Global Refurbished Medical Equipment Market is poised to grow at a 12% CAGR to reach $18 billion by 2026 - Adoption of Refurbished Medical Equipment due to Cost Reduction Pressure

Refurbishment is defined as a systematic process which ensures the safety and effectiveness of the medical equipment without changing the equipment's or system's performance, safety specifications, and/or changing intended application as in its original registration.

Refurbishment of Medical Equipment Contributes to a Circular Economy

Refurbished medical equipment serves the purpose of circular economy, by prolonging the life of the equipment, optimal use of used resources, and reentering the business ecosystem. It also makes a positive contribution to the environment as it reduces the waste generation and saves energy, resources, and raw materials. The DITTA estimates that around 30 MWh can be saved for each ton of refurbished medical imaging equipment.

Cost Reduction Strategies for Hospitals Drives the Growth of the Refurbished Medical Equipment Market

With the application of refurbished medical equipments, the costs to hospitals can be reduced by 20-30% while continuing to guarantee safety and high clinical performance. Also, by replacing used, outdated equipment with a refurbished medical equipment, the overall quality of medical devices for patients can be improved, which allows for better therapy and medical treatments and thus increases the chance of patient survival.

"The refurbished medical equipment market played an important role in helping improve access to affordable quality healthcare during the COVID-19 pandemic. The future growth prospects of the refurbished medical equipment market looks promising due to low production & material cost, and its contribution to the circular economy." -General Manager, Global Operations and Supply Chain, Medical Device Manufacturer, United States

Introduction of IEC PAS 63077 Drives the Demand of the Refurbished Medical Imaging Equipment Market

Industry standards such as DITTA's IEC PAS 63077 on "Good refurbishment practices for medical imaging equipment" helps to promote the utilization and market access of refurbished medical imaging equipment as well as emphasize the importance to harmonize the refurbishment practices globally.

Upcoming Market Challenges: Refurbished Medical Equipment Market

The lack of awareness about the benefits associated with the refurbished medical equipments, strong end-user skepticism sentiments regarding the quality & accuracy of this equipments, and stringent regulations on the import and utilization of refurbished medical equipment in certain countries are the major factors likely to affect the growth of the refurbished medical equipment market.

Regional Analysis: North America Has the Largest Share in Refurbished Medical Equipment Market

North America holds the largest share of the refurbished medical equipment market followed by Europe and Asia Pacific. Large inventory of old and used medical equipment, hospital budget cuts, and rising prominence of e-commerce platforms which enhance the ease of purchasing refurbished medical devices in this regions are some of the major factors driving the growth of the global market.

Competitive Landscape Analysis: Refurbished Medical Equipment Market

The refurbished medical equipment market is marked by the presence of established market players such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Soma Technology, USMed-Equip, and Everx Pvt Ltd., among others.

Get Detailed Insights on Refurbished Medical Equipment Market with a Sample Report @ https://meditechinsights.com/refurbished-medical-equipment-market/

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.