Medical equipment costs are growing leaps and bounds. Diagnostic centers, clinics and hospitals are looking at more pocket friendly approaches in order make it less burdening for them. The cost of an MRI machine is $150000 – $300000. The above cost does not include transport charges and installation & maintenance charges. Refurbished medical equipment market has been a great boon for users that make the equipment purchase less burdening. Refurbished medical equipment is a highly grown market with an estimate to reach 11.91 billion USD by 2021.
Products that fall under the category of ‘refurbished’ may include those that were used in field tests, demonstrations and sales display. Those products that were returned for reasons other than defect and were tested by manufacturer. Those products that were returned by customer due to a damage caused to the package or item during shipping. Products that were leftover and sold to refurbisher by a downsized company. Since all the products will be tested by the manufacturer before selling, refurbished products can be safely purchased by buyers without any hesitation on the product quality of functioning.
Some of the major factors that are influencing the increased sale traffic of refurbished medical equipment are increased privatization in the healthcare sector, poor government reimbursement for subsidies for various medical treatments, increased patient population base etc. The huge opportunities for growth and revenue has attracted large number of multinational medical equipment manufacturing companies to play an active role in this segment of the market. Leading players such as Philips Healthcare, GE Healthcare and Siemens Healthineers have established refurbishment facilities in both mature and emerging markets that are further adding to the growth prospects of these markets. However, few drawbacks in this market are stringent regulatory environment in countries such as China, Kuwait and lack of standardization of policies related to sale and use of refurbished medical devices
Analysis of refurbished medical equipment market indicate that equipment associated with radiation oncology systems, biotechnology instruments, minimally invasive devices and diagnostic imaging equipment have huge demand in the market. The diagnostic imaging equipment such as X-rays, mammography MRIs and CT systems have accounted for 75% of the total market share. Refurbished medical equipment can be highly reliable and can offer significant savings to the medical facility.
Even though there are multiple benefits associated with the usage of refurbished medical products, cost savings, quality products, customer service and reliability can be seen as the main benefits associated with the usage of refurbished medical products. When a product with the label ‘refurbished’ is bought from a reputed medical equipment company, users can be rest assured that the product has been thoroughly tested and is made safe and reliable for usage.
There are umpteen number of portals online for buying and selling refurbished medical equipment. However, a very handful of them run with interests of consumers taking into consideration. Major players such as Stryker India have their own dedicated online portals such as usedstryker.com to handle refurbished medical equipment. Other players include Medicomart and Mediamart. Medventura, a unique online platform created by highly trained and dedicated professionals is truly innovative in every aspect of it. Being run with best interests of consumers, the platform has category wise listing of products grouped into equipment and consumables.
The platform facilitates business to business and business to consumer sales. Its wide reach of target audience is an added advantage. The option for manufacturers to advertise the products