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.
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 Refurbished Medical Equipment market.
Emerging markets including India offer high growth potential for companies engaged in the development and distribution of refurbished medical devices. Growing initiatives by market players, increasing patient population base, and rising number of partnerships and agreements among OEMs and third-party refurbishers are the key factors propelling the growth of refurbished medical equipment market in emerging markets.
The medical imaging equipment segment holds the largest share of the global refurbished medical equipment market in 2016. Most healthcare facilities in developing countries cannot afford new equipment due to their high installation and maintenance costs. As a result, the demand for refurbished medical imaging equipment is increasing in these regions. The cardiovascular & cardiology equipment segment is expected to grow at the highest CAGR in the next five years; the increasing prevalence of heart-related diseases and other cardiac illnesses is the key factor increasing the adoption of these equipment, globally.
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Geographical Region Covered:
On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is estimated to dominate the global market. The growing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), favorable regulatory scenario for the sale and use of refurbished medical systems in the U.S., and declining insurance reimbursements for imaging procedures are key drivers for the market growth in this region.
The Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. Factors such as growing increasing privatization in the healthcare sector, huge patient population base, and high demand for refurbished medical equipment from hospitals and clinics with budgetary constraints are the key factors driving the growth of this market. Furthermore, leading market players are setting up refurbishment facilities in the region to meet the high demand for used/refurbished products in India, a major market for refurbished medical equipment in Asia-Pacific.
GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (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 global refurbished medical equipment market.
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