Wilmington, Delaware, United States, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per Transparency Market Research (TMR), the global refurbished medical equipment market is anticipated to advance at CAGR of approximately 13.0% during the forecast period.
Demand for different types of medical devices to treat patients suffering from various diseases has increased significantly. However, high price has made it difficult for hospitals to purchase these products. This is fueling the demand for refurbished medical equipment.
Demand for refurbished medical equipment, such as medical reimaging equipment, patient monitoring devices, and operating room equipment, has been rising across the globe.
Leading refurbished medical equipment market players are engaging in strategies such as collaboration with smaller players to expand their presence and improve their revenue.
In March 2020, GE Healthcare signed a collaborative agreement with Ford Motor Company, an automotive market player, to increase the production of ventilators in order to provide healthcare personnel with key medical equipment for the treatment of patients testing positive for the coronavirus.
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Key Findings of Market Study
- Increase in Product Demand from E-commerce Websites Fueling Refurbished Medical Equipment Market Development: Earlier, offline distribution channels, such as hospital pharmacies, were the primary source of purchasing refurbished medical equipment, considering consumer tendency to physically examine products before making the purchase. However, with growth in e-commerce industry, different refurbished medical equipment are witnessing increased demand from online distribution channels, which has contributed to market growth. The last decade has witnessed growth in e-commerce industry and availability of refurbished medical equipment over online distribution channels has altered consumer preference towards purchasing products over these channels and helped market growth. Few benefits of purchasing products over online distribution channels include product availability at reduced cost and doorstep delivery.
- Rise in Refurbished Medical Equipment Demand from Hospitals Augmenting Market Growth: Hospitals emerged as the leading end-use segment of the global market in 2018 owing to the increase in demand for refurbished medical equipment from these facilities. Key reasons for the rise in product demand from hospitals include, decline in purchase budgets of hospitals, and growth in reliance on hospitals for medical imaging services.
Refurbished Medical Equipment Market - Key Drivers
- Rise in prevalence of different chronic diseases such as cancer and diabetes is one of the key factors driving the global market
- Increase in demand for medical imaging equipment in various application areas such as cardiovascular diseases, oncology, and neurology is augmenting refurbished medical equipment market size
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Refurbished Medical Equipment Market - Regional Insights
- The TMR market report states that North America emerged as the leader in global market for refurbished medical equipment in 2018. Easy availability of various refurbished medical equipment such as multi-parameter devices and pulse oximeters, and presence of developed healthcare infrastructure in countries such as the U.S. and Canada are driving the market in the region.
- Asia Pacific is projected to witness significant growth in the overall market during the forecast period owing to low cost of ownership with respect to new equipment and rise in penetration of prominent market players in countries such as India and China.
Refurbished Medical Equipment Market - Key Players
Presence of numerous leading market players implies that competition landscape in the global refurbished medical equipment market is fragmented. Entry of new market players is likely to increase the intensity of competition in the global market during the forecast period.
Leading players in the global market for refurbished medical equipment include GE Healthcare, Siemens Healthineers, and Hitachi Ltd.,
The global refurbished medical equipment market has been segmented as follows:
- By Product
- CT Scanners
- MRI Systems
- X-ray Systems
- Ultrasound
- Others
- By End-use
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
- Others
- By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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