The growth of the global refurbished medical equipment market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.
The import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth.
The medical imaging equipment segment was estimated to account for the highest share in 2019. The large share of this segment can be attributed to factors such as the presence of a large number of products under this segment and their high utility in the healthcare and clinical space.
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The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to drive the growth of this market segment in the coming years.
The hospitals' segment accounted for the largest share of the market in 2019. The rising adoption of refurbished medical equipment, increasing focus of hospitals on providing affordable treatment and care, and growing emphasis on high returns on investment are some of the key factors driving the growth of this market.
Medical technology defines any technology used to preserve the health of people suffering from a wide range of diseases.
Of course, nothing can beat the unique health properties proper nutrition can give to the body (Here comes the term nutrition technology - eg green juices).
Unlike pharmaceutical technology that focuses mainly on treatment, medical technology contributes effectively to the diagnosis, monitoring, and treatment of almost every disease or condition that affects our health.Since pharmacology products are understood as medical devices, the correct separation is that medicinal products affect chemicals or metabolize the body, while medical devices have mechanical action such as simple patches healing ulcers, syringes, thermometers or protective gloves, wheelchairs, hearing aids.
Diagnostic machines such as ultrasounds, CT and MRI scans, implantable materials such as artificial cardiac valves, pacemakers, vascular grafts and articles of arthroplasty belong to the same category.In recent years computer technology has given a unique boost to medical technology both in the observance, analysis and immediate processing of a huge amount of medical data, as well as in solutions using "smart" devices with built-in sensors and installed integrated medical algorithms, revealing impressive possibilities with so-called Computational Biomedicine, and introducing new dimensions to medicine with so-called collaborative care.
Today there are 500,000 medical devices registered in order to improve or extend human life, with the common denominator of the beneficial effect on health and quality of life.
They make a decisive contribution to living longer, better and empowering citizens to contribute to society dynamically for longer, while also contributing to the sustainability of healthcare systems.
