Refurbished Medical Equipment Market (Product: Medical Imaging Equipment, Operating Room Equipment, Patient Monitoring Devices, and Others; Application: Cardiology, Respiratory and Gastroenterology, Neonatal Care, Orthopedic, and Others; and End User: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2030

Description

Stocking Refurbished Medical Inventories Prepares Hospitals to Tackle COVID-19 Pandemic

Coronavirus (COVID-19) has exposed the vulnerability of healthcare systems worldwide. With the ongoing shortage of PPE (Personal Protective Equipment), there is an unprecedented demand for used and refurbished medical equipment such as ventilators and other critical care equipment. Hence, companies in the refurbished medical equipment market are capitalizing on this trend, since the Government of India has lifted the import ban on used and refurbished medical equipment. The Union Environment Ministry of India announced that it has relaxed the country’s import ban up to September 2020 to support hospitals in need of ventilators.

The healthcare system in India refurbished medical equipment market is increasing efforts to increase the inventory of ventilators in order to enhance preparedness against the COVID-19 pandemic. Though stringent regulations prohibit the use of waste materials in India, health ministry are making an exception by lifting the import ban to tackle uncertainties associated with the pandemic.

Used Versus Refurbished Medical Equipment: Which is better?

Individuals have a common misconception that used and refurbished medical equipment is the same. However, refurbished medical equipment are restored according to factory specifications. On the other hand, purchasing used medical equipment is less expensive. Companies in the refurbished medical equipment market are reaping incremental benefits, as healthcare systems plan on cost savings by purchasing refurbished medical products.

Companies in the refurbished medical equipment market make sure that the equipment are tested, repaired, and pass the inspection test before handing it over to healthcare practitioners. For instance, Soma Technology— a medical equipment supplier in Connecticut, has an extensive product profile in medical imaging equipment and operating room equipment. As such, the revenue of medical imaging equipment and patient monitoring devices is projected for exponential growth in the market landscape.

Hospitals in India with Budgetary Constraints Opt for Refurbished Medical Products

Companies in the refurbished medical equipment market are exploring untapped opportunities in developing economies. India being one of the rapidly growing economies of Asia Pacific is creating a demand for affordable medical equipment. This is evident since the refurbished medical equipment market revenue in Asia Pacific is expected to grow at an aggressive pace, where the global market is projected to reach a value of ~US$ 24 Bn by the end of 2027.

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The healthcare sector is witnessing better growth in tier 2 and tier 3 cities of India, which involves semi-urban and rural population looking for affordable treatment and care. This trend has sparked the demand for refurbished medical equipment in order to keep the cost of setting up hospitals at a reasonable budget. Already pre-owned, second-hand and refurbished medical equipment hold a significant share of the India medical equipment sector. Imaging and critical care equipment are among the popular choices for owning refurbished medical products.

Investing in Advanced Refurbishing Facilities Overcomes Issues Associated with Downtime of Equipment

The refurbished medical equipment market is estimated to register a striking CAGR of ~13% during the forecast period. However, costs involved in maintaining the uptime of refurbished medical equipment is prohibitively expensive for budget-constrained healthcare systems. Moreover, many sellers are ignorant to invest in fulfilling the requirements of sustained performance mandatory in refurbished products. This has tarnished the reputation of other reliable companies in the refurbished medical equipment market, which is likely to hamper market growth. Hence, companies are increasing awareness to only buy refurbished products from trusted and reliable sellers.

Key market players invest in people skills and training to maintain optimum performance of refurbished medical equipment. They are increasing spending in state-of-the-art refurbishing facilities and stock of spares to bolster their credibility credentials in the global healthcare landscape. OEMs such as GE, Siemens, Toshiba, and Philips are gaining increased visibility, owing to their investments in refurbishing facilities. Market players are complying with regulatory standards of every country they operate in to boost their credibility in the global market landscape.

Analysts’ Viewpoint

Hospitals in the India refurbished medical equipment market are stocking refurbished medical inventories such as ventilators to be better prepared for undetermined times of the COVID-19 era. Similarly, healthcare systems in small cities of India are investing in refurbished medical products to align with low budget set up costs of hospitals.

