◆英語タイトル：Refurbished Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Refurbished Medical Devices market is expected to be valued at approximately 10,130 million in 2020 and expected to reach USD 20,210 million in 2026, witnessing a CAGR of 12.2% over the forecast period.
Amidst this pandemic situation of COVID-19, the demand for refurbished medical devices, like mechanical ventilators is expected to observe a significant increase. However, the healthcare industry is still coping with the massive disruption in the supply chain which has negatively impacted the refurbished medical devices.
Certain factors driving the market growth include cost containment pressure on healthcare organizations, a large inventory of old or used medical devices, the rising trend of medical tourism, and the increasing rate of private healthcare institutions.
With the emerging technologies, there has been an increasing trend of ‘affordable buying,’ which is the basic reason for the emergence of the refurbished devices market. For example, today, a customer who is looking for any CT scanner under 4-slice opts for a refurbished unit, rather than a brand new system. The refurbished equipment allows buying of necessary devices at affordable prices, without compromising on quality; therefore healthcare facilities, including small and medium ones, purchase refurbished medical devices.
Along with the demand for new equipment, there is an increasing demand for refurbished medical equipment around the world. In fact, an increasing number of hospitals, which are new, are opting for alternate options to cut down on the capital investments. As per the GCC Healthcare Industry 2018 report, the total number of hospitals in the GCC region was around 700 in which Saudi Arabia had 470 hospitals. Hospitals, especially in such developing regions would prefer refurbished medical devices as it requires less capital investment, enabling them to provide healthcare services at affordable costs to the patients.
Moreover, the demand for refurbished medical devices are much higher in low- and middle-income countries. One of the primary reason being poor health infrastructure and limited access to healthcare resources. And refurbished devices are easily affordable in such countries, thereby boosting the market growth. Hence, the refurbished medical devices market is increasing at a high growth rate.
Key Market Trends
Medical Imaging Equipment is expected to hold a Significant Market Share in the Product Type
Medical imaging is the process of making a visual representation of the interior of the body for medical intervention. The usage of medical imaging devices is expected to slightly decline due to the sudden drop in hospital visits. Furthermore, as per the issued guidelines of the American College of Radiology, the United States, CT-scanners and x-rays are not an appropriate first-line diagnostic tool for COVID-19.
These instruments help in establishing a database of the normal anatomy and physiology of internal organs so that any abnormality can be noticed immediately and as their technological complexity increases, the total cost of it also increases. Hence, refurbished versions of these products provide greater options to the customers. For instance, Summus Medical Solutions are retail partners of Philips which offer Philip’s C-arms refurbished medical systems such as BV Pulsera, BV Endura, Philips Veradius, and Philips BV Libra. Hence, the availability of such technologically advanced systems at cheaper rates is expected to drive the market in this segment.
The majority of the clinics and hospitals that have purchased, used, or refurbished medical equipment generally have neutral-to-positive experiences with the purchase. Most end users have been found to indicate that they purchased used or refurbished equipment due to budgetary constraints.
Asia-Pacific to Witness the Fastest Growth in Refurbished Medical Devices Market
Asia-Pacific region is expected to show the fastest growth of the refurbished medical devices market. Amongst the pandemic situation the adoption and usage of refurbished medical devices such as patient monitoring devices are expected to increase in the emerging economies present in this region.
Furthermore, the reform in regulatory policies is expected to support the market growth. For instance, in February 2020, Malaysian Medical Device Authority (MDA) has drafted guidelines related to the requirement of the document submission about refurbished medical devices. Thus, a positive impact of COVID-19 can be expected in this region.
In addition, the increasing number of hospitals and diagnostic centers, with the increasing focus on rural development, both by government and private organizations, led to a great demand for refurbished medical instruments. As per the data provided by a study titled ”COVID-19 in India: State-wise estimates of current hospital beds, intensive care unit (ICU) beds and ventilators” published in April 2020, India has around 43,486 private hospitals and about 25,778 public hospitals.The increasing number of hospitals and diagnostic centers, with increasing focus on rural development, both by government and private organizations, led to a great demand for refurbished medical instruments.
