Refurbishment is the restoration of equipment or device to a reusable condition without changing the basic specifications of the device. The process of refurbishing medical devices ensures the safety and efficacy of the device so that the performance of the device is not altered. The global Refurbished Medical Equipment Market was valued US$ 6.3 Bn in 2017, and is expected to register a CAGR of over 9.7%.
Global Refurbished Medical Equipment Market Dynamics:
Increasing demand for refurbished medical equipment is relatively high from private hospitals, owing to lower budgets than that of government-run or funded medical facilities. Cost of personalized treatment in private hospitals is relatively higher than government or trust-run hospitals. In order to operate within budget and increase patient footfall by offering a wider range of diagnostics and treatments, many private hospitals adopt cost-effective solutions such as refurbished medical equipment.
Analysis by Region:
North America market is expected to dominate the global refurbished medical equipment market, and it accounts for largest market revenue over US$ 2,700 Mn in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period and expected to grow with a CAGR over 9.5%.
Increasing aging population in countries in North America coupled with extended life expectancy is expected to translate into a sustainable demand for medical devices. Hospitals and medical facilities can purchase refurbished medical equipment at lower cost as compared to new medical equipment, thus providing more cost-effective diagnosis and treatment to patients.
Global refurbished medical equipment segmentation, by type:
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