Imaging and critical care equipment such as heart-lung machines are growing increasingly popular in hospital environments. However, high costs associated with uptime and optimum maintenance of products have led to a reluctance in the adoption of refurbished products. Hence, companies should increase awareness about the warranty of products and encourage practitioners to purchase refurbished goods only from trusted and reliable sellers who invest in state-of-the-art refurbishing facilities.

Refurbished Medical Equipment Market: Overview

The global refurbished medical equipment market was valued at ~US$ 8 Bn in 2018 and is projected to expand at a high CAGR from 2019 to 2027. Rise in prevalence of various chronic conditions such as cardiology, respiratory & gastroenterology, neonatal condition, orthopedic, gynecology, and other conditions; stringent regulatory scenarios for refurbished medical equipment, favorable reimbursement policies; rising mergers & acquisitions; and presence of key players, especially in developing countries, are anticipated to propel the global refurbished medical equipment market.

Refurbished medical equipment are the restored or repaired devices, which involves   repairing, reconditioning, or software or hardware installation without removing the original device. The refurbished medical equipment includes medical imaging equipment, operating room equipment, and patient monitoring devices. The equipment falling under the above categories are MRI scanner X ray machine, heart-lung machines, and other devices. Growing burden of various diseases across the globe and rising admission of patient population are expected to boost the need for the refurbished medical equipment. The original cost of the medical equipment incurs higher cost and thus, demand of the low cost medical equipment to be used at hospitals, and specialty centers is likely to propel the refurbished medical equipment market.

According to research, rise in prevalence of various chronic diseases is likely to increase the need of medical equipment, which, in turn, would boost the demand for refurbished medical equipment. CVD accounts for 45% of all deaths in Europe and 37% of all deaths in the European Union. CVD is the leading cause of death in men in all but 12 countries in Europe and is the primary cause of death in women in all but two countries. Moreover, in 2017, coronary heart disease, the most common heart disease, accounted for 365,914 deaths in the U.S. Moreover, around 18.2 million adults aged 20 and older are estimated to be suffering from coronary heart disease. This is expected to drive the refurbished medical equipment market in the region. The stringent regulations across the globe for refurbishing the medical equipment are likely to set the good standard and procedure for the manufacturers to develop refurbished medical equipment.

Refurbished Medical Equipment Market: Segmentation

The global refurbished medical equipment market has been segmented based on product, application, end user, and region

In terms of product, the global refurbished medical equipment market has been classified into medical imaging equipment, operating room equipment, patient monitoring devices, and others. Medical imaging equipment is further classified into X-ray systems, ultrasound systems, MRI scanners, CT scanner, and others. Operating room equipment is further segmented into heart-lung machines, defibrillators, anesthesia machines, electrosurgical units, and others. Patient monitoring devices is further classified into multi-parameter monitors, electrocardiography devices (ECG), pulse oximeters, neonatal monitors, and others. The medical imaging equipment segment is estimated to account for largest share of the market, owing to the increase in application of medical imaging equipment in diagnosis of neurological, cardiovascular, skeletomuscular, and oncology conditions is estimated to augment the adoption of medical imaging equipment across the globe. Moreover, introduction of Open MRI scanners has augmented the acceptance of refurbished MRI systems. Increase in demand for MRI scanners in emerging markets and quality support from OEMs for refurbished MRI scanners are estimated to boost the MRI scanner sub-segment.

Based on application, the global refurbished medical equipment is further classified into cardiology, respiratory & gastroenterology, neonatal care, orthopedic, and others. The cardiology segment accounted for the major share of the global refurbished medical equipment market in 2018. The segment is projected to expand at a high CAGR during the forecast period. This can be attributed to rise in patient population at global level.  According to the American Heart Association, between 2013 and 2016, 121.5 million adults in U.S. suffered from cardiovascular diseases.

Based on end-user, the global refurbished medical equipment market has been divided into hospitals, diagnostic centers, ambulatory surgical centers, and others. The hospitals segment dominated the global refurbished medical equipment market in 2018, owing to dependency on hospitals for access to medical imaging services. Furthermore, budget constraints in hospitals, reduced patient flow, and demand for low cost of ownership are driving hospitals to adopt refurbished medical equipment.