In addition to, presence of well-established companies in this region is further expected to support the market growth. For instance, SANRAD Medical Systems is one of the leading company in India dealing with refurbished medical imaging equipment. It mainly offers products in Magnetic Resonance and Computed Tomography. Thus, such factors are expected to boost the market growth in Asia-Pacific region.
The global refurbished medical devices market is highly competitive and consists of a number of major players. Companies, like Agito medical A/S, Avante Health Solutions, Block Imaging International, Inc., Everx Pvt Ltd., GE Healthcare, Integrity Medical systems Inc., Koninklijke Philips N.V., Radio Oncology Systems Inc., Siemens Healthcare Systems, and Soma Technology, among others, hold substantial market shares in the refurbished medical devices market.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Containment Pressure on Healthcare Organizations
4.2.2 Large Inventory of Old or Used Medical Devices
4.2.3 Growing Rate of Private Healthcare Institutions
4.3 Market Restraints
4.3.1 Quality Issues of Refurbished Medical Equipment among End Users
4.3.2 Reluctance to Purchase Refurbished Medical Equipment Among Healthcare Providers
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Medical Imaging Equipment
22.214.171.124 X-Ray Machines
126.96.36.199 Ultrasound Systems
188.8.131.52 MRI Machines
184.108.40.206 CT Scanners
220.127.116.11 Nuclear Imaging Systems (Pet, Spect, and Pet/CT)
18.104.22.168 Other Medical Imaging Equipment
5.1.2 Operating Room & Surgical Equipment
22.214.171.124 Anesthesia Machines
126.96.36.199 CO2 and Agent Monitors
188.8.131.52 Electrosurgical Units
184.108.40.206 Other Operating Room and Surgical Equipment
5.1.3 Patient Monitors
220.127.116.11 Multiparameter Monitors
18.104.22.168 Electrocardiography Devices (ECG)
22.214.171.124 Pulse Oximeters
126.96.36.199 Non-invasive Blood Pressure Monitors
5.1.4 Cardiovascular & Cardiology Equipment
5.1.5 Neurology Equipment
5.1.6 Endoscopy Equipment
5.1.7 Intensive Care Units
5.1.8 Other Medical Equipment
5.2.1 North America
188.8.131.52 United States (By Product)
184.108.40.206 Canada (By Product)
220.127.116.11 Mexico (By Product)
18.104.22.168 Germany (By Product)
22.214.171.124 United Kingdom (By Product)
126.96.36.199 France (By Product)
188.8.131.52 Italy (By Product)
184.108.40.206 Spain (By Product)
220.127.116.11 Rest of Europe (By Product)
18.104.22.168 China (By Product)
22.214.171.124 Japan (By Product)
126.96.36.199 India (By Product)
188.8.131.52 Australia (By Product)
184.108.40.206 South Korea (By Product)
220.127.116.11 Rest of Asia-Pacific (By Product)
5.2.4 Middle-East & Africa
18.104.22.168 GCC (By Product)
22.214.171.124 South Africa (By Product)
126.96.36.199 Rest of Middle-East & Africa (By Product)
5.2.5 South America
188.8.131.52 Brazil (By Product)
184.108.40.206 Argentina (By Product)
220.127.116.11 Rest of South America (By Product)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agito medical A/S
6.1.2 Avante Health Solutions
6.1.3 Block Imaging International, Inc.
6.1.4 Everx Pvt Ltd.
6.1.5 GE Healthcare
6.1.6 Integrity Medical systems Inc.
6.1.7 Koninklijke Philips N.V.
6.1.8 Radio Oncology Systems Inc.
6.1.9 Siemens Healthcare Systems
6.1.10 Soma Technology
6.1.11 Hilditch Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS