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Wilmington, Delaware, United States of America, December 2, 2022 (GLOBE NEWSWIRE) — Transparencies Market Research Inc. – According to Transparency Market Research (TMR), the global refurbished medical equipment market is expected to advance at a CAGR of approximately 13.0% during the forecast period.
The demand for various types of medical devices to treat patients suffering from various diseases has increased significantly. However, the high cost has made it difficult for hospitals to purchase these products. This is driving demand for refurbished medical equipment.
The demand for refurbished medical equipment, such as medical re-imaging equipment, patient monitoring devices and operating room equipment, is growing worldwide.
Leading players in the Refurbished Medical Equipment market are engaging in strategies such as collaborating with smaller players to expand their presence and improve their revenue.
In March 2020, GE Healthcare signed a cooperation agreement with Ford Motor Company, a player in the automotive market, to increase production of respirators to provide healthcare workers with critical medical equipment to treat patients positive for the coronavirus.
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Key findings of Market study
- Increasesand in Demand for products from e-commerce websites Refueling Renovated medical equipment market Development: Previously, out-of-network distribution channels such as hospital pharmacies were the primary source of remanufactured medical equipment purchases, given consumers’ propensity to physically inspect products prior to purchase. However, with the growth of the e-commerce industry, various refurbished medical equipment is witnessing an increase in demand from online distribution channels, which has contributed to the growth of the market. The last decade has witnessed the growth of the e-commerce industry, and the availability of refurbished medical equipment through online distribution channels has changed consumer preferences towards purchasing products through these channels and aided the growth of the market. Several advantages of purchasing products through online distribution channels include availability of products at a reduced price and home delivery.
- Lynxand in Hospitals’ Demand for Refurbished Medical Equipment Drives Market Growth: Hospitals emerged as the leading end-use segment in the global market in 2018 due to increased demand for refurbished medical equipment from these facilities. Key reasons for the rise in demand for hospital products include shrinking hospital purchasing budgets and growing reliance on hospitals for medical imaging services.
Renovated medical equipment market – The main drivers
- Rising prevalence of various chronic diseases such as cancer and diabetes is one of the key factors driving the global market
- Increasing demand for medical imaging equipment in various application areas such as cardiovascular disease, oncology, and neurology is increasing the size of the refurbished medical equipment market
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Renovated medical equipment market – Regional insights
- The TMR market report states that North America emerged as the leader in the global refurbished medical equipment market in 2018. Easy availability of various refurbished medical equipment such as multi-parameter devices and pulse oximeters and the presence of developed healthcare infrastructure in countries such as the US and Canada drive the market in the region.
- Asia Pacific is projected to witness significant growth in the overall market during the forecast period due to low cost of ownership compared to new equipment and increasing penetration of prominent market players in countries such as India and China.
Renovated medical equipment market – Key players
The presence of numerous leading market players implies that the competitive landscape in the global remanufactured medical equipment market is fragmented. The entry of new entrants into the market is likely to increase the intensity of competition in the global market during the forecast period.
Leading players in the global refurbished medical equipment market include GE Healthcare, Siemens Healthineers and Hitachi Ltd.,
The global refurbished medical equipment market is segmented as follows:
- CT scanners
- MRI systems
- X-ray Systems
- Ultrasound
- The second
- Hospitals
- Diagnostic centers
- Outpatient surgical centers
- The second
- Bi Geographi
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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About Transparency market research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States of America, provides customized research and consulting services. Our exclusive blend of quantitative forecasting and trend analysis provides insight into the future for thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive datasets and research material for business reports.
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