Refurbished Medical Equipment Market Technological Update Boost The Market

Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of the original device, and replacement of worn parts. Technology in terms of software, hardware and others is changing at a faster pace, which shortens the interval between the purchase of superior systems and worn out of preoccupied devices. Factors driving growth of refurbished medical equipment market are increasing involvement of key manufacturers in refurbishment of their equipment and increasing demand of cost effective systems by small scale private hospitals and clinics. For example, high cost of huge and technologically complex equipment such as MRI systems and CT scanners is a restraining factor for small scale private hospitals and clinics, which leads to high demand for refurbished medical equipment and in turn propelling the market growth.

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Refurbished Medical Equipment Market DriverS

Increasing focus of original equipment manufacturers in refurbishment of medical device is expected to propel growth of the refurbished medical equipment market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems. Original equipment manufacturer-based refurbishment is more trusted by the end users. Moreover, adoption of effective remanufacturing standards is expected to enhance adoption of refurbished medical devices. For instance, Siemens remanufacturing process adheres to EN ISO 13485: 2003, which ensures quality management systems are used by medical device manufacturers and ISO 14001: 1996, which is an international standard for an effective environmental management system.

Increasing demand for medical devices at low cost is expected to aid in growth of the refurbished medical device market during the forecast period. Demand for refurbished medical device is higher in low income countries, due to low disposable income in the regions. High cost of large and technological advanced equipment is also estimated to have a major impact on growth of refurbished equipment market. Refurbished medical equipment are available at 30 to 50% lower price as compared to new equipment. Moreover, e-commerce platforms are expected to provide easy selling and purchasing options for refurbished medical equipment.

Refurbished Medical Equipment Market – Competitive Landscape

Key players operating in the refurbishment of medical device market include GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S.

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Major Key Players Are: GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S.

Market Taxonomy

Global refurbished medical equipment market is segmented on the basis of product type:

Operating Room Equipment & Surgical Equipment
Patient Monitors
Defibrillators
Medical Imaging Equipment
Cardiovascular & Cardiology Equipment
Neurology Equipment
Endoscopy Equipment
Intensive Care Unit Equipment
Neonatal Intensive Care Units Equipment
IV Therapy Systems
Other Equipment
Global refurbished medical equipment market is segmented on the basis of end user

Hospitals
Diagnostic Centers
Clinics
Ambulatory surgical centers
Others
Global refurbished medical equipment market is segmented on the basis of region

North America
Europe
Latin America
Asia Pacific
Middle East
Africa

Table of Content

Global Refurbished Medical Equipment Market Research Report

Section 1: Global Refurbished Medical Equipment Industry Overview
Section 2: Global Economic Impact on Refurbished Medical Equipment Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Refurbished Medical Equipment Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Refurbished Medical Equipment Market Forecast

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