The global refurbished medical devices market was valued at close to $7 billion in 2015 and is expected to surpass $9 billion by 2020, says Technavio.
Technavio has announced its latest market research report on global refurbished medical devices market to its orthopedics and general medical devices portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global refurbished medical devices market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include GE Healthcare, Philips Healthcare, Siemens Healthcare, and Toshiba Medical Systems.
In terms of geographical analysis, the Americas will be the largest region in the global market, reaching revenues of around $6 billion by 2020. The US, Canada, Brazil, and Mexico will emerge as the key revenue-generators.
“Several vendors in the market are adopting eco-friendly practices to reduce e-waste, lower the landfill, and to reduce the burden of disposing of waste. The refurbishment of medical devices is an environment-friendly process and helps in reducing pollution. The manufacturers are remanufacturing and commercializing refurbished devices as an economical and eco-friendly option. This process allows healthcare institutions to use the excess revenue to focus on development activities,” says Srinivas Sashidhar, a lead analyst at Technavio for research on orthopedics and general medical devices.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased adoption of low-cost refurbished medical devices due to financial constraints
The design and development of medical equipment involves high research and development and manufacturing costs, making it expensive for hospitals to purchase new medical devices. Healthcare organizations prefer refurbished medical devices like MRI and CT scanners that are updated with the latest technology at affordable prices. Refurbished medical devices are considered as an alternative option to new devices by healthcare service providers. The demand for cost-effective, updated, re-certified devices guaranteed with warranty, and service are provided at attractive prices to consumers in various developing countries. Manufacturers are focusing towards exploring new opportunities in the emerging nations in association with the healthcare service providers.
Rise in privatization in healthcare sector
The rise in privatization has led to the increased demand for high standards of treatment and the procurement of advanced devices for patient treatment. Hospitals and diagnostic centers are purchasing high-cost equipment at lower prices in the form of refurbished devices. The most commonly used refurbished devices include X-ray, CT, and MRI machines. The use of refurbished devices in healthcare institutions allows them to provide wide range of services to patients at low cost.
Increased sales through online marketing
The vendors using strategic marketing techniques like participating in industry exhibitions, promotional events at various healthcare organizations, sponsorship to various healthcare events and online marketing to promote and advertise their devices to a larger consumer base. Online marketing is helping vendors to attract more consumers in an easier and quicker method. Online marketing includes benefits such as minimum setup, distribution, and operational costs encouraging players to shift promotion online. The manufacturers are adding value to consumer purchases by selling refurbished medical devices along with their accessories online. Some of the tactics sellers are adopting to increase sales include discounts and promotional offers on single and bulk purchase of devices.
High demand from developing countries
The development and growth in healthcare industry in emerging countries are providing vendors to new opportunities to expand their product portfolios in these regions. Many healthcare institutions in this area are adopting concept of affordable buying by purchasing refurbished devices to reduce capital expenditure. The vendors are focusing on regulatory aspects in terms of quality, reliability, and pricing to increase their consumer base in these countries. The refurbished medical devices improve the economy with patient satisfaction, reduction in electronic and toxic waste helping in the growth of the market. The countries focusing on the development of refurbished medical devices are Brazil, India, and Mexico.
Other prominent vendors identified in this report are Agito Medical, Block Imaging International, DRE Medical, Everx, Integrity Medical Systems, Radiology Oncology Systems, Soma Technology, and Stryker.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Refurbished Medical Devices Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Anesthesia Breathing Circuits Market 2016-2020
- Global Breath Analyzers Market 2016-2020
- Global Medical Device Manufacturing Outsourcing Market 2016-2020
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