Global Economic Conditions of Refurbished Medical Equipment Market With Analysis 2028

Global refurbished medical equipment market was valued US$ 6.3 Bn in 2017, and is expected to register a CAGR of over 9.7%. The global refurbished medical equipment market is segmented on the basis of type, application, and region.

Refurbishment is 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.

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.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analysed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

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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.

Unfavorable reimbursement scenario for purchase of new diagnostic imaging equipment in developing countries, and decreasing reimbursement in developed countries such as the US are factors resulting in increasing adoption of refurbished medical equipment.

Refurbishment of single-use devices involves efficient cleansing, sterilization, and repackaging, and can raise some concerns regarding risk of cross-infection, as well as result in certain extent of deterioration of components and materials.

Penetration of refurbished medical equipment in developing economies is expected increase over the forecast period. This is attributed to unfavorable reimbursement scenario for various medical treatments in various developing countries, especially in Asia Pacific region.

High cost associated with certain devices such as medical imaging, cardiovascular, and neurological equipment is a key factor driving growth of the global refurbished medical equipment market.

China is expected to be fastest growing refurbished medical equipment market. Rising demand for healthcare services owing to the rapidly growing aging population and increase in number of affluent consumers seeking better quality medical services in the country is expected to fuel market growth over the forecast period.

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