Medi-Tech Insights: Increased adoption of low-cost refurbished equipment due to cost containment pressure, a large inventory of old or used medical devices, increasing privatization of the healthcare sector, rising demand for refurbished equipment due to the Covid-19 and high demand from developing countries are the key factors driving the refurbished medical equipment market.
Brussels, Belgium, June 20, 2022 (GLOBE NEWSWIRE) --
Refurbishment is defined as a systematic process that ensures the safety and effectiveness of the medical equipment without significantly changing the equipment’s or system’s performance, safety specifications, and/or changing intended use as in its original registration.
Refurbishment of Medical Equipment Contributes to Circular Economy
Refurbished medical equipment serves the purpose of circular economy, by prolonging the life of the equipment, optimal use of resources, and reentering the business ecosystem. It also makes a positive contribution to the environment as it reduces waste generation and saves energy, resources, and raw materials. The DITTA estimates that around 30 MWh can be saved for each ton of refurbished medical imaging equipment.
Cost Containment Strategies for Hospitals Drive the Refurbished Medical Equipment Market Growth
With the use of refurbished medical equipment, the cost to hospitals can be reduced by 20-30 percent while continuing to guarantee safety and high clinical performance. Also, by replacing used, outdated equipment with refurbished medical equipment, the overall quality of healthcare for patients can be improved, which allows for better therapy and treatment and increases the chance of survival.
“The global refurbished medical equipment market played a critical role in helping improve access to affordable quality healthcare during the COVID-19 outbreak. The future prospects of the refurbished medical equipment market look promising due to low production & material cost, and its contribution to the circular economy.” -General Manager, Global Operations and Supply Chain, Medical Device Manufacturer, United States
Introduction of IEC PAS 63077 Drives the Global Refurbished Medical Imaging Equipment Market
Industry standards like DITTA’s IEC PAS 63077 on “Good refurbishment practices for medical imaging equipment” help to promote the use and market access of refurbished medical imaging equipment as well as emphasize the importance to harmonize the refurbishment practices globally.
Key Challenges/ Constraints: Refurbished Medical Equipment Market
The lack of awareness about the benefits associated with the refurbished medical equipment, strong end-user skepticism sentiments regarding the quality & accuracy of this equipment, and stringent regulations on the import and use of refurbished medical equipment in certain countries are some of the key factors that are likely to restrain the market growth.
North America Has the Largest Market Share in Refurbished Medical Equipment Market
North America holds the largest market share of the refurbished medical equipment market followed by Europe and the Asia Pacific. Large inventory of old and used medical equipment, hospital budget cuts, and showing prominence of e-commerce platforms that enhance the ease of purchasing refurbished medical devices in this region are some of the key factors driving the growth of this market.
Competitive Landscape Analysis: Refurbished Medical Equipment Market
The refurbished medical equipment market is marked by the presence of established key players such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Soma Technology, USMed-Equip, and Everx Pvt Ltd., among others.
Companies Adopt Both Organic & Inorganic Growth Strategies to Increase their Market Share
Players operating in this market are adopting organic and inorganic growth strategies such as collaborations, acquisitions, and expansions to garner market share. For instance,
In January 2022, US Med-Equip announced the opening of a new US Med-Equip support center to help Chicago-area hospitals gain access to more ventilators and other medical equipment.
In August 2021, US Med-Equip announced the expansion of its westward area with new offices in Utah, Colorado, Nevada(HOUSTON) to help more hospitals with critical medical equipment in the fight to save patients.
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