Refurbished medical equipment is used equipment which has been tested for functionality and defects before they are sold to hospitals or clinics. Refurbished medical equipment is usually tested, verified, cleaned calibrated and upgraded with new parts to function properly and are thus free of defects.
Lack of proper healthcare system in developing nations coupled with high budget constraints on healthcare providers will fuel the global refurbished medical equipment market
Adoption of refurbished medical equipment has become an attractive option for hospitals, clinics and diagnostic centers since they provide a cost advantages to healthcare providers. New diagnostic, therapeutic, and patient monitoring medical equipment such as AEDs, defibrillators, ECGs, vital sign monitors, pulse oximeters, spirometers, ventilators, IV pumps, and respiratory devices are usually sold at steep prices, which at the end are imposed on the patients. However, with refurbished equipment, the prices are cut down by half.
Other key factors which will help in growth of the global refurbished medical equipment market are increasing privatization in the healthcare sector, low reimbursement schemes for various medical treatments, rise in aging population, large patient population base, and presence of a large number of hospitals with strict budget in developing countries.
One of the critical factor is likely to have an adverse effect on the global refurbished medical equipment market is the limited acceptance associated with using used products and a negative approach towards the quality of these equipment. Moreover, lack of standardization and harmonization of policies related to the sale of refurbished medical equipment will also hamper growth of the market.
Nonetheless, leading market players such as GE Healthcare, Philips, Siemens, Agito, etc. have taken forthright initiatives to set up refurbishment facilities in both developed and developing countries, which is likely to fuel growth of the refurbished medical equipment market. One of the trend that is likely to gain momentum is rising number of partnerships and agreements among OEMs and third-party refurbishing companies to provide the refurbished medical equipment.
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North America dominates the largest share of the global refurbished medical equipment market, followed by Europe. However, Asia-Pacific market is estimated to witness the highest CAGR during the forecast period, due to budget restraints on healthcare providers and rising number of partnerships and joint ventures among refurbished medical device providers.
On the basis of region, the global refurbished medical equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Prominent players in the global refurbished medical equipment market include GE Healthcare, Koninklijke Philips N.V., Siemens AG, Block Imaging International, Inc., Soma Technology, Inc., DRE Medical, Inc., Agito Medical A/S, Everx Pvt Ltd., Integrity Medical Systems, Inc., and Radiology Oncology Systems, Inc.