DUBLIN--(BUSINESS WIRE)--The "Refurbished Medical Devices Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global refurbished medical devices market is expected to witness a CAGR of 10.3% during the forecast period.
Certain factors driving the market growth include cost containment pressure on healthcare organizations, a large inventory of old or used medical devices, the rising trend of medical tourism, and increasing rate of private healthcare institutions.
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment around the world. In fact, an increasing number of hospitals, which are new, are opting for alternate options to cut down on the capital investments.
With the emerging technologies, there has been an increasing trend of affordable buying,' which is the basic reason for the emergence of the refurbished devices market. For example, today, a customer who is looking for any CT scanner under 4-slice, opts for a refurbished unit, rather than a brand new system.
The refurbished equipment allows buying of necessary devices at affordable prices, without compromising on quality; therefore healthcare facilities, including small and medium ones, purchase refurbished medical devices. Hence, the refurbished medical devices market is increasing at a high growth rate.
However, the general perception of the refurbished devices impedes the growth of this market. A reused or refurbished device is often doubted for its durability and quality. There is always a perceived risk of accuracy and quality of outputs, associated with the refurbished devices. If not all, some medical devices do lose their capability to produce quality outputs, after being used for a certain period.
Hospitals often refrain from buying these types of equipment, in the fear of risking a patient's life and their reputation in the healthcare industry. Moreover, the governments have strict punishments for the hospitals, if the use of refurbished devices harms a patient at any level. Additionally, the lack of awareness about the benefits of refurbished equipment is also restraining the growth of the global refurbished medical devices market.
Key Market Trends
Medical Imaging Equipment is Expected to Hold a Significant Market Share in the Product Type
Medical imaging is the process of making a visual representation of the interior of the body for medical intervention. These instruments help in establishing a database of normal anatomy and physiology of internal organs so that any abnormality can be noticed immediately. The medical imaging equipment includes X-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear imaging systems (pet, spect, and pet/CT), among others.
Majority of the clinics and hospitals that have purchased, used, or refurbished medical equipment generally have neutral-to-positive experiences with the purchase. Most end users have been found to indicate that they purchased used or refurbished equipment due to budgetary constraints.
North America Dominates the Market and is Expected to do the same during the Forecast Period
North America dominates the global market, due to the high incidence of various chronic .diseases, such as cardiovascular disease and cancer. In addition to that, supportive regulatory policies for selling and using refurbished medical equipment are also expected to drive the growth of this market in North America.
Competitive Landscape
The global refurbished medical devices market is highly competitive and consists of a number of major players. Companies, like Agito Medical, Avante Health Solutions, Block Imaging International, Everx, GE Healthcare, Integrity Medical Systems, Koninklijke Philips, Radio Oncology Systems, Siemens Healthcare Systems, and Soma Technology, among others, hold substantial market shares in the refurbished medical devices market.
Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Containment Pressure on Healthcare Organizations
4.2.2 Large Inventory of Old or Used Medical Devices
4.2.3 Rising Trend of Medical Tourism
4.2.4 Growing Rate of Private Healthcare Institutions
4.3 Market Restraints
4.3.1 Quality Issues of Refurbished Medical Equipment among End Users
4.3.2 Reluctance to Purchase Refurbished Medical Equipment Among Public Healthcare Providers
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Product
5.1.1 Medical Imaging Equipment
5.1.1.1 X-Ray Machines
5.1.1.2 Ultrasound Systems
5.1.1.3 MRI Machines
5.1.1.4 CT Scanners
5.1.1.5 Nuclear Imaging Systems (Pet, Spect, and Pet/CT)
5.1.1.6 Other Medical Imaging Equipment
5.1.2 Operating Room & Surgical Equipment
5.1.2.1 Anesthesia Machines
5.1.2.2 CO2 and Agent Monitors
5.1.2.3 Microscopes
5.1.2.4 Electrosurgical Units
5.1.2.5 Other Operating Room and Surgical Equipment
5.1.3 Patient Monitors
5.1.3.1 Multiparameter Monitors
5.1.3.2 Electrocardiography Devices (ECG)
5.1.3.3 Pulse Oximeters
5.1.3.4 Non-invasive Blood Pressure Monitors
5.1.4 Cardiovascular & Cardiology Equipment
5.1.5 Neurology Equipment
5.1.6 Endoscopy Equipment
5.1.7 Intensive Care Units
5.1.8 Other Medical Equipment
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Middle East & Africa
5.2.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agito Medical A/S
6.1.2 Avante Health Solutions
6.1.3 Block Imaging International Inc.
6.1.4 Everx Pvt. Ltd.
6.1.5 GE Healthcare
6.1.6 Integrity Medical Systems Inc.
6.1.7 Koninklijke Philips N.V.
6.1.8 Radio Oncology Systems Inc.
6.1.9 Siemens Healthcare Systems
6.1.10 Soma Technology
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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