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On the basis of product, the global refurbished medical equipment market is divided into 11 major segments, namely, operating room equipment & surgical equipment, patient monitors, defibrillators, neurology equipment, medical imaging equipment, cardiovascular & cardiology equipment, IV therapy systems, endoscopy equipment, intensive care systems, neonatal intensive-care equipment, and other medical equipment.
The other medical equipment segment comprises blanket warmers, autoclaves, suction pumps, sequential compressor devices (SCDs), stretchers, stress test systems, heaters/coolers, dry imagers, and beds. The medical imaging equipment segment is estimated to hold the largest share of the refurbished medical equipment market in 2016.
Key factors such as increasing privatization in the healthcare sector, poor reimbursement scenario for various medical treatments, large patient population base, and presence of a large number of hospitals/clinics with budget constraints in developing countries are the major factors driving the growth of this market. Also, growing initiatives undertaken by leading market players (such as GE Healthcare, Philips Healthcare, and Siemens Healthineers) to establish refurbishment facilities in both mature and developing markets are further adding to the growth prospects of this market.
On the other hand, the negative perception about the quality of refurbished medical devices among public institutes is a major factor limiting the growth of this market. The stringent regulatory environment in some countries (such as China, Egypt, and Kuwait) and the lack of standardization and harmonization of policies related to the sale and use of refurbished medical devices are the key challenges faced by players in the global refurbished medical equipment market.
As of 2016, North America holds the largest share of the global refurbished medical equipment market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors such as cost containment pressures on healthcare providers, increasing patient population base, and rising number of partnerships and joint ventures among refurbished medical device providers are driving the growth of the Asia-Pacific refurbished medical equipment market.
GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens AG (Germany), Block Imaging International, Inc., (U.S.), Soma Technology, Inc. (U.S.), DRE Medical, Inc. (U.S.), Agito Medical A/S (Denmark), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (U.S.), and Radiology Oncology Systems, Inc. (U.S.) are some of the key players operating in the refurbished medical equipment market.
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