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Refurbished Medical Equipment Global Market Report 2021: COVID-19 Growth And Change

Refurbished Medical Equipment Global Market Report 2021: COVID-19 Growth And Change

  • August 2021
  • 175 pages
  • ID: 6130130
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the refurbished medical equipment market are GE Healthcare, Siemens Healthineers AG, Koninklijke Philips N.V, Integrity Medical Systems Inc., Soma Technology, Radio Oncology Systems Inc., Everx Pvt. Ltd, Canon Medical Systems Corporation, Hilditch Group, Block Imaging International Inc., Master Medical Equipment, FlexrayMedical ApS, Rhombus Medical Equipment LLC, and US Medical Systems LLC.

The global refurbished medical equipment market is expected to grow from $10.77 billion in 2020 to $12.52 billion in 2021 at a compound annual growth rate (CAGR) of 16.29%. The growth is mainly due to healthcare organizations preferring for cost cutting measures. Refurbished equipment require a lower upfront capital investment, thus allowing healthcare providers to offer services at affordable costs. The market is expected to reach $20.28 billion in 2025 at a CAGR of 12.8%.

The refurbished medical equipment market consists of sales of refurbished medical equipment by entities (organizations, sole traders, and partnerships) that manufacture refurbished medical equipment which is used after refurbishing, restoring, and installed without changing the intended use of the first device and replacement of worn parts. These devices are checked and tested by the quality control department and they are commonly refurbished to have long-use periods.

The main types of refurbished medical equipment are medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, others.Medical imaging equipment is used to view the human body to diagnose, monitor, and treat medical conditions.

Ultrasound systems, X-ray machines, MRI machines, and CT Scanners are a few examples of medical imaging equipment.The operating room and surgical equipment are used for performing surgeries in operating rooms which include a wide range of handheld, portable and fixed equipment or devices such as anesthesia devices, electrosurgical devices, surgical imaging devices and others.

Patient monitors are used to measure, record, distribute and display combinations of biometric values such as heart rate, SPO2, blood pressure, temperature and more.Cardiology equipment are used for analyzing heart-related parameters, which include ECG machines, Bedside Monitor, Multi Para Monitors, Central Nursing Station and others.

Urology equipment are used for examining the urinary tract (kidneys, ureters, bladder and urethra). Neurology equipment are used for examining preventing, and treating a variety of neurological disorders and conditions. Intensive care equipment are used to monitor the patient and/or help treat their illness. Endoscopy equipment are used to diagnose the stricture of hollow organs of the body such as colon, esophagus, and stomach. IV therapy systems are used for delivering fluids, medications and nutrition directly into a person’s vein for immediate absorption and use by the body. The refurbished medical equipment is used in diagnostic and therapeutic areas. Various users of refurbished medical equipment include hospitals, ambulatory care centers, diagnostic imaging centers, others.

North America was the largest region in the refurbished medical equipment market in 2020.Asia Pacific is predicted to record the fastest growth over the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Major companies are undertaking strategic alliances to maintain their strong foothold in the refurbished medical equipment market. For instance, in October 2020, Intalere Inc., a US-based company that provides solutions such as clinical, operational, and financial for healthcare organizations, has announced a new agreement with Avante Health Solutions. By this agreement, the Intalere members can get negotiated prices on Avante Health solutions’ refurbished medical imaging equipment such as CT, MRI, ultrasound, and on-site repair services, and inventory of replacement parts. Intalere members can also access Avante Health Solutions’ library of technical support as well as clinical training videos. Avante Health Solutions is a US-based provider of surgical, diagnostic imaging, and radiation oncology equipment.

In April 2019, US Med-Equip, a US-based medical equipment company that offers medical equipment rentals, sale, and asset management of movable medical equipment acquired Medical Support Products Inc. for an undisclosed amount. With this acquisition, US Med-Equip will accelerate its national expansion and support capability to provide services to a larger footprint of hospital providers. The Medical support products acquisition denotes a proposed $100 million investment over the next five years in the growing movable medical equipment portfolio of US Med-Equip. Medical Support Products, Inc. is a US-based company that is engaged in providing consumers with respiratory equipment and services.

The increasing prevalence of cancer and cardiovascular diseases contributed to the growth of the refurbished medical equipment market. For instance, according to GLOBOCAN 2020: New Global Cancer Data released by the International Agency for Research on Cancer (IARC), the global cancer burden had increased to 19.3 million cases and 10 million cancer deaths in 2020. Additionally, according to the World Heart Federation 2019, cardiovascular disease is responsible for 17.9 million deaths every year. Refurbished medical equipment is used for screening, diagnosis, staging, and follow-up of many diseases including several cancers, cardiovascular disorders, and others. Thus, the rising prevalence of cancer and cardiovascular diseases was a major factor driving the refurbished medical equipment market’s growth.

The countries covered in the refurbished medical equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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