9.7%+ Growth for Refurbished Medical Equipment Market 2019 – 2028
New York City, NY: Sept 24, 2019 – Published via (Wired Release) – Refurbishment is restoration of equipment or device to a reusable condition without changing the basic specifications of the device. The process of refurbishing medical devices ensures the safety and efficacy of the device so that the performance of the device is not altered.
The first five-year cumulative revenue (2017–2021) is projected to be over US$ 38 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period. 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%.
Global Refurbished Medical Equipment Market: Market Dynamics
Good Refurbishment Practice (GRP) enables healthcare service providers to distinguish refurbished medical equipment is processed according to the Green Paper on Good Refurbishment Practice (GRP) from used equipment when making a purchase decision. This also helps to ensure safety and effectiveness of used medical equipment as defined by the original equipment manufacturer (OEM).
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Once the refurbishment process is completed, GRP-declaration is handed over to the customer/purchaser as proof for GRP-compliance, which in turns builds trust with regards to quality, safety, and efficacy of product. This is also expected to support demand for refurbished equipment over the forecast period.
Companies can focus on development and sale of refurbished medical equipment for veterinary use. Refurbished Computed Tomography (CT) scanners, Magnetic Resonance Imaging (MRI) scanners, ultrasound, and X-ray units are some that can enable cost cutting. In addition, increasing demand for controlling & eliminating animal diseases as well as rising demand for animal health monitoring equipment is expected to create lucrative opportunities for players operating in the market.
Global Refurbished Medical Equipment Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global refurbished medical equipment market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global refurbished medical equipment Market is expected to expand at a moderate CAGR of 9.7% during the forecast period.
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Global Refurbished Medical Equipment Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region. The type segment includes operating room equipment & surgical equipment, patient monitors and defibrillators, medical imaging equipment, cardiovascular & cardiology equipment, neurology equipment, iv therapy systems, and others. the application segment includes hospitals, clinical centers, group purchasing organizations (GPOs), medical research laboratories, academic medical centers and universities. The regions/countries covered in the analysis are North America, Europe, China, Japan, Southeast Asia, and India.
By type: The cardiovascular & cardiology equipment segment is expected to be fastest growing type segment in the global refurbished medical equipment market with a CAGR over 9.5% between 2017 and 2026.
By application: The hospitals segment is expected to account for highest revenue share among the application segments in the global refurbished medical equipment market, which is projected to expand at a CAGR over 9.5% over the forecast period. This projected growth is attributed to increasing number of hospitals, especially in developing countries
By region/country: The market in North America accounted for highest revenue share in the global refurbished medical equipment market in 2016, and is expected to register a CAGR over 9.5% between 2017 and 2026. Significant increase in geriatric population in recent times, coupled with increasing incidence of cancer, and increasing government initiatives for spreading awareness about cancer and cancer treatment, and growing number of hospitals using different medical equipment in countries in the region are major factors driving growth of the North America market.
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Global Refurbished Medical Equipment Market: Competitive Analysis
The research report on the global refurbished medical equipment Market includes profiles of some of major companies such as Radiology Oncology Systems, Inc., Everx Pvt Ltd., Koninklijke Philips N.V., Integrity Medical Systems, Inc., Agito Medical A/S, DRE Inc., SOMA Technology, Inc., Block Imaging International, Inc., Siemens Healthineers AG, and GE Healthcare Inc.
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