Wilmington, Delaware, United States, Transparency Market Research Inc.: Stocking Refurbished Medical Inventories Prepares Hospitals to Tackle COVID-19 Pandemic Coronavirus has exposed the vulnerability of healthcare systems worldwide.
Wilmington, Delaware, United States, Transparency Market Research Inc.: Stocking Refurbished Medical Inventories Prepares Hospitals to Tackle COVID-19 Pandemic Coronavirus (COVID-19) has exposed the vulnerability of healthcare systems worldwide. With the ongoing shortage of PPE (Personal Protective Equipment), there is an unprecedented demand for used and refurbished medical equipment such as ventilators and other critical care equipment. Hence, companies in the refurbished medical equipment market are capitalizing on this trend, since the Government of India has lifted the import ban on used and refurbished medical equipment. The Union Environment Ministry of India announced that it has relaxed the country’s import ban up to September 2020 to support hospitals in need of ventilators.
The healthcare system in India refurbished medical equipment market is increasing efforts to increase the inventory of ventilators in order to enhance preparedness against the COVID-19 pandemic. Though stringent regulations prohibit the use of waste materials in India, health ministry are making an exception by lifting the import ban to tackle uncertainties associated with the pandemic.
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Used Versus Refurbished Medical Equipment: Which is better?
Individuals have a common misconception that used and refurbished medical equipment is the same. However, refurbished medical equipment are restored according to factory specifications. On the other hand, purchasing used medical equipment is less expensive. Companies in the refurbished medical equipment market are reaping incremental benefits, as healthcare systems plan on cost savings by purchasing refurbished medical products.
Companies in the refurbished medical equipment market make sure that the equipment are tested, repaired, and pass the inspection test before handing it over to healthcare practitioners. For instance, Soma Technology— a medical equipment supplier in Connecticut, has an extensive product profile in medical imaging equipment and operating room equipment. As such, the revenue of medical imaging equipment and patient monitoring devices is projected for exponential growth in the market landscape.
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Hospitals in India with Budgetary Constraints Opt for Refurbished Medical Products
Companies in the refurbished medical equipment market are exploring untapped opportunities in developing economies. India being one of the rapidly growing economies of Asia Pacific is creating a demand for affordable medical equipment. This is evident since the refurbished medical equipment market revenue in Asia Pacific is expected to grow at an aggressive pace, where the global market is projected to reach a value of ~US$ 24 Bn by the end of 2027.
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The healthcare sector is witnessing better growth in tier 2 and tier 3 cities of India, which involves semi-urban and rural population looking for affordable treatment and care. This trend has sparked the demand for refurbished medical equipment in order to keep the cost of setting up hospitals at a reasonable budget. Already pre-owned, second-hand and refurbished medical equipment hold a significant share of the India medical equipment sector. Imaging and critical care equipment are among the popular choices for owning refurbished medical products.
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Investing in Advanced Refurbishing Facilities Overcomes Issues Associated with Downtime of Equipment
The refurbished medical equipment market is estimated to register a striking CAGR of ~13% during the forecast period. However, costs involved in maintaining the uptime of refurbished medical equipment is prohibitively expensive for budget-constrained healthcare systems. Moreover, many sellers are ignorant to invest in fulfilling the requirements of sustained performance mandatory in refurbished products. This has tarnished the reputation of other reliable companies in the refurbished medical equipment market, which is likely to hamper market growth. Hence, companies are increasing awareness to only buy refurbished products from trusted and reliable sellers.
Key market players invest in people skills and training to maintain optimum performance of refurbished medical equipment. They are increasing spending in state-of-the-art refurbishing facilities and stock of spares to bolster their credibility credentials in the global healthcare landscape. OEMs such as GE, Siemens, Toshiba, and Philips are gaining increased visibility, owing to their investments in refurbishing facilities. Market players are complying with regulatory standards of every country they operate in to boost their credibility in the global market landscape.
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