Global Refurbished Medical Devices Market to reach USD9.5 billion by 2020
The global refurbished medical devices market is anticipated to grow at 10.3% to reach USD9.5 billion by 2020.
The market is segmented into diagnostic equipment such as ultrasound systems, X-ray machines, CT machines, etc. and therapeutic equipment such as minimally invasive devices, infusion pumps, etc.
The refurbishment process includes initial physical check, testing of all equipment parameters, replacement of non-functioning parts & components, testing & calibration of all accessories, peripherals & modules. All the changes done in the equipment are recorded and approved by the quality control department.
Refurbishment can be conducted either by OEM or by third party agents. The products refurbished by OEM are sent to medical institutions of developed countries while products refurbished by a third party and the devices are sold to developing countries. Affordability, increasing healthcare costs, reduction in electronic and toxic waste are some of the factors driving the market. However, import taxes, absence of standardized refurbishment procedures, lack of awareness regarding refurbished equipment and stigma towards refurbished devices are restraining the market growth.
Major players in this market include GE Healthcare, Siemens Healthcare, Johnson & Johnson, Philips Healthcare, Toshiba and DRE Medical.