“The global refurbished medical equipment market is estimated to grow at a CAGR of 12.5% from 2014 to 2019. North America held the largest share of the refurbished medical equipment market in 2014. However, the Asia-Pacific region is poised to grow at the highest CAGR of 13.7% in the next five years. Factors such as increasing privatization of the healthcare sector, growing number of hospitals and surgical centers, and the rising focus of international and domestic players on the Asia-Pacific refurbished medical equipment market are propelling its growth.
The growth of the global refurbished medical equipment market is mainly driven by the increasing incidence/prevalence of lifestyle diseases (such as CVD and cancer), rapidly aging population, growing demand for refurbished medical products by small- and medium-sized hospitals, modernization of healthcare facilities in the emerging countries of the Asia-Pacific and RoW (Rest of the World) regions, and geographic expansions of market players across the globe. However, negative outlook of end users toward the quality of refurbished medical products is a major factor restraining the growth of this market. Growing number of private hospitals and diagnostic centers and increasing demand for refurbished equipment in emerging markets are creating opportunities for growth of the refurbished medical equipment market.
In this report, the global refurbished medical equipment market has been classified into many segments and subsegments on the basis of products, namely, operating room and surgical equipment (anesthesia machines and ventilators, CO2 and agent monitors, microscopes, electrosurgical units, and others), patient monitors (pulse oximeters, ECG devices, multiparameter monitors, and noninvasive blood pressure monitors), defibrillators (AED defibrillators and other defibrillators), medical imaging equipment (X-rays machines, ultrasounds systems, MRI machines, CT scanners, nuclear medicine systems, and others), cardiovascular and cardiology equipment (heart-lung machines, coagulation analyzers, and others), IV therapy systems, neurology equipment (EEG machines and EMG machines), endoscopy equipment, intensive care units (hardwire systems and telemetry systems), neonatal intensive care units (infant incubators and warmers, and monitors), and other medical equipment (blanket warmers, autoclaves, suction pumps, sequential compressor devices (SCDs), stretchers, cath labs, stress test systems, heaters/coolers, dry imagers, and beds).
The medical imaging equipment segment is estimated to account for the largest share of the global refurbished medical equipment market in 2014, followed by the operating room and surgical equipment segment. Factors such as increasing number of diagnostic imaging procedures, high incidence/prevalence of target diseases (such as cancer and CVD), and rising adoption of refurbished medical imaging devices by low budget hospitals/clinics are stimulating the growth of the medical imaging equipment market.
Geographically, North America (comprising the U.S. and Canada) commands the largest share of 48.0% of the global refurbished medical equipment market in 2014, followed by Europe. The refurbished medical equipment market in North America is primarily driven by the growing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), favorable regulatory scenario for sale and use of refurbished medical systems, and declining insurance reimbursements for imaging procedures.
The global refurbished medical equipment market comprises a few OEMs and large number of third-party firms or suppliers. As of 2014, the global refurbished medical equipment market was dominated by GE Healthcare (U.K.), Philips Healthcare (Netherlands), and Siemens Healthcare (Germany), which together accounted for ~41% of the market.
New service launches; agreements, partnerships, and alliances; new product catalog launches and product enhancements; and new facility launches are the major strategies adopted by most of the market players to achieve growth in the refurbished medical equipment market.
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis âindustry analysis (industry trends, value chain analysis, and Porterâs five force model), market share analysis of top ten players, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the refurbished medical equipment market, high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them to garner a greater market share. Firms purchasing the report could use any one or a combination of the below mentioned four strategies (market penetration, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
â¢ Market Penetration: Comprehensive information on refurbished medical devices offered by the top 10 players in the refurbished medical equipment market. The report analyzes the refurbished medical equipment market on the basis of product and region
â¢ Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various refurbished medical equipment across geographies
â¢ Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the refurbished medical equipment market
â¢ Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of leading players in the refurbished medical equipment market
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