The worldwide market for refurbished medical equipment and devices could be worth $9.37 billion by 2019 because of the wider use of such products in emerging countries, privatization in health care and increasing demand for inexpensive medical devices, according to a report from MarketsandMarkets titled Refurbished Medical Equipment Market (Ultrasound, MRI, CT Scanner, C-Arm, Nuclear Imaging Systems, Hurt-Lung Machines, Surgical, CO2 Monitor, Patient Monitor, Pulse Oximeter, AED Defibrillator, Cath Labs, Strechers, Endoscopy) – Global Forecasts to 2019.
The report also noted that growth has been restricted by a lack of standardization of policies related to the reuse of medical devices and the hesitancy of some organizations to purchase refurbished medical equipment.
The refurbished medical equipment market is expected to grow at a CAGR of 12.5 percent from 2014 to 2019. Growing demand for low-cost medical devices due to financial constraints, increasing privatization in the healthcare sector, and rising adoption of refurbished medical devices in emerging countries are the key factors fueling the growth of the market. However, the negative outlook of public institutes regarding the purchase of refurbished medical equipment, and lack of standardization and harmonization of policies related to the sale and use of refurbished medical devices are some of the key restraints hampering the growth of the market.
Emerging markets such as India, Brazil, and Mexico are lucrative regions for companies engaged in the refurbishment of used medical equipment. Rising trend of medical tourism, huge population base, and increasing privatization of the healthcare sector are the key factors propelling the demand for refurbished medical equipment in the emerging markets.
As of 2014, GE Healthcare (U.K.) held the leadership position in the global refurbished medical equipment market. The company focuses on expansion of its refurbishment facility as its key business strategy. In line with this, in March 2010, the company launched its CT system manufacturing facility in Bangalore, India. Similarly, in October 2012, GE participated in the Aquino administration’s public-private partnership (PPP) program to improve its accessibility in the healthcare sector of Philippines.
Agito Medical A/S (Denmark), Block Imaging International, Inc. (U.S.), DRE, Inc. (U.S.), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (U.S.), Philips Healthcare (Netherlands), Radiology Oncology Systems, Inc. (U.S.), Siemens Healthcare (Germany), and Soma Technology, Inc. (U.S.) are some of the other key players in this market.