Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of the original device, and replacement of worn parts. Technology in terms of software, hardware and others is changing at a faster pace, which shortens the interval between the purchase of superior systems and worn out of preoccupied devices. Factors driving growth of refurbished medical equipment market are increasing involvement of key manufacturers in refurbishment of their equipment and increasing demand of cost effective systems by small scale private hospitals and clinics.

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Refurbished Medical Equipment Market DriverS

Increasing focus of original equipment manufacturers in refurbishment of medical device is expected to propel growth of the refurbished medical equipment market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems. Original equipment manufacturer-based refurbishment is more trusted by the end users. Moreover, adoption of effective remanufacturing standards is expected to enhance adoption of refurbished medical devices.

Refurbished Medical Equipment Market Restrain

Dearth of standardized regulatory policies for resale of refurbished device is expected to hamper the market growth over the forecast period. Moreover, negative perception about refurbished product is also expected to be a major restrain for growth of refurbished medical device market.

Refurbished Medical Equipment Market - Regional Analysis

Regional segmentation of refurbished medical equipment market by Coherent Market Insights includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds dominant position in refurbishment medical equipment market, owing to presence of major medical devices manufacturers, also providing refurbishment services and increasing number of end users. For instance, companies such as GE Healthcare and Philips Healthcare have high presence in this region. Moreover, according to American Hospital Association (AHA), an annual survey of hospitals in the U.S. suggests the total number of registered hospitals in the U.S. in 2017 were 5,534, which increased to 5,564 in year 2018. This increasing number of healthcare centers such as hospitals is leading to increasing demand for new as well as refurbished medical equipment, which in turn is positively impacting growth of the refurbished medical equipment market. Moreover, Asia Pacific is expected to witness fast growth due to improving medical facilities, unmet medical needs and increasing medical tourism.

Refurbished Medical Equipment Market – Competitive Landscape

Key players operating in the refurbishment of medical device market include GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S.

Market Taxonomy

Global refurbished medical equipment market is segmented on the basis of product type:

Operating Room Equipment & Surgical Equipment

Patient Monitors

Defibrillators

Medical Imaging Equipment

Cardiovascular & Cardiology Equipment

Neurology Equipment

Endoscopy Equipment

Intensive Care Unit Equipment

Neonatal Intensive Care Units Equipment

IV Therapy Systems

Other Equipment

Global refurbished medical equipment market is segmented on the basis of end user

Hospitals

Diagnostic Centers

Clinics

Ambulatory surgical centers

Others

Global refurbished medical equipment market is segmented on the basis of region

North America

Europe

Latin America

Asia Pacific

Middle East

Africa

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