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Global Refurbished Medical Equipment Market Analysis, Business Revenue Forecast, Size, Leading Competitors and Growth Trends
Global Refurbished Medical Equipment Market
Market Analysis: Global Refurbished Medical Equipment Market
Global refurbished medical equipment market is registering a healthy CAGR of 13.30% in the forecast period of 2019-2026. This rise in the market can be attributed to the surging preference in the private healthcare sector for refurbished medical equipment.
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Market Definition: Global Refurbished Medical Equipment Market
Refurbishment is an extremely structured practice for checking the effectiveness and safety of a used device so that all safety applications are cheked before the equipment can be reused without any complexities its use as per the initial registration. Its operating life also plays a crucial role in qualifying equipment as refurbished or remanufactured.
Market Drivers
o Surging preferences in the private healthcare sector for refurbished medical equipment is driving the market growth
o Rising aging population is helping the market to grow
o Increasing incidence of chronic diseases is flourishing the growth of the market
o Increasing trend of refurbished devices purchase due to budget constrain drives the market growth
Market Restraints
o Perception about the compromise in quality of refurbished medical equipment hinders the market growth
o Lack of information about refurbished equipment restricts the market growth
o Risk of quality and accuracy of the product hampers the market growth
Key Developments in the Market:
o In April 2019, TTG Healthcare, LLC has completed the acquisition of Absolute Imaging Solutions. TTG has merged its equipment services into AIS, which offers services and sales to physician practices, imaging providers and hospitals. This acquisition will help in the growth of the company.
o In August 2018, Royal Philips completed the acquisition of Xhale Assurance. This purchase will distinguish its current portfolio oxygen saturation monitoring solutions and enable it to grow into an underserved clinical section.
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Competitive Analysis:
Global refurbished medical equipment market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of refurbished medical equipment market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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Key Market Competitors:
Few of the major market competitors currently working in the global refurbished medical equipment market are General Electric Company, Koninklijke Philips N.V., Siemens, Block Imaging, DRE Medical, Radiology Oncology Systems, Soma Technology, Inc., Everx Pvt Ltd., Integrity Medical Systems, Inc., Johnson & Johnson Services, Inc., DMS Health Technologies, First Source, Inc., Canon India Pvt Ltd., Stryker, CANON MEDICAL SYSTEMS CORPORATION, FUJIFILM Holdings Corporation, Atlantis Wordwide, RMS, Master Medical Equipment, US Med-Equip, Inc, among others.
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Data Bridge Market Research is a versatile market research and consulting firm with over 500 analysts working in different industries. We have catered more than 40% of the fortune 500 companies globally and have a network of more than 5000+ clientele around the globe. Our coverage of industries include Medical Devices, Pharmaceuticals, Biotechnology, Semiconductors, Machinery, Information and Communication Technology, Automobiles and Automotive, Chemical and Material, Packaging, Food and Beverages, Cosmetics, Specialty Chemicals, Fast Moving Consumer Goods, Robotics, among many others.
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