Refurbished Medical Equipment Market: Regional Segmentation

In terms of region, the global refurbished medical equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

North America dominated the global refurbished medical equipment market in 2018, owing to high prevalence and incidences of chronic diseases in the U.S. and Canada, strong base of medical device companies in the U.S., and easy availability of refurbished medical equipment with upgraded technology in the region. These factors are expected to propel the market in North America in the next few years. Moreover, growing trend of privatization in the industry and strong presence of the distributors are likely to drive the market in the region during forecast period. Europe is likely to account for the second largest share of the global refurbished medical equipment market, followed by Asia Pacific. The attributable factors are vast base of technologically obsolete CT and MRI scanners in Europe and amended policies and regulations regarding radiation dose management.

Moreover, presence of strong distribution channels, direct sales, and focus of key players operating in the refurbished medical equipment market are projected to propel the market in the region in the near future

In Asia Pacific, the refurbished medical equipment market is likely to grow at a faster pace, owing to the lower cost of the refurbished medical equipment and increase in market penetration by companies as well as by establishing manufacturing facilities and distribution channels in the region. For instance, India is anticipated to be a lucrative market for medical devices, owing to the expansion of the health care sector and favorable government guidelines.

Refurbished Medical Equipment Market: Major Players

Key players operating in the global refurbished medical equipment market are established companies offering refurbished medical instruments across the globe. These include 

  • Siemens Healthineers AG
  • GE Healthcare
  • Canon Medical Systems Corporation
  • Koninklijke Philips N.V
  • Atlantis Worldwide, LLC
  • Block Imaging International, Inc.
  • Shimadzu Corporation
  • Hitachi, Ltd.

These players are focused on adopting various organic and inorganic growth strategies to expand geographic presence, strengthen distribution network, and adapting to established guidelines, favorable reimbursement policies offering refurbished products across the globe. Companies entering into merger & acquisition and collaborating with other players and distributors are likely to boost the refurbished medical equipment market. New regulatory guidelines with policies would offer ample opportunities for hospitals and diagnostic centre to adopt advance imaging equipment systems.

Key Questions Answered in Refurbished Medical Equipment Market Report

  • What is the sales/revenue generated by the global refurbished medical equipment market   across all the regions during the forecast period?
  • What are the key trends in the global refurbished medical equipment market?
  • What are the major drivers, restraints, and opportunities in the global market?
  • Which region is set to expand at the fastest CAGR during the forecast period?
  • Which segment will have the highest revenue globally in 2027 and which application segment will expand at the fastest CAGR during the forecast period?

Refurbished Medical Equipment Market – Segmentation

Product

  • Medical Imaging Equipment
  • X-ray Systems
  • Ultrasound Systems
  • MRI Scanners
  • CT Scanner
  • Others

Operating Room Equipment

  • Heart-lung  Machines
  • Defibrillators
  • Anesthesia Machines
  • Electrosurgical Units
  • Others

Patient Monitoring Devices

  • Multi-parameter Monitors
  • Electrocardiography Devices (ECG)
  • Pulse Oximeters
  • Neonatal Monitors
  • Others

Application

  • Cardiology
  • Respiratory and Gastroenterology
  • Neonatal Care
  • Orthopedic
  • Others

End User

  • Hospitals
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

TABLE OF CONTENT

1. Preface

     1.1. Market Definition and Scope

     1.2. Market Segmentation

     1.3. Key Research Objectives

     1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary : Global Refurbished Medical Equipment Market

