The medical device sales market is showing a slower pace of growth than expected. It was said that “The global market for medical devices was estimated to reach $361 billion dollars by year's end.” The market is now projected to hit $427 billion in 2018.
The analysis was that this could have been due to the wealth of variety in the medical equipment industry, which leads to many competitors. While big companies are naturally getting the bigger slice of the pie, smaller ones are still successful, especially those with innovative products or services.
Bruce Carlson of Kalorama Information had this to say: "It's a challenging market with mild growth for standard products, but there are opportunities for companies that can innovate and there's been considerable amount of value placed on companies that are acquired," Among those are companies that sell used or refurbished medical devices.
Refurbished medical equipment are devices or systems that are restored close to their original conditions, possess the same functions, and still perform well; this even includes sales of surgical equipment. Refurbished devices have a dedicated market and are successful in their own right. Operated primarily by original and third-party equipment manufacturers, the market is on track to continually grow over the next few years, up to $8.47 billion by 2017.
Hospitals and other medical facilities are the main drivers of the device market. Larger institutions naturally rely on medical devices from top companies, while smaller hospitals tend to gravitate towards companies that carry used and refurbished equipment. Major purchasers of refurbished devices are clinics, diagnostic centers, and large private hospitals due to the presence of a large private healthcare sector.
Medical devices can easily be bought from established suppliers and licensed merchants, but refurbished devices can be a bit trickier to find. Fortunately, there are companies like UsedStryker that offer diverse assortments of used and refurbished equipment, specialized gear, and surgical tools that are all still in excellent shape. An advantage of working with these firms is that they can offer to take used equipment off of the buyer’s hands and pay the buyer based on the items’ appraised value.
(Source: Medical device market reaches $361B, Today’s Medical Developments, December 15, 2014)