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.
Refurbishment of equipments is an organized method or a process to inspect the safety & efficacy of the used equipment and ensures that all the safety parameters are met before the use of the equipment, without changing its proposed use as per the original registration. The life of medical devices also plays a vital role for qualification of refurbished equipment.
Cost constraints are one of the major factors for driving the growth of this market. Rise in aging population has led to an increase in the number of surgical procedures globally. This has pressed the growth of this market. There has been flourishing growth of private healthcare institutions globally, which has added up to the overall growth of this market. Inefficient reimbursement policies, lack of support from government bodies, and strong regulatory practices are hampering the growth of this market.
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The refurbished medical equipments market is estimated reach USD 9 billion to grow with a steady CAGR of 8.2% from 2012 to 2018.This growth is attributed to the high demand of medical imaging refurbished equipments in developed as well as emerging economies like India, China, and Brazil.
Some of the major players in this market are original equipment manufacturers (OEMs) like GE Healthcare (U.K.), Phillips Healthcare (Netherlands), Siemens Healthcare (Germany), Johnson & Johnson (U.S.), Agito Medical (Denmark), DMS Topline (U.S.), First Source, Inc (U.S.), and Soma Technology (U.S.).