According to research report the refurbished medical equipment market is expected to reach USD 11.91 Billion by 2021 from USD 6.55 Billion in 2016, at a CAGR of 12.7% during the forecast period. 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.
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The global refurbished medical equipment market was dominated by GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), and Siemens Healthineers (Germany) in 2015. With its broad product portfolio and strong distribution network, GE Healthcare held the leadership position in the global refurbished medical equipment market in 2015. The company offers refurbished medical devices under its brand “GoldSeal”. GE Healthcare’s product portfolio includes a wide range of refurbished medical devices, namely, GoldSeal Bone Health, GoldSeal Computed Tomography, GoldSeal Interventional X-ray, GoldSeal MRI, GoldSeal Nuclear Medicine, GoldSeal PET/CT, GoldSeal Mammography, GoldSeal RAD/R&F X-ray, and GoldSeal Ultrasound system. In the last three years, the company adopted partnerships and expansions as its key strategies to maintain its leadership position in the global refurbished medical equipment market.
Philips Healthcare held the second position in the refurbished medical equipment market, in 2015. The company has a robust product portfolio of refurbished medical products for advanced molecular imaging, computed tomography, interventional X-ray, and ultrasound. It has wide geographic presence across the U.S., China, Germany, Japan, India, France, and the Netherlands. In the last three years, the company adopted expansions and partnerships as its key business strategy to maintain its position in the global refurbished medical equipment market.
Leading players are also adopting other strategies such as product launches and approvals, agreements, and acquisitions for expanding their product portfolios and distribution networks in the global refurbished medical devices market.
Other key players including Siemens Healthineers (Germany), Block Imaging International, Inc., (U.S.), Soma Technology, Inc. (U.S.), DRE Medical, Inc. (U.S.), Agito Medical A/S (Denmark), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (U.S.), and Radiology Oncology Systems, Inc. (U.S.) are primarily focused on expansions; partnerships, agreements, and collaborations; acquisitions; and product approvals in order to strengthen their footprint in the market.
