Refurbished medical equipment is that which has been fixed to a working condition without changing its original specifications. Refurbishment comprises dismantling the old equipment and conducting a full service on all parts, followed by sanitising, cleaning, painting, and replacing any worn or broken parts. Following that, the item is offered for sale at a large discount as compared to a new model. Because of these benefits, refurbished equipment is commonly utilised in clinics, hospitals, and other healthcare facilities.
According to SPER market research, ‘Refurbished Medical Equipment Market Size- By Product, By Application, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Refurbished Medical Equipment Market is predicted to reach USD 30.56 billion by 2033 with a CAGR of 12.61%.
The global market for refurbished medical devices is being further propelled by the increasing number of private hospitals that are buying refurbished equipment as a result of financial limitations and poor reimbursement circumstances for a range of medical services. The global market for refurbished medical devices is expected to be driven by increasing efforts by top medical device manufacturers to construct refurbished facilities in both developed and developing nations. Additionally, the increased prevalence of chronic diseases is a major driver in the global reconditioned medical equipment market. With a rising prevalence of chronic maladies such as cardiovascular disease, cancer, and respiratory disorders, there is a greater demand for medical equipment to diagnose, monitor, and treat these illnesses.
The market’s growth is anticipated to be constrained by factors such as limited import and use of refurbished medical devices in some countries, a lack of standardization in the use and selling policies, an influx of low-cost, new medical devices, and a poor perception of the quality of refurbished medical devices. One of the major challenges that competitors in the worldwide refurbished medical device market face is the absence of uniformity and synchronization of policies related to the use and sale of refurbished medical equipment.
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The COVID-19 pandemic is projected to drive up demand for reconditioned medical equipment, such as mechanical ventilators. A large disruption in the supply chain, which also affects the healthcare sector, has a detrimental influence on reconditioned medical equipment. Refurbished medical equipment is defined as a device that has been refurbished to the same standard as new equipment.
Refurbished Medical Equipment Market Key Players:
Geographically, the robust base of healthcare institutions, the strong presence of significant competitors in the market, the rising number of research activities, the increasing cases of chronic illnesses, and these factors have made North America the dominant region in the global market for refurbished medical equipment. Key players are Agito Medical A/S, Block Imaging, DRE Medical, Inc., Everx Pvt Ltd., Integrity Medical Systems, Radiology Oncology Systems, Inc., Siemens AG, and Soma Technology.
Global Refurbished Medical Equipment Market Segmentation:
By Product: Based on the Product, Global Refurbished Medical Equipment Market is segmented as; Intensive Care Equipment, Medical Imaging, OR Equipment and Patient Monitors.
By Application: Based on the Application, Global Refurbished Medical Equipment Market is segmented as; Cardiology, Neurology, Oncology and Urology.
By End User: Based on the End User, Global Refurbished Medical Equipment Market is segmented as; Diagnostic Imaging Centres and Hospitals.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Refurbished Medical Equipment Market Future Outlook
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