The rising prevalence of cancer and cardiovascular diseases are the major factors driving the refurbished medical equipment market. Furthermore, increasing privatization in the healthcare sector, growing demand for low-cost medical devices due to financial constraints, and increasing adoption of refurbished medical devices in various nations are the key factors fueling the growth of the market during the forecast period. The huge geriatric population base, the rising trend of medical tourism, and the increasing number of diagnostic imaging procedures are the high impact rendering drivers for this market during the forecast period. In addition, the growing rate of private healthcare institutions is adding up to the overall growth of the refurbished medical equipment market.
The refurbished medical equipment market is segmented on the basis of its product into operation theatre and surgical equipment, defibrillators, patient monitors, medical imaging equipment, neurology equipment, cardiovascular and cardiology equipment, and intensive care unit (ICU) systems. The patient monitor equipment covers the largest share in the market owing to the low product cost, increasing awareness for chronic diseases, and technological advances such as inventions of portable patient monitoring devices.
Geographically, the entire refurbished medical equipment is segmented into North America, Europe, Asia Pacific, and RoW. North America accounts for the largest market share owing to the rising trend of medical tourism and the increasing privatization of the healthcare sector in this region. Asia Pacific is expected to show high growth due to increasing support from government and efficient reimbursement policies in this region. This growth is attributed to the high demand for medical imaging refurbished equipment in emerging and developed economies such as China, India, and Brazil.
The key players in the refurbished medical equipment market are GE Healthcare, Agito Medical A/S, DRE Inc., Block Imaging International Inc., Integrity Medical systems Inc., Everx Pvt Ltd., Siemens Healthcare systems, Radio Oncology Systems Inc., Philips Healthcare and Soma Technology, Johnson & Johnson, DMS Topline, First Source Inc. and Soma Technology. As of 2013, GE Healthcare held the leading position in the global refurbished medical equipment market. These companies are focusing on the reimbursement facility as their key business strategy for the refurbished medical equipment market.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.