4. Market Overview

     4.1. Introduction

         4.1.1. Market Definition

         4.1.2. Industry Evolution / Developments

     4.2. Overview

     4.3. Market Dynamics

         4.3.1. Drivers

         4.3.2. Restraints

         4.3.3. Opportunities

     4.4. Global Refurbished Medical Equipment Market Analysis and Forecast, 2017–2027

         4.4.1. Market Revenue Projections (US$ Mn)

5. Market Outlook

     5.1. Global Installed base of CT scanners, MRI Machines, PET Scanners, by key region

     5.2. Good Refurbishment Practices for Medical Imaging Equipment

     5.3. Import Scenario of Refurbished Medical Devices

     5.4. Strategic development and Key Mergers & Acquisitions 

     5.5. Regulatory Scenario, by Region/globally

     5.6. Pricing Analysis 

     5.7. Key Vendors & Distributors 

6. Global Refurbished Medical Equipment Market Analysis and Forecast, by Product 

     6.1. Introduction & Definition

     6.2. Key Findings / Developments

     6.3. Market Value Forecast, by Product, 2017–2027

         6.3.1. Medical Imaging Equipment

             6.3.1.1. X-ray Systems

             6.3.1.2. Ultrasound Systems

             6.3.1.3. MRI Scanners

             6.3.1.4. CT Scanner 

             6.3.1.5. Others 

         6.3.2. Operating Room Equipment

             6.3.2.1. Heart-lung  Machines

             6.3.2.2. Defibrillators

             6.3.2.3. Anesthesia Machines

             6.3.2.4. Electrosurgical Units

             6.3.2.5. Others

         6.3.3. Patient Monitoring Devices

             6.3.3.1. Multi-parameter Monitors

             6.3.3.2. Electrocardiography Devices (ECG)

             6.3.3.3. Pulse Oximeters

             6.3.3.4. Neonatal Monitors

             6.3.3.5. Others

         6.3.4. Others 

     6.4. Market Attractiveness, by Product 

7. Global Refurbished Medical Equipment Market Analysis and Forecast, by Application 

     7.1. Introduction & Definition

     7.2. Key Findings / Developments

     7.3. Market Value Forecast, by Application, 2017–2027

         7.3.1. Cardiology

         7.3.2. Respiratory and Gastroenterology

         7.3.3. Neonatal Care

         7.3.4. Orthopedic

         7.3.5. Others 

     7.4. Market Attractiveness, by Application 

8. Global Refurbished Medical Equipment Market Analysis and Forecast, by End-user 

     8.1. Introduction & Definition

     8.2. Key Findings / Developments

     8.3. Market Value Forecast, by End-user, 2017–2027

         8.3.1. Hospitals

         8.3.2. Diagnostic Centers

         8.3.3. Ambulatory Surgical Centers

         8.3.4. Others 

     8.4. Market Attractiveness, by End-user 

9. Global Refurbished Medical Equipment Market Analysis and Forecast, by Region

     9.1. Key Findings

     9.2. Market Value Forecast, by Region

         9.2.1. North America 

         9.2.2. Europe 

         9.2.3. Asia Pacific 

         9.2.4. Latin America 

         9.2.5. Middle East & Africa 

     9.3. Market Attractiveness, by Country/Region

10. North America Refurbished Medical Equipment Market Analysis and Forecast

     10.1. Introduction

         10.1.1. Key Findings

     10.2. Market Value Forecast, by Product, 2017–2027

         10.2.1. Medical Imaging Equipment

             10.2.1.1. X-ray Systems

             10.2.1.2. Ultrasound Systems

             10.2.1.3. MRI Scanners

             10.2.1.4. CT Scanner 

             10.2.1.5. Others 

         10.2.2. Operating Room Equipment

             10.2.2.1. Heart-lung  Machines

             10.2.2.2. Defibrillators

             10.2.2.3. Anesthesia Machines

             10.2.2.4. Electrosurgical Units

             10.2.2.5. Others

         10.2.3. Patient Monitoring Devices

             10.2.3.1. Multi-parameter Monitors

             10.2.3.2. Electrocardiography Devices (ECG)

             10.2.3.3. Pulse Oximeters

             10.2.3.4. Neonatal Monitors

             10.2.3.5. Others

         10.2.4. Others 

     10.3. Market Value Forecast, by Application, 2017–2027

         10.3.1. Cardiology

