Global refurbished medical device market poised to reach USD 11.91 billion by 2021
The global refurbished medical device market is estimated to reach USD 11.91 billion by 2021, by growing at a CAGR of 12.7% over 2016-2021. Out of the total 11 market segments, the medical imaging equipment segment is estimated to hold the largest share of the refurbished medical equipment market in 2016. The key factors contributing to the growth of the market include increasing privatization in the healthcare sector, poor reimbursement policies for various medical treatments, large patient population base and presence of a large number of hospitals/clinics with budget limitations in developing countries. Another factor adding value to the growth of the market include initiatives undertaken by leading market players (GE Healthcare, Philips Healthcare and Siemens Healthineers) to establish refurbishment facilities in both mature and developing markets. However, the negative perception about the quality of refurbished medical devices among public institutes is a major factor impeding the growth of the market. Geographically, North America currently leads the global market and holds the largest market share, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR over 2016-2021. The key global players operating in this market are GE Healthcare, Philips, Siemens, Block Imaging, Soma Technology, DRE Medical, Agito Medical, Everx, Integrity Medical Systems and Radiology Oncology Systems.