Pre-Owned Medical Devices Market: Future Demand and Growth Analysis
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 of the refurbishment service providers. This report exclusively studies the market for pre-owned medical devices from aspects such as value of the refurbishment services rendered, per medical device type. The pre-owned medical devices market is classified by the medical device type that is refurbished i.e. X-ray and Mammography Machines, CT Machines, MRI Machines, UltraSound Machines, Nuclear Imaging and Medicine Devices and C-arm Devices. The market size and forecast for the period 2013 – 2019, in terms of USD million, considering 2012 as the base year has been provided for each segment and sub-segment in the report. The compound annual growth rate (CAGR) for each segment has been provided for the forecast period from 2013 – 2019. It is widely-accepted and validated by organizations such as the COCIR, JIRA, MITA and International Association of Medical Equipment Remarketers and Servicers (IAMERS) that the process of refurbishment prolongs the effective life of a medical device. Typically, for all high-value, fixed/stationary medical devices, it has been observed that during the prescribed lifetime, many critical components undergo rapid wear-and-tear; the embedded software/technology turns obsolete. Over and above such hardware and software technological obsolescence, acquiring the components is rendered difficult due to many factors such as closure of production of components by suppliers, installation of such medical devices in difficult-to-reach geographical areas with no distribution coverage and other factors. Hence, mid-life intervention via refurbishment is thus of significance for effective and optimum usage of the medical devices. The global Pre-Owned Medical Devices Market is segmented as follows: