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Refurbished Medical Devices Market Analysis and Value Forecast Snapshot by End-use Industry 2016-2020

01-16-2017 11:07 AM CET | Health & Medicine

Press release from: SA-BRC

Refurbished Medical Devices Market Analysis and Value Forecast

Refurbished medical devices are repaired and replaced with genuine components wherever necessary to ensure at par safety and efficiency with new devices. Demand for refurbished devices was earlier dominated by low and middle-income countries. However healthcare sector in several developed countries is experiencing reduced funding and resulting in cost-cutting challenges. Increasing foot-fall at hospitals due to rise in prevalence of lifestyle diseases, infections, and aging population is pushing healthcare facilities to rise across the globe. However management of capital while investing and purchasing to expand and/or replace current diagnostic setup takes a significant toll if all equipment is brand new and top-of-the-line. This has created lucrative opportunities for refurbished device manufacturers to tap the highly prospective healthcare market around the world.

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Refurbished medical devices now pose a serious threat to newer versions of medical technologies in the market; particularly for devices that are expensive. Diagnostic imaging devices such as X-ray, MRI, CT, ultrasound and nuclear imaging devices are most affected segments due to refurbished market. Reprocessed medical devices have however experiencing loss of quality due to involvement of non-original equipment manufacturers (non-OEM) in the market. According to an article published by The Hindu, in 2016, more than 90% of the refurbished medical equipment imported in India between 2014 and 2015 were sourced from non-OEMs. This has enabled inflow of low-quality medical devices in the market, and is a major threat for market growth in the future. Press release published in 2016 details that the U.S. Food and Drug Administration (FDA) is requesting more information from companies and third-party entities who are involved in manufacturing refurbished devices. Healthcare stakeholders such as hospitals and patient advocates have started demanding FDA to monitor regulation of medical device maintenance to ensure patient safety.

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U.S. and Europe currently dominate the overall refurbished market by value. Due to continuous advances in medical technology there is growing obsolescence of older technology. Limitations in connecting old devices with high-speed internet and internet of things in healthcare have also led to greater obsolescence. In attempts for market share expansion, companies are also engaged in providing training and development opportunities for doctors, enabling faster adoption of new technology products. This further promotes hospital facilities to replace old medical devices with new technology products. Private healthcare service providers which are usually profit driven, tend to opt for cost effective options. This has been a major driver for refurbished medical devices market in developing nations. Countries such as India, Brazil, Philippine, South Africa, and other were identified as key importers of refurbished medical devices, while U.S., China, Japan and Germany were key exporters. Agito Medical, DMS Topline, GE Healthcare, Phillips Healthcare, Siemens Healthcare, Soma Technology, Inc. and Stryker Sustainability Solutions are some of the key players in the refurbished medical devices market.

About Us
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.

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United States
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Website: www.sa-brc.com

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