Global Pre-Owned Medical Devices Market: Trends, Share, Size, Growth, Opportunity, And Forecast 2021–2028
Pre-owned medical devices are those that were originally owned by healthcare institutions and are now available for sale or repurchase after refurbishment.
The global pre-owned medical devices market is expected to grow significantly during the forecast period due to rising demand for screening and medical devices’ short lifespan. However, the Pre-owned Medical Devices Market growth is hampered by stringent regulatory approval procedures and a negative perception of the quality of refurbished devices.
Pre-owned Medical Devices Market are those that were previously owned by a healthcare institution and are now available for sale or repurchase after refurbishment. The term “refurbishment” refers to the process of restoring a device to its original specifications, which may include replacing basic wear parts and making cosmetic changes to a complete end-to-end refurbishment. This definition of used medical devices is supported by many organizations, including the European Coordination Committee of the Radiological, Electromedical, and Healthcare IT Industry (COCIR), and the Japan Industries Association of Radiological Systems (JIRA), and the Medical Imaging and Technology Alliance (MITA).
The process of refurbishment has been widely accepted and validated by organisations such as the COCIR, JIRA, MITA, and the International Association of Medical Equipment Remarketers and Servicers (IAMERS). It has been observed that during the prescribed lifetime of all high-value, fixed/stationary medical devices, many critical components undergo rapid wear-and-tear; the embedded software/technology becomes obsolete. Aside from such hardware and software technological obsolescence, acquiring the components is made difficult due to a variety of factors such as supplier component closures, installation of such medical devices in difficult-to-reach geographical areas with no distribution coverage, and others. As a result, mid-life intervention through refurbishment is critical for the effective and optimal use of Pre-owned Medical Devices Market.
Competitive Landscape of the Global Pre-owned Medical Devices Market
GE Healthcare Ltd., Philips Healthcare, Siemens Healthcare, Canon Medical Systems Corporation, AGITO Medical A/S, Probo Medical, Advanced Ultrasound Electronics, and Soma Technology, Inc. are among the major players in the global pre-owned medical devices market.