Since the COVID-19 outbreak took the world by storm over one month ago, the medical equipment industry has been met with an overwhelming increase in product demands. Hospitals and healthcare centers are in dire need of supplies and equipment. Medical supply companies cannot produce them fast enough, despite working around the clock.
As a result, healthcare workers are going without proper equipment and supplies, and the death rate of COVID-19 patients increases. Oisto is the solution to getting equipment and supplies into the hands of our frontline workers so they can save as many lives as possible. Here’s an overview of the new and used medical equipment industry, its expected growth rate, and how Oisto fills this dynamic.
Overview Of The New And Used Medical Equipment Industry
There is a wide range of items that qualify as medical devices. For this reason, it’s hard to define the new and used medical device industry or estimate its overall size. The new and used medical equipment industry refers to the buying and selling of refurbished medical equipment. The billion dollar industry helps medical workers reuse and recycle gently used medical equipment. Refurbishment refers to restoring medical equipment or a device to a condition that allows it to be used again without changing its basic structure. Refurbishing medical equipment ensures that the performance of the device is not altered.
The medical equipment industry produces numerous products that range from surgical gloves to imaging equipment and artificial joints. It plays an important role in the development of new medical devices. These devices are needed to treat and diagnose illnesses. Included in the medical industry are a small number of large companies and a large number of smaller companies. These companies contribute to the research and development of new devices by working with doctors to make changes to its products often.
The Food and Drug Administration (FDA) regulates medical devices, just like it does prescription drugs. However, there are several key differences regarding the framework that Congress has established for medical devices. Specifically, the rules are not as strict in many aspects. This is because there are several underlying differences between drugs and medical devices. Many devices that are considered low-risk can be sold without the FDA’s review first. Medium-risk devices must demonstrate that they are equivalent to an existing device before it’s sold. There are very few devices that must show that they are safe and effective before being marketed. The FDA usually investigates these devices after they are available to the public.
Here is an example of the different classes of devices:
● Class one (low-risk to patient): elastic bandages, examination gloves, handheld surgical equipment; devices must be registered
● Class two (medium-risk to patient): powered wheelchairs, infusion pumps, surgical drapes; devices must submit a 510(k) notification
● Class three (high-risk to patient): heart valves, silicone breast implants, implanted cerebellar stimulators; devices must submit a PMA application,
However, improvements are being made to this process, including requiring device identifiers to be placed on all devices (1). The dynamics for new and used medical equipment can vary depending on the device. Conventional products, such as surgical gloves and other surgical supplies, are more competitive. Companies usually have to compete with high prices and often need to make large sales to be profitable. On the other hand, advanced products, such as implantable medical devices, tend to have opaque pricing. They are also less competitive and harder to enter the market. This allows device makers to profit greatly by charging higher prices. In fact, large medical device companies usually see a profit of approximately 20 to 30 percent (1).
Expected Growth Of The New And Used Medical Equipment Industry
According to BMI Research, the Congressional Research Service, and the Advanced Medical Technology Association, the United States spent $119 billion on medical devices in 2011 and between $125 and $172 billion in 2012. These estimates indicate that the medical supply industry accounts for nearly 4 to 6 percent of healthcare spending in the United States. Additionally, the Advanced Medical Technology Association study indicated that medical device spending has not changed very much over time (1).
However, these numbers do not account for the surge in medical device demands that the COVID-19 outbreak has taxed the new and used medical equipment industry with. Before the outbreak began, the durable medical equipment market size was valued at $49.9 billion in 2019 and was predicted to increase by 6% (2). The leading factors that increase the demand for the medical equipment industry included an increase in chronic disease, a rising population, and rapid technological advancements (2). Items that are most in-demand appear to be wheelchairs, blood sugar monitors, and nebulizers. These items are expected to surge in the upcoming years.
Chronic diseases, such as multiple sclerosis, rheumatoid arthritis, and cancer, are expected to increase the demand for many medical products. According to the National Cancer Institute Report of 2018, approximately 1.7 million people in the United States were diagnosed with cancer. Additionally, new cancer cases are expected to rise by 70%, putting the medical industry into overdrive. Neurological conditions are also on the rise. This includes epilepsy, Parkinson’s disease and Alzheimer’s disease. In 2017, approximately 5.3 million people in the United States were diagnosed with Alzheimer’s.
