Global Refurbished Medical Equipment Market by Top Key Players - GE Healthcare, Siemens Healthineers

The Global Refurbished Medical Equipment Market is expected to grow at a rate of ~12% to reach ~$18 billion by 2026.
BRUSSELS - Sept. 29, 2022 - PRLog -- Refurbishment is described as a systematic process that assures the medical equipment is safe and effective without significantly changing the equipment's or system's performance, safety specifications, and/or changing intended use as in its original registration.

Some of the main factors propelling the global refurbished medical equipment market include increased adoption of low-cost refurbished equipment due to cost containment pressure, a large inventory of old or used medical devices, the growing privatization of the healthcare sector, increasing demand for refurbished equipment due to the Covid-19 pandemic, and high demand from developing countries.

Refurbishment of Medical Equipment Contributes to Circular Economy
Refurbished medical equipment serves the purpose of circular economy, by extending the equipment's lifespan, finest use of resources, and reentering the business ecosystem. It also makes a positive contribution to the environment as it reduces waste generation and saves energy, resources, and raw materials. According to the DITTA, around 30 MWh can be saved for each ton of refurbished medical imaging equipment.

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Cost Containment Strategies for Hospitals Drive the Market Growth

With the usage of refurbished medical equipment, the cost to hospitals can be reduced by 20-30 percent while continuing to guarantee safety and high clinical performance. Likewise, by replacing used, outdated equipment with refurbished medical equipment, the overall quality of healthcare for patients can be improved, which allows for better therapy and treatment and increases the chance of survival.

"The global refurbished medical equipment market played a critical role in helping improve access to affordable quality healthcare during the COVID-19 outbreak. The upcoming scenarios of the refurbished medical equipment market look promising due to low production & material cost, and its contribution to the circular economy." - General Manager, Global Operations and Supply Chain, Medical Device Manufacturer, United States

Competitive Landscape Analysis of Refurbished Medical Equipment Market
The global refurbished medical equipment market is marked by the presence of established key players such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Soma Technology, USMed-Equip, and Everx Pvt Ltd., among others.

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