Refurbishment is defined as a systematic process that ensures the safety and effectiveness of the medical equipment without significantly changing the equipmentâ€™s or systemâ€™s performance, safety specifications, and/or changing intended use as in its original registration.
Refurbishment of Medical Equipment Contributes to the Circular Economy
Refurbished medical equipment serves the purpose of circular economy, by prolonging the life of the equipment, optimal 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. The DITTA estimates that around 30 MWh can be saved for each ton of refurbished medical imaging equipment.
Cost Reducing Strategies for Hospitals Drives the Growth of the Refurbished Medical Equipment Market
With the use of refurbished medical equipment, the cost to hospitals can be reduced by 20-30 percent while continuing to guarantee safety and high clinical performance. Also, by replacing used, outdated equipment with refurbished medical equipment, the overall quality of healthcare for patients can be improved, which allows for better therapy and treatment and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.
Introduction of IEC PAS 63077 Fuels the Refurbished Medical Imaging Equipment Market
Industry standards like DITTAâ€™s IEC PAS 63077 on â€œGood refurbishment practices for medical imaging equipmentâ€ help to promote the use and market access of refurbished medical imaging equipment as well as emphasize the importance to harmonize the refurbishment practices globally.
Upcoming Market Challenges: Refurbished Medical Equipment Market
The lack of awareness about the benefits associated with the refurbished medical equipment, strong end-user skepticism sentiments regarding the quality & accuracy of this equipment, and stringent regulations on the import and use of refurbished medical equipment in key regions are some of the primary factors likely to restrain the growth of refurbished medical equipment market.
North America Has the Largest Market Share in Refurbished Medical Equipment Market
North America holds the largest market share of the refurbished medical equipment market followed by Europe and the Asia Pacific. Large inventory of old and used medical equipment, hospital budget cuts, and growing prominence of e-commerce platforms that enhance the ease of purchasing refurbished medical devices in this region are some of the key factors driving the growth of the refurbished medical equipment market.
Competitive Landscape Analysis: Refurbished Medical Equipment Market
The global refurbished medical equipment market is marked by the presence of established and emerging industry 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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