Refurbished Medical Device Market : Global Key Players - GE Healthcare (US), Stryker Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthcare (Germany), Agito Medical (Denmark), DMS Topline (U.S.), Johnson & Johnson (US), First Source, Inc

The Global Refurbished Medical Device Market is growing exponentially owing to the rising prevalence of cancer and cardiovascular diseases are the major factor driving the Refurbished Medical Device Market. Global refurbished medical devices market is anticipated to growth at a significant CAGR of 10.8 % during forecasted period.

A medical device is referred as refurbished when the whole device or a part of it is rebuilt from one or more medical devices and can be used to serve the purpose of the original device. These devices are restored to their original working condition by third-party refurbishers or the respective manufacturer. These devices are tested and checked for quality purpose by the QC (Quality Control) department and are designed to last for a longer period. The market is driven by increasing patient population base, privatization in the healthcare sector, poor reimbursement scenario for diverse medical treatments, and presence of hospitals with budget constraints.

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The prominent trends witnessing the growth of the market include rising incidences of lifestyle diseases, increasing numbers of hospitals and surgical centers.  With the introduction of refurbished devices, the concept of affordable buying is on a rise, these factors are driving the market for refurbished medical devices in emerging economies. The used medical equipment improve the economy with an increased level of patient satisfaction, increasing adoption of eco-friendly practices, reduce electronic and toxic wastes with lowers landfill, thereby improving the overall quality of health.

Industry Updates

June, 2017 GE healthcare has added the production of refurbished parts for diagnostic imaging equipment in their GoldSeal portfolio. The expanded portfolio includes more than 10,000 GoldSeal part with the latest addition of x-ray detectors, MR coils and refurbished service parts for the diagnostic imaging section.

Oct, 2017 Stryker Corporation acquired VEXIM, a French medical device  direct. The acquisition will increase Stryker’s overall sales force in Europe with sales in Germany, Italy, Spain, and France and also expand the international distribution network for countries in Middle East, Eastern Europe, Asia and Latin America.

May, 2016 Block Imaging had entered into a partnership agreement with Medical Imaging Technologies (MIT), an independent service provider for imaging equipment to expand its capacity and capabilities for CT parts repairs and inventory.

Feb, 2015 Integrity Medical Systems, Inc. is listed as one of top ten companies in Refurbished Equipment Market

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Global Refurbished Medical Device Market   - Regional Analysis

According to regions, the global refurbished medical device market is dominated by North America. The factor contributing for its growth includes   the rising medical tourism and increasing healthcare sector privatization in this region. The US is considered as the highest revenue contributor in the region. All of the refurbished medical equipment must be registered with the FDA, which is one of the most significant factors contributing to this market’s growth.

In Europe, the analysis for refurbished medical equipment indicate the association with minimally invasive devices, diagnostic imaging equipment, radiation oncology systems, and biotechnology instruments are contributing greatly for the huge demand in this market. 

Asia Pacific is anticipated to exhibit high growth due to increasing reimbursement policies and rising support from government initiatives. The attributed growth is on high demand for medical imaging refurbished equipment in developed as well as emerging countries such as Brazil, China, and India.

Global Refurbished Medical Device Market   - Competitive Analysis

GE Healthcare (US), Stryker Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthcare (Germany), Agito Medical (Denmark), DMS Topline (U.S.), Johnson & Johnson (US), First Source, Inc (U.S.), Integrity Medical Systems, Inc. Radiology Oncology Systems, Inc., First Source Inc, DRE Medical Inc., Soma Technology (U.S.), Toshiba Medical System (Japan), Everx Pvt Ltd.,  Agito Medical A/S and Block Imaging International (US)   are some of the prominent players at the forefront of competition in the Global Refurbished Medical Devices Market and are profiled in MRFR Analysis. 

As of 2013, GE Healthcare is a dominating leader for the global refurbished medical equipment market. Companies are employing key business strategy such as focusing on their reimbursement facility for promoting the refurbished medical equipment market. Owing to the presence of large, medium, and small players in the market, the global refurbished medical devices market is considered to be highly fragmented

Through extensive research it is found out that the market players have adopted the strategy for new product development and acquisition for new specialized techniques, the key player involved in this strategy are GE HealthCare, Siemens Healthcare systems, and Philips Healthcare among others. 

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