth prospects of Refurbished Medical Equipment market. The medical imaging equipment segment holds largest share of global in 2016.