Global Refurbished medical equipment market is expected to reach USD 13.11 Billion by 2022, growing at a CAGR of around 12.5 % between 2017 and 2022.
The refurbished medical equipment market report includes comprehensive and profound analysis on the global and regional level. The report gives historic data of 2014 along with a forecast from 2017 to 2022 based on revenue (USD Billion). The study comprises drivers, restraints, and opportunities for the Refurbished medical equipment Market along with the impact on the demand over the forecast period.
The report provides a complete view of the refurbished medical equipment market and encompasses detailed type portfolio and strategic developments of key vendors. To know the competitive landscape of the refurbished medical equipment market, an analysis of Porter’s five forces model is done. The study cover market attractiveness analysis, in which type segments are specialized based on the market size, growth rate, and attractiveness.
The report provides a crucial view of the refurbished medical equipment market by segmenting the market based on product and region. Based on the product the refurbished medical equipment market is segmented into operating room equipment & surgical equipment, patient monitors, medical imaging equipment, defibrillators, cardiovascular & cardiology equipment, neurology equipment, endoscopy equipment, intensive care systems, neonatal intensive care systems, iv therapy systems, and other equipment. All the segments have been analyzed based on existing and future trends and the market is projected from 2017 to 2022. The regional segmentation includes the present and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including China, Japan, India, U.S. Germany, France, UK, and Brazil.
The report presents comprehensive competitive outlook with company profiles of the key players operating in the global market. Key participants profiled in the report include Philips Healthcare, GE Healthcare, Siemens Healthineers, Agito Medical A/ S, DRE Medical, Inc., Block Imaging International, Inc., Radiology Oncology Systems, Inc., Soma Technology, Inc., Everx Pvt Ltd. and Integrity Medical Systems, Inc. among others.
This report segments the refurbished medical equipment market as follows:
Global Refurbished Medical Equipment Market: Product Segment Analysis
Global Refurbished Medical Equipment Market: Regional Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Refurbished Medical Equipment market. Zion Research has collected and analyzed key data belong to the global Refurbished Medical Equipment market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Refurbished Medical Equipment across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Refurbished Medical Equipment industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Refurbished Medical Equipment market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Refurbished medical equipment market is expected to witness a significant growth in the coming five years owing to the large patient population base coupled with increasing chronic diseases ( Cancer, cardiovascular diseases and etc.) globally. For example; as per the International Cardiovascular Disease Statistic; it’s been projected that by 2020, chronic diseases will account for almost three-fourths of all deaths. 71% of deaths due to ischemic heart disease, 75 percent due to stroke and 70% due to diabetes will occur in developing countries, 60 percent of the burden of chronic diseases will occur in developing countries and cardiovascular disease is now more numerous in India and China than in all economically developed countries in the world added together. So the medical institutions and healthcare professionals must ensure that their medical equipment meets the needs of every patient. New medical equipment can cost thousands and thousands of dollars. So to meet the demand and to provide patients with the best quality of care possible, refurbished medical equipment are becoming so popular.
Increasing incidences of cardiovascular diseases (CVD) and other chronic diseases, development of better healthcare infrastructure and more efficient healthcare technologies are some of the driving factors for the growth in this market in coming five years. In addition, the benefits of refurbished medical equipment such as cost-effectiveness and increased successful outcomes are expected to foster the growth in this market. Furthermore, increasing number of partnerships and agreements among original equipment manufacturers and third-party refurbishes. However, lack of awareness about the benefits of refurbished medical equipment is expected to hamper the growth in this market. In spite of these barriers, emerging markets in developing regions can be an opportunity in this market.
The global market for refurbished medical equipment is segmented on the basis of product and region. On the basis of product, the global market for refurbished medical equipment can be categorized into; operating room equipment & surgical equipment, patient monitors, medical imaging equipment, defibrillators, cardiovascular & cardiology equipment, neurology equipment, endoscopy equipment, intensive care systems, neonatal intensive care systems, iv therapy systems, and other equipments. This segment is expected to dominate by the patient monitor equipment by accounting for the largest share in the market owing to increasing awareness about chronic diseases and technological advancements to develop more innovative products.
In terms of geography, refurbished medical equipment market can be segmented into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including China, Japan, India, U.S. Germany, France, UK, and Brazil. North America is anticipated to dominate the refurbished medical equipment market by capturing the largest market share within the forecast period owing to the increasing geriatric population coupled with the increasing incidences of chronic diseases. For example, U.S. Census Bureau, 2013, in North America, population aged 65 and over is projected to reach 20.7% by 2030 and 21.4% by 2050 of the total world population. Europe is expected to follow the North America in this market within the forecast period. Refurbished medical equipment market of Europe is undergoing tremendous changes with increasing expenditure for healthcare infrastructure.
Asia Pacific is expected to witness the fastest growth with the highest CAGR in the coming five years. Major driving factors in this region are increasing medical expenditure and raising awareness about refurbished medical devices. Latin America and Middle East & Africa are expected to show a healthy market growth for refurbished medical equipment within the forecast period. Especially in Brazil, the high growth rate in the over-60 population over the next 15 years and increasing prevalence of chronic diseases are expected to fuel the market growth in this market.
Some of the key players of refurbished medical equipment market such as Philips Healthcare, GE Healthcare, Siemens Healthineers, Agito Medical A/S, DRE Medical, Inc., Block Imaging International, Inc., Radiology Oncology Systems, Inc., Soma Technology, Inc., Everx Pvt Ltd. and Integrity Medical Systems, Inc. among others.