According to a new report, "Refurbished Medical Equipments Market - By Device Types & Applications (2012-2017) - Global Trends & Competitive Analysis," published by MarketsandMarkets.com, the global refurbished market has seen challenging and dynamic market conditions but still remains strong, with a size of approximately $8.45 billion in 2017 and an estimated annual growth rate of 7.8 percent over the next five years. Affordable offerings of used branded products and enhanced access to replacement parts and repair technology are contributing to widespread adoption of the refurbished medical devices by healthcare institutions worldwide.
Refurbishing of medical device refers to restoring used equipment or systems into a condition of safety and effectiveness comparable to new including actions such as repair, rework, update and replacement of worn parts with original parts. Refurbished products do not alter any product specification like remanufactured products, thus requiring no special approval to market the refurbished products in different countries. Refurbished medical devices represent the aftermarket of used medical devices worldwide. As per standard definition, refurbished devices hold a niche market which is different from remanufactured and used devices market.
The global refurbished devices market is classified into imaging-diagnostic-monitoring devices, minimally invasive surgical devices, radiation oncology devices, biotechnology instruments and so others. Refurbished medical devices market is expected to grow at a faster rate with a CAGR of 7.8 percent from 2012 to 2017.
The refurbished medical equipments market is operated by mainly two kinds of players -- original equipment manufacturers (OEMs) and third-party manufacturers. Major OEMs include GE Healthcare (UK), Siemens Healthcare (Germany), Philips Healthcare (The Netherlands), Stryker Corporation (U.S.), Johnson & Johnson (U.S.) and Toshiba Medical System (Japan), and third-party vendors including Soma Technology (U.S.), Agito Medical (Denmark), DMS Topline Medical (U.S.), and First Source, Inc. (U.S.).