Refurbished Medical Devices - Helping Hands for Surgeons: Infinium Global Research
PUNE, India, March 17, 2020 /PRNewswire/ -- Many used medical devices are restored back to their original form by the manufacturers or experts and sold to the healthcare facilities. By refurbishing the old devices, the healthcare facilities can save their expenditure. Infinium global research has recently published a global report on "Refurbished Medical Devices Market (Product- Biotechnology Instruments, Diagnostic Imaging Equipment, Radiation Oncology Systems, and Minimally Invasive Devices; End User- Private Practices and Hospitals and Diagnostic Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" published by Infinium Global Research", the reported study estimated the market for Refurbished Medical Devices to reach up to USD 14.2 billion in 2025, with a compound annual growth rate of 12.5% over the forecast period (2019-2025).
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The Global Refurbished Medical Devices Market is Intensely Competitive with a Large Share of Market Held by Some of the Major Players
The global refurbished medical device market is extremely competitive and consolidated in nature. A large share of the market is controlled by the bigger players including GE Healthcare and Phillips Healthcare. GE Healthcare held the largest share in the global refurbished medical device market. It is one of the few companies that sell certified refurbished devices. Company's GoldSeal certified products ensure quality devices that meet the specifications for original devices. Moreover, Philips Healthcare also holds a significant amount of market share in the refurbished medical device market. The market is characterized by the presence of a number of local and small players as well. However, the small players in the market cannot compete with the bigger players on the grounds of distribution and standardization.
Mergers and Acquisitions and Procuring Agreements are the Major Growth Strategies Employed by the Key Players in the Global Refurbished Medical Devices Market
In order to grow, the leading companies in the market are focusing on strategies such as making agreements, mergers and acquisitions, and geographical expansion. In February 2020, Centurion Service Group acquired Monet Medical, in an attempt to build a comprehensive, provider-centered medical equipment model, including selling new and reconditioned medical equipment. Monet Medical is involved in refurbishing of beds, stretchers, infusion pumps and other medical equipment with strong ties to major national medical distributors. On the other hand, in January 2020, The Loan Closet opened at a new location in Columbia to fulfill the increasing demand from the community.
Growing Privatization in The Healthcare Sector is Augmenting the Demand for Refurbished Medical Devices
In many countries, there is a combination of public and private interests in the health care sector. Owing to excessive political influence and lack of traditional private ownership incentives, public ownership of health care facilities is supposed to stimulate inefficiencies and insensitivity towards meeting population health needs. Thus, politicians and officials in many countries have considered implementing policies that encourage privatization in the health care sector. Privatization has been a popular policy for better health care savings or higher efficiency, particularly among developed countries such as the United States and some European countries. As of 2015, there were more than 1350 privately owned hospitals in Europe. While in the U.S. there were about 1,060 privately owned hospitals. In order to increase operational margins, most of the privately owned hospitals install refurbished medical devices.
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Large Patient Pool Suffering from Chronic Diseases is Aiding the Growth of Refurbished Medical Devices Market
Additionally, a large part of the population is suffering from chronic diseases including heart disease, cancer, diabetes, stroke, arthritis, and others. About 6 in 10 adults in the US have a chronic disease. According to a World Bank study, chronic diseases are estimated to cost about USD 35 trillion to the global economy from 2005 to 2030. This results in a large patient pool visiting hospitals and other healthcare facilities for diagnosis and treatment. Which, in turn, boosts the demand for refurbished medical devices. Moreover, the growing number of patients is leading to a growing number of new hospitals. These new hospitals require medical devices at lower prices, which consequently increase the sale of refurbished medical devices.
The Diagnostic Imaging Equipment Segment is Set to Drive the Global Refurbished Medical Devices Market
By product, the diagnostic imaging equipment segment dominates the global refurbished medical device market. Well established standards of refurbishment such as Good Refurbishment Practices (GRP) by various governing agencies including the International Association of Medical Equipment Remarketers and Servicers (IAMERS), COCIR, and NEMA is expected to increase the sale of the refurbished diagnostic imaging equipment. Moreover, a growing number of clinics and outpatient diagnostics centers across the world are anticipated to boost the growth of the refurbished diagnostic imaging equipment. As of 2018, there were more than 2,800 clinics in the U.S. alone. While the number of outpatient centers in the U.S. was estimated to be more than 40,000 in 2017. The rise in the number of such healthcare facilities is expected to augment the sale of the refurbished diagnostic imaging equipment.
North America Region to Dominate the Global Refurbished Medical Device Market
Among the geography, the North America region generated the highest revenue for the refurbished medical devices. The domination of North America in the global refurbished medical device market is attributed to the factors including the rising prevalence of chronic diseases such as cancer, cardiovascular, neurovascular and others along with higher privatization of the healthcare sector. Moreover, the strong presence of major market players in the region is expected to boost the refurbished medical devices in North America. Furthermore, the growing trend of medical tourism is anticipated to propel the North American refurbished medical device market in the future.
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Global Refurbished Medical Devices Industry Coverage
1. Preface
- Report Description
- Research Methods
- Research Approaches
2. Executive Summary
3. Global Refurbished Medical Devices Market Overview
- Introduction
- Market Dynamics
- Porter's Five Forces Analysis
- IGR-Growth Matrix Analysis
- Competitive Landscape in the Global Refurbished Medical Devices Market
4. Global Refurbished Medical Devices Market by Product
- Biotechnology Instruments
- Diagnostic Imaging Equipment
- Radiation Oncology Systems
- Minimally Invasive Devices
5. Global Refurbished Medical Devices Market by End User
- Private Practices
- Hospitals and Diagnostic Centers
6. Global Refurbished Medical Devices Market by Region 2018-2024
- North America
- Europe
- Asia-Pacific
- RoW
7. Company Covered
- Agito Medical
- Philips Healthcare
- Siemens Healthcare
- GE Healthcare
- Integrity Medical Systems
- Toshiba Medical Systems
- Radiology Oncology Systems
- DRE
- EVERX
- Block Imaging International
Browse in-depth TOC on "Refurbished Medical Devices Market"
About Us
Infinium Global Research is a business consulting and market research firm; a group of experts that caters to fulfilling business and market research needs of leading companies in various industry verticals and business segments. The company also serves government bodies, institutes and non-profit/non-government organizations to meet their knowledge and information needs.
Through our information services and solutions, we assist our clients to improve their performance and assess the market conditions to achieve their organizational goals. Our team of experts and analysts are engaged in continuously monitoring and assessing the market conditions to provide the knowledge support to our clients. To help our clients and to stay updated with the advances and inventions in technology, business processes, regulations and environment, Infinium often conducts regular meets with industry experts and opinion leaders. Our key opinion leaders are involved in monitoring and assessing the progress in the business environment, so as to offer the best opinion to our clients.
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SOURCE Infinium Global Research
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