Although the COVID-19 outbreak has manipulated the current direction of the new and used medical industry, many of the devices needed to treat these conditions will still be in demand. The increasing geriatric population is one of the most important factors driving the growth of the medical equipment industry. However, as the elderly are the most vulnerable victims of the coronavirus, these predictions may change as the virus continues to rage through the globe.
As the demand for ventilators and personal protection gear rises, many medical companies find themselves switching gears from developing commonly needed equipment to COVID-19 specific devices. For example, many medical companies are currently producing ventilators around the clock. The government has also asked many auto manufacturers to use their facilities to make ventilators as well. This may result in a lack of production of important devices that are still needed for much of the population despite the COVID-19 outbreak.
Certain aspects of the medical industry are expected to grow while others scale back. For example, the global respiratory care devices market is forecasted to grow from $23 billion in 2019 to $41 billion by 2027 (3). This is an increase of 8.67%. These changes are due to the increase of chronic disorders all over the world, such as asthma, as well as the increasing technology development of respiratory care devices and a growing geriatric population. Additionally, the COVID-19 outbreak has put a huge demand on the production of ventilators.
Research shows that a patient usually stays in the ICU on a ventilator for three or four days. However, the average COVID-19 patient needs a ventilator for two or three weeks, which has resulted in a severe shortage across the world (3). Oisto can help fill in this gap by supplying ventilators and other medical devices needed to treat COVID-19 patients. As the largest online medical equipment marketplace in the world, Oisto can also help supply new and used medical equipment for the rest of the population that still need supplies that are unrelated to the current pandemic.
Introduction to Oisto
Oisto is the world’s largest online medical equipment marketplace. The B2B online platform allows you to buy and sell new and gently used medical equipment from sellers all over the world. The company was founded in 2020 by three entrepreneurs with over 20 years of experience in the medical industry. Oistio’s goal is to make the process of buying and selling new and used medical equipment easier. The platform allows customers to access and purchase medical equipment from virtually every country in the world. The service is as easy to use as shopping on Amazon with clear descriptions and pictures provided with each listing.
Oisto uses innovative technology and artificial intelligence to help healthcare systems and professionals manage surplus devices by listing them on the site. They also help professionals access in-demand devices from all over the world that they may otherwise not be aware of. All product listings that get published on Oisto are manually reviewed before being marketed. With over 20 years of experience in medical equipment repair and sales as well as carefully vetted seller accounts customers can expect the highest level of customer service from Oisto.
Customers can utilize Oisto’s quick search as well as the database of millions of products to fill the gap and locate any personal protective equipment and medical devices needed to help diagnose and treat any illness or disease, including coronavirus.
How Oisto Fits This High Growing Demand
Oisto is a true solution to the overwhelming demand recently placed on the medical industry. In addition to providing equipment needed to treat the deadly COVID-19, Oisto also supplies equipment necessary to treat non-COVID-19 illnesses that are currently taking a backseat to production. As large medical manufacturing companies ramp up their production of ventilators, the production of other medical equipment may be put on hold. Oisto will help match you to the equipment needed to treat any condition or illness, regardless of the current outbreak.
Listing products on Oisto couldn’t be easier. Due to high demand and lack of time, Oisto is currently assisting sellers of personal protective equipment, intubation tools, ventilators and other COVID-19 related products list their products around the clock. Hospitals, surgery centers and medical clinics also use the platform to get rid of gently used equipment that they no longer have a need for. For international buyers of medical equipment from United States, the company provides a service of professional inspection that ensures equipment being shipped overseas is fully functional, patient ready and matches the listing description. As other manufacturers ramp up production of key devices needed to treat COVID-19, Oisto continues to cover all new and used medical equipment needs.
Here are some new and used medical equipment categories you can find on the website:
· Exam and diagnostic
· Testing equipment and tools
· Supplies and disposables
· And many more