Refurbished Medical Equipment Market Size to Reach CAGR Value Of 9.7% in 2026:Latest Research By MarketResearch.Biz
Refurbished medical equipment is used equipment which has been tested for functionality and defects before they are sold to hospitals or clinics. Refurbished medical equipment is usually tested, verified, cleaned calibrated and upgraded with new parts to function properly and are thus free of defects.
The global refurbished medical equipment market was valued US$ 6.3 Bn in 2017, and is expected to register a CAGR of over 9.7%. The report also offers insightful and detailed information regarding the various key players operating in the global refurbished medical equipment market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.
Increasing cost of new diagnostic imaging devices and equipment such as magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging, and positron emission tomography (PET) scans along with financial constraints to buy new medical equipment in healthcare facilities are major factors expected to drive growth of the global refurbished medical equipment market over the forecast period.
One of the critical factor is likely to have an adverse effect on the global refurbished medical equipment market is the limited acceptance associated with using used products and a negative approach towards the quality of these equipment. Moreover, lack of standardization and harmonization of policies related to the sale of refurbished medical equipment will also hamper growth of the market.
The global refurbished medical equipment market is segmented on the basis of type, application, and region.
On the basis of type segmentation, medical imaging equipment segment is expected to contribute major revenue share and is expected to maintain its dominance over the forecast period. High cost associated with certain devices such as medical imaging, cardiovascular, and neurological equipment is a key factor driving growth of the global refurbished medical equipment market.
Among all the application segments, hospital segment is expected to be fastest growing product segment in the global refurbished medical equipment market. This revenue increase is primarily attributed to budget constraints for public as well as private hospitals in developing and under-developed regions, and rising focus on reducing capital expenditure as well as spending on new medical devices and equipment.
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Increasing aging population in countries in North America coupled with extended life expectancy is expected to translate into a sustainable demand for medical devices. Hospitals and medical facilities can purchase refurbished medical equipment at lower cost as compared to new medical equipment, thus providing more cost-effective diagnosis and treatment to patients.
Prominent players in the global refurbished medical equipment market include GE Healthcare, Koninklijke Philips N.V., Siemens AG, Block Imaging International, Inc., Soma Technology, Inc., DRE Medical, Inc., Agito Medical A/S, Everx Pvt Ltd., Integrity Medical Systems, Inc., and Radiology Oncology Systems, Inc.