The Global Refurbished Medical Devices Market was worth $6.80 billion in 2016 and estimated to be growing at a CAGR of 12.5%, to reach $12.25 billion by 2021
According to the report Global Refurbished Medical Devices market, published by Market Data Forecast, the Market was worth $6.80 billion in 2016 and estimated to be growing at a CAGR of 12.5%, to reach $12.25 billion by 2021. Refurbishment is a firm component of the global healthcare economy since long and is going to stay till there is need for medical equipment’s in the market.
It is one of the persistent essentials in today’s healthcare situation where cost effectiveness and quality go hand in hand and financial restraints dominate the purchase practices of healthcare suppliers.
Refurbishment is a step towards growing ecological awareness in a recycling economy.Various original equipment manufacturers as well as separate refurbisher’s have started their separate refurbishing units and are supplying equipment across the healthcare sector.
Refurbishing delivers additional worth to a new user and dipping the toxic and waste disposal burden.
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The increasing incidence of cancer and cardiovascular diseases are the major factors driving the refurbished medical device market. Moreover, growing privatization in the healthcare area, rising demand for low cost medical devices owing to economic constraints and growing acceptance of refurbished medical devices in numerous nations are the key factors fuelling the growth of the refurbished medical equipment market during the forecast period.
Lack of standardization and synchronisation of policies associated to the use and sale of refurbished medical devices is the key challenge encountered by players in the global Refurbished Medical devices Market.
The global refurbished medical devices market is segmented on the basis of product type into neonatal intensive-care equipment, cardiovascular & cardiology equipment, endoscopy equipment, defibrillators, neurology equipment, medical imaging equipment, IV therapy systems, patient monitors, intensive care systems, operating room equipment & surgical equipment and other medical equipment. The patient monitor device segment holds the major share in the market due to the less cost of product, growing awareness for chronic diseases and technological developments such as innovations of portable patient monitoring devices.
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Based on geography the market is analysed under various regions namely, North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. North America leads the refurbished medical devices market due to the increasing trend of medical tourism and growing privatization of the healthcare sector in this region.
Asia Pacific is predicted to show high growth owing to growing provision from government and effective reimbursement policies in this region.
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The key players in the refurbished medical devices market are Siemens Healthcare systems, First Source Inc., DMS Topline, Radio Oncology Systems Inc., Johnson & Johnson, GE Healthcare, DRE Inc., Block Imaging International Inc., Integrity Medical systems Inc., Everx Pvt Ltd., Philips Healthcare, Agito medical A/S and Soma Technology.
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