The “Refurbished Medical Equipment Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global refurbished medical equipment market is projected to grow at a CAGR of 12.17% to reach US$18.347 billion by 2025 from US$9.211 billion in 2019.
Declining annual budget of hospitals in U.S. and Canada on account of inflation and burgeoning geriatric population is making difficult for the healthcare sector to purchase expensive medical devices. Recently, the Centers for Medicare and Medicaid Services released a report predicting a price increases for personal healthcare expenditure to 2.2% as compared with 1.9% for overall economic inflation, thus, causing the U.S. to experience a higher medical inflation in 2018.
As a result, hospitals and ACUs (Ambulatory Care Units) are increasingly opting for cost-effective refurbished medical equipment in the region to provide world-class medical treatment to their patients. Since refurbished medical devices are compliant with strict regulatory standards, this ensures their efficiency which positively impacts the growth of refurbished medical equipment market.
Simultaneously, booming medical tourism industry in Middle East is fueling the demand for refurbished medical equipment in the region. Growing focus on expanding healthcare infrastructure in African countries will also significantly drive the demand for refurbished medical devices across low budget hospitals for providing better medical treatment facilities.
Product Offerings by Major Market Players in the Refurbished Medical Equipment Market
The market players are highly participants in the market by offering and making available a variety of refurbished medical equipment including single-use and reusable products with enhanced and advanced features in order to cater to the rising demands from different distribution channels. This is intron helping them improve their market position and they are also contributing to the market growth over the forecast period.
The North American region is estimated to hold a significant market share over the forecast period owing to the early adoption of refurbished equipment and the rising incidence of various diseases due to a prevalence of unhealthy lifestyles among the younger and middle-aged individuals. BusinessWire