According to research report Refurbished Medical Devices Market is expected to reach USD 11.91 Billion by 2021 from USD 6.55 Billion in 2016, at a CAGR of 12.7%
Refurbishing of medical devices refers to restoring used equipment or systems into a condition of safety and effectiveness comparable to new ones through repairs, rework, updates, and replacement of worn parts.
The global Refurbished Medical Devices Market is poised to grow at a CAGR of 12.5% in the forecast period. This market is divided into four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2014, North America is expected to account for the largest share of the global Refurbished Medical Devices Market, followed by Europe. The large market share of this market is attributed to the growing aging population, high incidence/prevalence of various diseases (such as cancer and CVD), favorable regulatory scenario for sale and use of refurbished medical systems in both the U.S. and Canada, and declining insurance reimbursements for imaging procedures.
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However, the Asia-Pacific region is poised to grow at the highest CAGR of 13.7% during the forecast period. This is primarily due to the privatization of the healthcare sector, poor reimbursement scenario, huge patient population base, and presence of a large number of low budgets hospitals/clinics.
A number of players in the Refurbished Medical Devices Market are striving to expand their presence in both mature and emerging markets. For instance, in March 2010, the company launched its CT system manufacturing facility in Bangalore, India. Under this facility, the company refurbishes used medical devices. This enhanced the company’s refurbished medical equipment business in the emerging Indian market. Likewise, in November 2014, Royal Philips launched a new healthcare imaging system refurbishment facility in Best, the Netherlands. This enabled the company to offer a wide range of refurbished imaging devices in Europe.
Several companies such as Philips Healthcare (Netherlands), Soma Technology, Inc. (U.S.), GE Healthcare (U.K.), Block Imaging International, Inc. (U.S.), Siemens Healthcare (Germany), and DRE, Inc. (U.S.) are investing in this high-growth market to gain higher profits and to increase their shares in the global Refurbished Medical Devices Market.
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