Increasing privatization in the healthcare sector, poor reimbursement scenario for various medical treatments, large patient population base, and presence of a large number of hospitals/clinics with budget constraints in developing countries are the major factors driving the growth of this market. Growing initiatives undertaken by leading market players (such as GE Healthcare, Philips Healthcare, and Siemens Healthineers) to establish refurbishment facilities in both mature and developing markets are further adding to the growth prospects of Refurbished Medical Equipment market.
Emerging markets including India offer high growth potential for companies engaged in the development and distribution of refurbished medical devices. Growing initiatives by market players, increasing patient population base, and rising number of partnerships and agreements among OEMs and third-party refurbishers are the key factors propelling the growth of refurbished medical equipment market in emerging markets.
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A combination of bottom-up and top-down approaches was used to calculate the market sizes and growth rates of the refurbished medical equipment market and its subsegments. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. Primary interviews with key opinion leaders were also used to determine the percentage shares of each product in emerging nations. The report provides qualitative insights about growth rates and market drivers for all subsegments. It maps market sizes and growth rates for each subsegment and identifies segments poised for rapid growth in each geographic segment.
Refurbished Medical Equipment Market: Region-wise Outlook
On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is estimated to dominate the global market. The growing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), favorable regulatory scenario for the sale and use of refurbished medical systems in the U.S., and declining insurance reimbursements for imaging procedures are key drivers for the market growth in this region. The Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. Factors such as growing increasing privatization in the healthcare sector, huge patient population base, and high demand for refurbished medical equipment from hospitals and clinics with budgetary constraints are the key factors driving the growth of this market. Furthermore, leading market players are setting up refurbishment facilities in the region to meet the high demand for used/refurbished products in India, a major market for refurbished medical equipment in Asia-Pacific.
Refurbished Medical Equipment Market: Key Players
GE Healthcare (U.K.), Philips Healthcare (Netherlands), and Siemens Healthineers (Germany), Agito Medical A/S (Denmark), Block Imaging International, Inc. (U.S.), DRE Medical, Inc. (U.S.), Radiology Oncology Systems, Inc., (U.S.) Soma Technology, Inc. (U.S.), Everx Pvt Ltd. (Australia), and Integrity Medical Systems, Inc. (U.S.) are some of the key players in the refurbished medical equipment market.
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