Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of the original device, and replacement of worn parts. Technology in terms of software, hardware and others is changing at a faster pace, which shortens the interval between the purchase of superior systems and worn out of preoccupied devices. Factors driving growth of refurbished medical equipment market are increasing involvement of key manufacturers in refurbishment of their equipment and increasing demand of cost effective systems by small scale private hospitals and clinics. For example, high cost of huge and technologically complex equipment such as MRI systems and CT scanners is a restraining factor for small scale private hospitals and clinics, which leads to high demand for refurbished medical equipment and in turn propelling the market growth.
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Refurbished Medical Equipment Market Drivers
Increasing focus of original equipment manufacturers in refurbishment of medical device is expected to propel growth of the refurbished medical equipment market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems. Original equipment manufacturer-based refurbishment is more trusted by the end users. Moreover, adoption of effective remanufacturing standards is expected to enhance adoption of refurbished medical devices. For instance, Siemens remanufacturing process adheres to EN ISO 13485: 2003, which ensures quality management systems are used by medical device manufacturers and ISO 14001: 1996, which is an international standard for an effective environmental management system.
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