The global pre-owned medical devices market was valued at USD 2.4 billion in 2012 and is expected to grow at a CAGR of 10.6% from 2013 to 2019, to reach an estimated value of USD 4.9 billion in 2019.
Pre-Owned
medical devices are defined as the devices that were owned earlier by
any healthcare institution and that are now subject to sale or
repurchase after refurbishment. 'Refurbishment' is defined as
restoration of the device to its original specifications including
replacement of basic wear parts and aesthetic changes to a complete
end-to-end refurbishment. The pre-owned medical devices market study is
thus, of interest to the refurbishment service providers.
Globally,
the pre-owned CT Machines accounts for a high growth market segment -
expected to grow at a CAGR of over 10% during the forecast period. The
new CT machines are comparatively expensive; typically the demand for
refurbished pre-owned medical devices is price-elastic i.e. directly
proportional to the price of the new medical devices. Hence, due to the
high price of the new CT machines, the demand for the refurbished
pre-owned CT machines is expected to be high during the forecast period.
Currently, in terms of value, the refurbished pre-owned CT machines
market accounts for the second largest segments in the refurbished
pre-owned medical devices market.
Considering
the lucrativeness of the refurbished pre-owned CT machines market, many
OEMs have included refurbishing of pre-owned CT machines in their
proprietary, organized and accredited programs. Due to this factor,
although third-party refurbishers do exist, the OEMs have garnered a
leading market share of the refurbished pre-owned CT machines market.
The trade terms differ accordingly, as the OEMs offer discounts of only
~20% on refurbished pre-owned CT machines, whilst third-party
refurbishers offer ~40% (or higher) discounts on refurbished pre-owned
CT machines. The OEMs command premium price of refurbished pre-owned CT
machines that is attributable to the branded service/solutions or
accredited programs. Due to all afore-mentioned factors, the
refurbishment business of pre-owned CT machines is a high-margin
business for the OEMs.
Currently, in terms of geography, North America
represents the largest market for refurbished pre-owned medical
devices; the U.S. market has garnered a majority market share as the
refurbishment of pre-owned medical devices originated in the U.S. There
exists favorable perception and buying behavior of customer entities
such as public hospitals, large private hospitals, clinics and
diagnostic centers. A host of other factors contributing to the high
market share of the U.S. include downturn in the economy, favorable
supply-side infrastructure with large number of all categories of market
participants - OEMs, third-party and standalone refurbishers.
The
RoW market represents the smallest market for refurbished pre-owned
medical devices (as compared to other geographical markets). Many of the
countries in the RoW region have banned or discouraged the usage of
refurbished pre-owned medical devices. None of the supply-side or the
demand-side are developed due to such binding regulatory restraints. Due
to this factor, the market growth rate is also expected to be the least
(as compared to other geographical markets) during the forecast period.
The
global (organized) market for pre-owned medical devices is dominated by
the OEMs. The organized market for pre-owned medical devices is a
consolidated market with OEMs namely GE Healthcare, Philips Healthcare
and Siemens Healthcare garnering leading market share. There exists high
entry-barrier for refurbishers in the organized market. The unorganized
market for pre-owned medical devices is dominated by third-party and
stand-alone refurbishers.
Related & Recently Published Reports by Transparency Market Research
The global pre-owned medical devices market is segmented as follows:
Pre-Owned Medical Devices Market, by Device Type
- X-ray and Mammography Machines
- CT Machines
- MRI Machines
- UltraSound Machines
- Nuclear Imaging and Medicine Devices
- C-arm Devices
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
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