         10.3.2. Respiratory and Gastroenterology

         10.3.3. Neonatal Care

         10.3.4. Orthopedic

         10.3.5. Others 

     10.4. Market Value Forecast, by End-user, 2017–2027

         10.4.1. Hospitals

         10.4.2. Diagnostic Centers

         10.4.3. Ambulatory Surgical Centers

         10.4.4. Others 

     10.5. Market Value Forecast, by Country, 2017–2027

         10.5.1. U.S.

         10.5.2. Canada

     10.6. Market Attractiveness Analysis 

         10.6.1. By Product 

         10.6.2. By Application 

         10.6.3. By End-user 

         10.6.4. By Country

11. Europe Refurbished Medical Equipment Market Analysis and Forecast

     11.1. Introduction

         11.1.1. Key Findings

     11.2. Market Value Forecast, by Product, 2017–2027

         11.2.1. Medical Imaging Equipment

             11.2.1.1. X-ray Systems

             11.2.1.2. Ultrasound Systems

             11.2.1.3. MRI Scanners

             11.2.1.4. CT Scanner 

             11.2.1.5. Others 

         11.2.2. Operating Room Equipment

             11.2.2.1. Heart-lung  Machines

             11.2.2.2. Defibrillators

             11.2.2.3. Anesthesia Machines

             11.2.2.4. Electrosurgical Units

             11.2.2.5. Others

         11.2.3. Patient Monitoring Devices

             11.2.3.1. Multi-parameter Monitors

             11.2.3.2. Electrocardiography Devices (ECG)

             11.2.3.3. Pulse Oximeters

             11.2.3.4. Neonatal Monitors

             11.2.3.5. Others

         11.2.4. Others 

     11.3. Market Value Forecast, by Application, 2017–2027

         11.3.1. Cardiology

         11.3.2. Respiratory and Gastroenterology

         11.3.3. Neonatal Care

         11.3.4. Orthopedic

         11.3.5. Others 

     11.4. Market Value Forecast, by End-user, 2017–2027

         11.4.1. Hospitals

         11.4.2. Diagnostic Centers

         11.4.3. Ambulatory Surgical Centers

         11.4.4. Others 

     11.5. Market Value Forecast, by Country/Sub-region, 2017–2027

         11.5.1. Germany

         11.5.2. U.K.

         11.5.3. France

         11.5.4. Spain

         11.5.5. Italy

         11.5.6. Rest of Europe

     11.6. Market Attractiveness Analysis 

         11.6.1. By Product 

         11.6.2. By Application 

         11.6.3. By End-user 

         11.6.4. By Country/Sub-region

12. Asia Pacific Refurbished Medical Equipment Market Analysis and Forecast

     12.1. Introduction

         12.1.1. Key Findings

     12.2. Market Value Forecast, by Product, 2017–2027

         12.2.1. Medical Imaging Equipment

             12.2.1.1. X-ray Systems

             12.2.1.2. Ultrasound Systems

             12.2.1.3. MRI Scanners

             12.2.1.4. CT Scanner 

             12.2.1.5. Others 

         12.2.2. Operating Room Equipment

             12.2.2.1. Heart-lung  Machines

             12.2.2.2. Defibrillators

             12.2.2.3. Anesthesia Machines

             12.2.2.4. Electrosurgical Units

             12.2.2.5. Others

         12.2.3. Patient Monitoring Devices

             12.2.3.1. Multi-parameter Monitors

             12.2.3.2. Electrocardiography Devices (ECG)

             12.2.3.3. Pulse Oximeters

             12.2.3.4. Neonatal Monitors

             12.2.3.5. Others

         12.2.4. Others 

     12.3. Market Value Forecast, by Application, 2017–2027

         12.3.1. Cardiology

         12.3.2. Respiratory and Gastroenterology

         12.3.3. Neonatal Care

         12.3.4. Orthopedic

         12.3.5. Others 

     12.4. Market Value Forecast, by End-user, 2017–2027

         12.4.1. Hospitals

         12.4.2. Diagnostic Centers

         12.4.3. Ambulatory Surgical Centers

         12.4.4. Others 

     12.5. Market Value Forecast, by Country/Sub-region, 2017–2027

         12.5.1. China

         12.5.2. Japan

         12.5.3. India

         12.5.4. Australia & New Zealand

         12.5.5. Rest of Asia Pacific

     12.6. Market Attractiveness Analysis 

         12.6.1. By Product 

         12.6.2. By Application 

