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Refurbished Medical Equipments Market to Grow at a CAGR of 7.8% to 2017

RnRMarketResearch.com “Refurbished Medical Equipments Market – By Device Types & Applications (2012-2017) – Global Trends & Competitive Analysis" report to its research database.


Refurbishment restores used equipment or systems through repairing, reworking, updating and replacing of worn parts with original parts to ensure a condition of safety and effectiveness comparable to when new. All process should be consistent with product specifications and service procedures defined by the original manufacturer for that equipment or system. These processes do not alter equipment’s or system’s performance, safety specifications and/or changes intended to use as in its original registration. This device market encompasses for imaging-monitoring-diagnostic devices, radiation oncology systems, minimally invasive surgical devices, biotechnology instruments and others.


The global refurbished medical equipments market is poised to reach $8.45 billion by 2017, at a CAGR of 7.8%. Biotechnology instruments and imaging-monitoring-diagnostic devices contribute to the maximum share (78%) to the global refurbished devices market, followed by minimally invasive surgical devices (16%) and radiation oncology systems (2%) in 2011.


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The major driving factor for these markets involves the affordable price range of refurbished devices that aid small and medium healthcare institutions to provide advanced treatment at lower rates. Developing countries in Latin America, Asia, and Middle East etc. are driving this market as they are becoming wealthier to welcome new medical equipments for serving advanced treatments, but not that much to afford purchasing brand new highly expensive medical equipments.


The imaging-monitoring-diagnostic devices segment in refurbished market represents the highest growing segment. Refurbished imaging-monitoring-diagnostic devices market contributes to 17% of the global market.


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North America, specifically the U.S., is contributing the maximum share to the refurbished medical device market. The U.S. market is primarily driven by huge amount of private practitioners. Developing countries such as Latin America, specifically Chile, Ecuador, Caribbean, Bolivia, Mexico, and Peru, are contributing largely to this growing market. The next market opportunities lie in the Asian market. India is the biggest market in the Asian regime due to its high population base and low affordability to purchase highly expensive brand new medical devices. The Asian market is deemed to be the most lucrative market place for these refurbished products in the near future.


This market is operated by mainly two kinds of players; original equipment manufacturers (OEMs) and third party manufacturers. Major OEMs include GE Healthcare (U.K.), Siemens Healthcare (Germany), Philips Healthcare (Netherlands), Stryker Corporation (U.S.), Johnson & Johnson (U.S.) and Toshiba medical system (Japan). A few noteworthy third party vendors include Soma Technology (U.S.), Agito Medical (Denmark), DMS Topline Medical (U.S.), and First Source, Inc. (U.S.).


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