August 08, 2016
August 6th, 2016 Absolute Reports
The global refurbished medical equipment market is estimated to grow at a CAGR of 12.5% from 2014 to 2019. North America held the largest share of the refurbished medical equipment market in 2014. However, the Asia-Pacific region is poised to grow at the highest CAGR of 13.7% in the next five years. Factors such as increasing privatization of the healthcare sector, growing number of hospitals and surgical centers, and the rising focus of international and domestic players on the Asia-Pacific refurbished medical equipment market are propelling its growth.
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The growth of the global refurbished medical equipment market is mainly driven by the increasing incidence/prevalence of lifestyle diseases (such as CVD and cancer), rapidly aging population, growing demand for refurbished medical products by small- and medium-sized hospitals, modernization of healthcare facilities in the emerging countries of the Asia-Pacific and RoW (Rest of the World) regions, and geographic expansions of market players across the globe. However, negative outlook of end users toward the quality of refurbished medical products is a major factor restraining the growth of this market. Growing number of private hospitals and diagnostic centers and increasing demand for refurbished equipment in emerging markets are creating opportunities for growth of the refurbished medical equipment market.
In this report, the global refurbished medical equipment market has been classified into many segments and subsegments on the basis of products, namely, operating room and surgical equipment (anesthesia machines and ventilators, CO2 and agent monitors, microscopes, electrosurgical units, and others), patient monitors (pulse oximeters, ECG devices, multiparameter monitors, and noninvasive blood pressure monitors), defibrillators (AED defibrillators and other defibrillators), medical imaging equipment (X-rays machines, ultrasounds systems, MRI machines, CT scanners, nuclear medicine systems, and others), cardiovascular and cardiology equipment (heart-lung machines, coagulation analyzers, and others), IV therapy systems, neurology equipment (EEG machines and EMG machines), endoscopy equipment, intensive care units (hardwire systems and telemetry systems), neonatal intensive care units (infant incubators and warmers, and monitors), and other medical equipment (blanket warmers, autoclaves, suction pumps, sequential compressor devices (SCDs), stretchers, cath labs, stress test systems, heaters/coolers, dry imagers, and beds).
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Geographically, North America (comprising the U.S. and Canada) commands the largest share of 48.0% of the global refurbished medical equipment market in 2014, followed by Europe. The refurbished medical equipment market in North America is primarily driven by the growing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), favorable regulatory scenario for sale and use of refurbished medical systems, and declining insurance reimbursements for imaging procedures.
The global refurbished medical equipment market comprises a few OEMs and large number of third-party firms or suppliers. As of 2014, the global refurbished medical equipment market was dominated by GE Healthcare (U.K.), Philips Healthcare (Netherlands), and Siemens Healthcare (Germany), which together accounted for ~41% of the market.
New service launches; agreements, partnerships, and alliances; new product catalog launches and product enhancements; and new facility launches are the major strategies adopted by most of the market players to achieve growth in the refurbished medical equipment market.