         12.6.3. By End-user 

         12.6.4. By Country/Sub-region

13. Latin America Refurbished Medical Equipment Market Analysis and Forecast

     13.1. Introduction

         13.1.1. Key Findings

     13.2. Market Value Forecast, by Product, 2017–2027

         13.2.1. Medical Imaging Equipment

             13.2.1.1. X-ray Systems

             13.2.1.2. Ultrasound Systems

             13.2.1.3. MRI Scanners

             13.2.1.4. CT Scanner 

             13.2.1.5. Others 

         13.2.2. Operating Room Equipment

             13.2.2.1. Heart-lung  Machines

             13.2.2.2. Defibrillators

             13.2.2.3. Anesthesia Machines

             13.2.2.4. Electrosurgical Units

             13.2.2.5. Others

         13.2.3. Patient Monitoring Devices

             13.2.3.1. Multi-parameter Monitors

             13.2.3.2. Electrocardiography Devices (ECG)

             13.2.3.3. Pulse Oximeters

             13.2.3.4. Neonatal Monitors

             13.2.3.5. Others

         13.2.4. Others 

     13.3. Market Value Forecast, by Application, 2017–2027

         13.3.1. Cardiology

         13.3.2. Respiratory and Gastroenterology

         13.3.3. Neonatal Care

         13.3.4. Orthopedic

         13.3.5. Others 

     13.4. Market Value Forecast, by End-user, 2017–2027

         13.4.1. Hospitals

         13.4.2. Diagnostic Centers

         13.4.3. Ambulatory Surgical Centers

         13.4.4. Others 

     13.5. Market Value Forecast, by Country/Sub-region, 2017–2027

         13.5.1. Brazil

         13.5.2. Mexico

         13.5.3. Rest of Latin America

     13.6. Market Attractiveness Analysis 

         13.6.1. By Product 

         13.6.2. By Application 

         13.6.3. By End-user 

         13.6.4. By Country/Sub-region

 14. Middle East & Africa Refurbished Medical Equipment Market Analysis and Forecast

     14.1. Introduction

         14.1.1. Key Findings

     14.2. Market Value Forecast, by Product, 2017–2027

         14.2.1. Medical Imaging Equipment

             14.2.1.1. X-ray Systems

             14.2.1.2. Ultrasound Systems

             14.2.1.3. MRI Scanners

             14.2.1.4. CT Scanner 

             14.2.1.5. Others 

         14.2.2. Operating Room Equipment

             14.2.2.1. Heart-lung  Machines

             14.2.2.2. Defibrillators

             14.2.2.3. Anesthesia Machines

             14.2.2.4. Electrosurgical Units

             14.2.2.5. Others

         14.2.3. Patient Monitoring Devices

             14.2.3.1. Multi-parameter Monitors

             14.2.3.2. Electrocardiography Devices (ECG)

             14.2.3.3. Pulse Oximeters

             14.2.3.4. Neonatal Monitors

             14.2.3.5. Others

         14.2.4. Others 

     14.3. Market Value Forecast, by Application, 2017–2027

         14.3.1. Cardiology

         14.3.2. Respiratory and Gastroenterology

         14.3.3. Neonatal Care

         14.3.4. Orthopedic

         14.3.5. Others 

     14.4. Market Value Forecast, by End-user, 2017–2027

         14.4.1. Hospitals

         14.4.2. Diagnostic Centers

         14.4.3. Ambulatory Surgical Centers

         14.4.4. Others 

     14.5. Market Value Forecast, by Country/Sub-region, 2017–2027

         14.5.1. GCC Countries

         14.5.2. South Africa

         14.5.3. Rest of Middle East & Africa

     14.6. Market Attractiveness Analysis 

         14.6.1. By Product 

         14.6.2. By Application 

         14.6.3. By End-user 

         14.6.4. By Country/Sub-region

 15. Competition Landscape

     15.1. Market Player – Competition Matrix (By Tier and Size of companies)

     15.2. Company Profiles

         15.2.1. Siemens Healthineers AG

         15.2.2. GE Healthcare

         15.2.3. Canon Medical Systems Corporation

         15.2.4. Koninklijke Philips N.V

         15.2.5. Atlantis Worldwide, LLC

         15.2.6. Block Imaging International, Inc.

         15.2.7. Shimadzu Corporation

         15.2.8. Hitachi, Ltd.

         15.2.9. Other Prominent Players

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