The global market for refurbished equipment, which had a valuation of US$9 bn in 2012, will expand at a healthy CAGR of 8.2% end of 2018. There has been an increase in demand for the refurbished medical equipment market globally, along with the new equipments market. Until a decade ago, refurbished medical equipments were exported to developing countries, and the suppliers involved were not professionally trained, which restrained the growth of this market. However, economic crises and cost containment issues related to healthcare budgets in developed countries like the U.S. and the recent economic recession of Europe has triggered the growth of this market in these countries. Additionally, there has been a surge of trained professionals in this segment.
Download Free exclusive Sample of this report:
Refurbishment is a highly organized practice for inspecting the efficacy and safety of a used equipment so that all safety parameters are met before the equipment can be reused, without changing its use as per original registration. For an equipment to be qualified as refurbished, its life of operation also plays a vital role.
The high demand of refurbished medical imaging equipment in developed as well as emerging economies like Brazil, China, and India is a prime driver of the global refurbished medical equipment market.
The report states that the global demand for refurbished medical equipment has seen a significant rise in the past few years along with a strong growth in the demand for new medical equipment. Until only a decade ago, refurbished medical equipment were mostly exported to developing countries, through suppliers who were not professionally well trained. These factors hindered the overall growth of the global refurbished medical equipment market.
However, cost containment in healthcare budgets in developed countries such as the U.S. and many countries in Europe owing to the recent economic depression has triggered the demand for refurbished medical equipment in these regions in the past few years. There has also been a surge in the number of trained professionals in this field, benefitting the global refurbished medical equipment significantly.
Besides cost constraints, the rapidly expanding global population of geriatrics is also a key factor driving an increased demand for refurbished medical equipment to supplement the increased number of surgical procedures. The number of private healthcare institutions has also increased across the globe, adding significantly to the overall demand for a variety of new as well as refurbished medical equipment.
Some of the key restraining factors for the market are inadequate support from government bodies, inefficient policies regarding reimbursement, and stringent regulatory policies.
The report also presents a detailed overview of the competitive landscape of the global refurbished medical equipment market with the help of detailed business profiles of some of the major companies in the market and recent developments. Some of the key companies in the market are original equipment manufacturers such as Siemens Healthcare, Phillips Healthcare, Johnson and Johnson, GE Healthcare, DMS Topline, Soma Technology, First Source, Inc., and Agito Medical.