The Growth of Global Refurbished Medical Equipment Market

Refurbished Medical Equipment Market – Report Overview[214 Pages Report] The global refurbished medical equipment market is projected to reach USD 21.2 billion by 2025 from USD 12.1 billion in 2020, growing at a CAGR of 11.8% from 2020 to 2025.

The growth of the global refurbished medical equipment market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth.

Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=770By application, the diagnostics segment is expected to account for the largest share of the refurbished medical equipment market in 2019.Based on procedure, the refurbished medical devices market is segmented into diagnostic and therapeutic procedures segments.

The diagnostic procedures segment accounted for a larger share of the market in 2019.

The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to drive the growth of this market segment in the coming years.By end users, the hospitals’ segment is expected to account for the largest share of the refurbished medical equipment market in 2019.Based on end users, the global refurbished medical devices market has been segmented into hospitals, ambulatory surgical centers, diagnostic imaging centers, and other end users.

The rising adoption of refurbished medical equipment, increasing focus of hospitals on providing affordable treatment and care, and growing emphasis on high returns on investment are some of the key factors driving the growth of this market.Request for Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=770The Asia Pacific market is expected to grow at the fastest rate in the refurbished medical equipment market during the forecast period.Geographically, this market is classified into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The vendor landscape of the global market for refurbished medical imaging equipment features a largely concentrated nature in established regional markets such as Europe and North America, with companies increasingly focusing on expansion in untapped regional markets for better growth prospects, observes Transparency Market Research in a recent report.

As such, focus on strategic alliances with domestic medical device companies has significantly increased.

Companies are also ploughing more funds into activities aimed at improving their repair facilities and expanding their operations to be able to process larger volumes in face of increased demand.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=20717Some of the leading vendors operating in the global refurbished or remanufactured medical equipment market are Koninklijke Philips N.V., GE Healthcare, Atlantis Worldwide LLC., Siemens Healthineers AG, Canon Medical Systems Corporation, and Fujifilm Holding Corporation.According to the report, the market is expected to register a promising 5.4% CAGR over the period between 2018 and 2026, rising from a valuation of US$ 903.2 mn in 2017 to a revenue opportunity of US$1,443.3 mn by 2026.

Geographically, the market in North America is presently the leading revenue contributor to the global market, thanks to the high concentration of several leading players and the vast rise in R activities concerned with refurbishment practices for medical devices.

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.

These factors hindered the overall growth of the global refurbished medical equipment market.Request Customization on Refurbished Medical Imaging Equipment Market Report –  https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=20717Rising Geriatric Population to Drive DemandNevertheless, cost containment in healthcare budgets in developed countries like the U.S. and many countries in Europe owing to sluggish growth of economies has triggered the demand for refurbished medical equipment in these regions in the past few years.

Refurbished Medical Devices Market Research Report, by Diagnostic Devices (X-Ray Machines, CT Scanners, Ultrasound Systems, MRI Machines, ECG Systems, Patient Monitors and other), by Therapeutic Devices (Heart-Lung Machines, Coagulation Analysers, Infant Incubators and Warmers, Defibrillators, Infusion Pumps and other) - Forecast Till 2027Overview:The global report on the refurbished medical devices market focuses on several factors that can inspire growth in the coming years.

These factors are the rising demand for these products from developing and under-developed countries where there is a budget constraint for top-class models.

Apart from these, the impact created by e-Marketing is expected to take the global market ahead.

In North America, the market has a substantial reach, which is why growth would be remarkable.

The regional market is slated to dominate the global market.

This is for the growing expansion of the market in developing countries where countries are spending much to revamp the healthcare sector.Competitive Landscape:Stryker Corporation (US), GE Healthcare (US), Siemens Healthcare (Germany), Phillips Healthcare (Netherlands), Johnson & Johnson (US), First Source, Inc (U.S.), DMS Topline (U.S.), Agito Medical (Denmark), Toshiba Medical System (Japan), Soma Technology (U.S.), and Block Imaging International (US) are some of the companies who are having a strong impact on the global market growth during the forecast period.