Michael Barbella, Managing Editor02.10.21
The global refurbished medical imaging equipment market is primed for growth in the next half-decade.
The sector's value is expected to swell to $21.14 billion by 2027, according to data from Polaris Market Research. The market growth is primarily attributed to increasing demand for cost-effective medical imaging equipment, increasing adoption of refurbished equipment in private healthcare sector, tax incentives, extended service life of refurbished equipment and growing e commerce. There is an increasing demand for low cost medical imaging equipment by small and mid-level hospitals, diagnostic centres and private medical institutions due to lack of enough financial resources.
Refurbished equipment is second hand old equipment restoring the devices to original condition without damage to the specifications. The safety and effectiveness of the refurbished equipment is comparable to new devices. In refurbishment process the equipment will undergo changes like decontamination, calibration, repair, software upgrade, cosmetic rehabilitation, replacement of worn parts, and other procedures to match to original OEM specifications.
The OEM refurbished equipment is good alternative to new products, as these systems undergo complete set of industrial procedures and available with high quality, lower price and manufacturer warranty. Hence, adoption of refurbished products helps hospitals and diagnostics centres to reduce the investments on infrastructure.
The refurbished medical imaging equipment is cost-effective which can be bought for as low as 30 percent to 70 percent of the original equipment cost. The cost of these second hand devices, depending on features, age of the system and the condition. By purchasing refurbished equipment, the hospitals can upgrade their imaging capability at the lower cost.
Emerging and low income countries are the lucrative target destination for the concerned market. In India, district, municipal and less sophisticated hospitals often go for used medical devices due to budget constraints. Indian hospitals demand continuous service back-up for instruments and the spare parts being sold and international companies need to have liaison offices in the country to promote the sale of these devices.
Market participants such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging, SOMA TECH INTL., US Med-Equip, Avante Health Solutions, Everx Pvt Ltd., Integrity Medical Systems Inc., Radiology Oncology Systems Inc., Master Medical Equipment, Hilditch Group, Fair Medical Co. Ltd., Future Health Concepts, U.S. Medical Systems LLC., Nationwide Imaging Services, Pacific Healthcare Imaging LLC, Venture Medical ReQuip Inc., Desert Tech Medical Systems, and Hi Tech International Group Inc. are operating in the concerned market.
The companies in the market are focussing on acquisitions to increase their market share. For instance, recently in February 2020, the U.S.-based supplier of refurbished medical equipment Probo Medical, announced the acquisition of Elite Medical Technologies, LLC and Future Medical Equipment Ltd. The former is the renowned re-seller of the pre-owned digital medical devices, while the latter is specialized in de-installation and sales of second hand equipment.
The sector's value is expected to swell to $21.14 billion by 2027, according to data from Polaris Market Research. The market growth is primarily attributed to increasing demand for cost-effective medical imaging equipment, increasing adoption of refurbished equipment in private healthcare sector, tax incentives, extended service life of refurbished equipment and growing e commerce. There is an increasing demand for low cost medical imaging equipment by small and mid-level hospitals, diagnostic centres and private medical institutions due to lack of enough financial resources.
Refurbished equipment is second hand old equipment restoring the devices to original condition without damage to the specifications. The safety and effectiveness of the refurbished equipment is comparable to new devices. In refurbishment process the equipment will undergo changes like decontamination, calibration, repair, software upgrade, cosmetic rehabilitation, replacement of worn parts, and other procedures to match to original OEM specifications.
The OEM refurbished equipment is good alternative to new products, as these systems undergo complete set of industrial procedures and available with high quality, lower price and manufacturer warranty. Hence, adoption of refurbished products helps hospitals and diagnostics centres to reduce the investments on infrastructure.
The refurbished medical imaging equipment is cost-effective which can be bought for as low as 30 percent to 70 percent of the original equipment cost. The cost of these second hand devices, depending on features, age of the system and the condition. By purchasing refurbished equipment, the hospitals can upgrade their imaging capability at the lower cost.
Emerging and low income countries are the lucrative target destination for the concerned market. In India, district, municipal and less sophisticated hospitals often go for used medical devices due to budget constraints. Indian hospitals demand continuous service back-up for instruments and the spare parts being sold and international companies need to have liaison offices in the country to promote the sale of these devices.
Market participants such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging, SOMA TECH INTL., US Med-Equip, Avante Health Solutions, Everx Pvt Ltd., Integrity Medical Systems Inc., Radiology Oncology Systems Inc., Master Medical Equipment, Hilditch Group, Fair Medical Co. Ltd., Future Health Concepts, U.S. Medical Systems LLC., Nationwide Imaging Services, Pacific Healthcare Imaging LLC, Venture Medical ReQuip Inc., Desert Tech Medical Systems, and Hi Tech International Group Inc. are operating in the concerned market.
The companies in the market are focussing on acquisitions to increase their market share. For instance, recently in February 2020, the U.S.-based supplier of refurbished medical equipment Probo Medical, announced the acquisition of Elite Medical Technologies, LLC and Future Medical Equipment Ltd. The former is the renowned re-seller of the pre-owned digital medical devices, while the latter is specialized in de-installation and sales of second hand equipment.
