Refurbished Medical Equipment Market to Witness Remarkable Growth by 2026 | GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Im

Increasing focus of original equipment manufacturers in refurbishment of medical device is expected to propel growth of the refurbished medical equipment market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems. Original equipment manufacturer-based refurbishment is more trusted by the end users. Moreover, adoption of effective remanufacturing standards is expected to enhance adoption of refurbished medical devices.

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For instance, Siemens remanufacturing process adheres to EN ISO 13485: 2003, which ensures quality management systems are used by medical device manufacturers and ISO 14001: 1996, which is an international standard for an effective environmental management system.

Increasing demand for medical devices at low cost is expected to aid in growth of the refurbished medical device market during the forecast period. Demand for refurbished medical device is higher in low income countries, due to low disposable income in the regions. High cost of large and technological advanced equipment is also estimated to have a major impact on growth of refurbished equipment market. Refurbished medical equipment are available at 30 to 50% lower price as compared to new equipment. Moreover, e-commerce platforms are expected to provide easy selling and purchasing options for refurbished medical equipment.

For instance, companies such as GE Healthcare and Philips Healthcare have high presence in this region. Moreover, according to American Hospital Association (AHA), an annual survey of hospitals in the U.S. suggests the total number of registered hospitals in the U.S. in 2017 were 5,534, which increased to 5,564 in year 2018. This increasing number of healthcare centers such as hospitals is leading to increasing demand for new as well as refurbished medical equipment, which in turn is positively impacting growth of the refurbished medical equipment market. Moreover, Asia Pacific is expected to witness fast growth due to improving medical facilities, unmet medical needs and increasing medical tourism.

Key players operating in the refurbishment of medical device market include GE Healthcare (a wholly owned subsidiary of General Electric Company), Philips Healthcare (part of Koninklijke Philips N.V.), Siemens Healthineers, Soma Technology, Inc., Block Imaging International, Inc., and Agito Medical A/S.

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Market Taxonomy

Global refurbished medical equipment market is segmented on the basis of product type:

Operating Room Equipment & Surgical Equipment
Patient Monitors
Defibrillators
Medical Imaging Equipment
Cardiovascular & Cardiology Equipment
Neurology Equipment
Endoscopy Equipment
Intensive Care Unit Equipment
Neonatal Intensive Care Units Equipment
IV Therapy Systems
Other Equipment
Global refurbished medical equipment market is segmented on the basis of end user

Hospitals
Diagnostic Centers
Clinics
Ambulatory surgical centers
Others
Global refurbished medical equipment market is segmented on the basis of region

North America
Europe
Latin America
Asia Pacific
Middle East
Africa

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