Refurbished Medical Equipments Market to Reach US$24 Bn by 2027: TMR Study

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Aug 31, 2022, 09:30 ET

Rising prevalence of different chronic diseases is augmenting growth in global refurbished medical equipments market
Rising product demand from online distribution channels stimulating growth in market

WILMINGTON, Del., Aug. 31, 2022 /PRNewswire/ -- The last few years have witnessed an increase in patient population suffering from different diseases such as neurological diseases, respiratory diseases, and gynaecological diseases. Increased prevalence of these disorders has triggered the demand for refurbished medical equipments in healthcare infrastructure facilities such as hospitals, especially in developing economies.

The global refurbished medical equipments market is anticipated to advance at CAGR of 13% during the forecast period between 2019 and 2027.

Growth strategies such as new product launches could help create well-established refurbished market players gain a competitive edge over other players.

Leading refurbished medical equipments market players are looking to engage in strategies such as collaboration with lesser-known which would help in increasing their market presence and increasing their revenue shares.

Prominent market player GE Healthcare, in March 2020, signed a collaborative agreement with automotive market player Ford Motor Company to increase the production of ventilators in a bid to provide healthcare personnel with a key medical equipment for the treatment of patients, who had tested positive for the virus.

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Key Findings Refurbished Medical Equipments market Study

Increasing Product Demand from E-commerce Websites Triggering Growth in Refurbished Medical Equipments Market: For several years, offline distribution channels such as hospital pharmacies remained the primary source to purchase refurbished medical equipment since consumers opted to physically examine the product, before purchase. However, with growth in e-commerce industry, different refurbished medical equipment are witnessing increased demand from different internet websites, which has contributed to market growth. Few key reasons behind the surge in demand over online distribution channels are product availability at reduced cost and doorstep delivery
Increasing Refurbished Medical Equipment Demand from Hospitals Augmenting Market Growth: Hospitals globally have purchased massive number of refurbished medical equipment. Few key reasons behind the increased demand from hospitals include rising demand for low cost of ownership, decreased patient flow, availability of reduce budgets in hospitals, and increased reliance on hospitals for medical imaging services

Refurbished Medical Equipments Market: Key Drivers

Rising prevalence of different chronic diseases such as cancer and diabetes is a key growth driver for global refurbished medical equipments market
Increasing product demand to treat patients suffering from cardiovascular diseases is stimulating the growth in overall refurbished medical equipments market

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Refurbished Medical Equipments Market: Regional Market Insights

North America emerged as leader in global refurbished medical equipments market in 2018. Factors such as ease of availability of different refurbished medical equipment such as multi-parameter devices and pulse oximeters, and presence of developed healthcare infrastructure facilities in countries such as the U.S. and Canada
Asia Pacific is projected to witness significant growth in global market during the forecast period because of rising penetration of prominent market players in countries such as India and China

Refurbished Medical Equipments Market: Key Players

Presence of numerous market players has ensured that competition landscape in global refurbished medical equipments market is fragmented. Many of these players have accounted for a large share in overall market, in the last few years.

New market player presence could increase the intensity of competition in global refurbished equipments market, in years to come.

Prominent refurbished market players are making huge investments in research and development activities in a bid to produce improved products that would meet the requirements of large number of consumers.

Some of these players include GE Healthcare, Siemens Healthineers AG, Hitachi Ltd., and Canon Medical Systems Corporation.

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The global refurbished medical equipments market is segmented as follows:

By Product

CT Scanners
MRI Systems
X-ray Systems
Ultrasound
Others

By End-use

Hospitals
Diagnostic Centers
Ambulatory Surgical Centers
Others

By Geography

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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