The pre-owned medical devices market includes a wide range
of refurbished or pre-owned medical equipment that delivers similar outcomes
and quality at lower prices compared to new devices. Pre-owned medical devices
help healthcare providers optimize their resources and expenditures without
compromising on quality care. Advance technologies have enabled comprehensive
refurbishment of devices to perform as new. Global refurbished ultrasound and
X-ray machines, CT and MRI scanners, operating room equipment are commonly
available. The pre-owned medical devices market also offers pre-owned patient
monitors, dental chairs, pulse oximeters and other commonly-used medical
devices.
The Global Pre-owned Medical Devices
Market is estimated to be valued at US$ 7.52 Billion in 2024 and is expected to
exhibit a CAGR of 11.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the pre-owned medical devices are GE Healthcare, Soma
Technology, Block Imaging, and Siemens Healthineers.
The growing
Pre-owned
Medical Devices Market Size from hospitals and diagnostic centers in
developing regions and cost-constraints in the healthcare sector are driving
the demand for pre-owned medical devices.
Leading companies are expanding globally especially in Asia Pacific and Latin
America through acquisitions and partnerships to tap the high-growth
opportunities.
Market Key Trends
Adoption of stricter regulations for effective servicing, refurbishment and
redistribution of pre-owned devices is increasing transparency in the market.
Major players are certified by regulatory bodies to ensure compliance with
quality and safety norms. Strict regulatory oversight ensures patient safety
while allowing cost-savings for healthcare providers through regulated
pre-owned medical devices market.
Porter’s
Analysis
Threat of new entrants: Low investment required for starting a business of
pre-owned medical devices; however, existing large players have stronghold over
distribution channels and customers.
Bargaining power of buyers: Large healthcare providers and
hospitals have significant bargaining power due to their bulk buying capacity.
Bargaining power of suppliers: Medical device OEMs
controlling patented technologies have strong bargaining power over other
players in the supply chain.
Threat of new substitutes: Technological innovation has led
to newer substitutes offering better features; however, their adoption may be
slower due to affordability constraints for many users.
Competitive rivalry: Intense competition exists among
existing players to capture greater market share through value-added services,
quality maintenance, and attractive pricing of refurbished systems.
Geographically, North America holds the major share of the pre-owned medical
devices market currently, mainly attributed to availability of well-established
refurbishing centres and growing trend of "device as a service"
model.
Asia Pacific region is growing at the fastest pace on
account of rising healthcare infrastructure, growing medical tourism, and
increasing acceptance of refurbished equipment due to budget constraints in
public hospitals of developing nations.
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Medical Devices Market
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About
Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
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