Global Refurbished Medical Equipment Market Forecast at USD 8.45 Billion by 2017

The global refurbished market has seen challenging and dynamic market conditions, but still remains strong, with a size of approximately USD 8.45 billion in 2017 and an estimated annual growth rate of 7.8% over the next five years.

A new market research report analyzed and studied the major market drivers, restraints, and opportunities in North America, Latin America, Europe, Asia, and the rest of the world. Refurbishing of medical device refers to restoring used equipment or systems into a condition of safety and effectiveness comparable to new including actions such as repair, rework, update, and replacement of worn parts with original parts.

Refurbished products do not change any product specification as remanufactured products do, thereby requiring no specific approval to market the refurbished products in different countries. Refurbished medical devices represent the aftermarket of used medical devices worldwide. As per conventional definition, refurbished devices hold a niche market that is different from remanufactured and used devices market.

The new report studied the global refurbished medical equipment market over the forecast period 2012-2017, published by market research company MarketsandMarkets (Dallas, TX, USA; www.marketsandmarkets.com). The global refurbished devices market is categorized into imaging-diagnostic-monitoring devices, minimally invasive surgical devices, radiation oncology devices, biotechnology instruments, and so others. Refurbished medical devices market is expected to grow at a more rapid rate with a compound annual growth rate (CAGR) of 7.8% from 2012 to 2017.

Cost-effective offerings of used branded products and enhanced access to replacement parts and repair technology are contributing to widespread adoption of the refurbished medical devices by healthcare institutions worldwide.

The refurbished medical equipment market is run by largely two kinds of players: original equipment manufacturers (OEMs) and third-party manufacturers. Major OEMs include GE Healthcare (UK), Siemens Healthcare (Germany), Philips Healthcare (The Netherlands), Stryker Corp. (US), Johnson & Johnson (US) and Toshiba Medical System (Japan), and third party vendors including Soma Technology (US), Agito Medical (Denmark), DMS Topline Medical (US), and First Source, Inc. (US).

MarketsandMarkets is a global market research and consulting company. The company publishes strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies worldwide.


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