The Global Refurbished Medical Equipment Market Is Expected
Brussels, Belgium, June 20, 2022 (GLOBE NEWSWIRE) —
Refurbishment is defined as a systematic process that ensures the safety and effectiveness of medical equipment without significantly altering the equipment or system performance, safety specifications and/or intended use as in its original recording.
Refurbishment of medical equipment contributes to the circular economy
Refurbished medical equipment serves the purpose of the circular economy, extending equipment life, making optimal use of resources and re-entering the business ecosystem. It also makes a positive contribution to the environment as it reduces waste generation and saves energy, resources and raw materials. DITTA estimates that around 30 MWh can be saved for every ton of refurbished medical imaging equipment.
Cost containment strategies for Hospitals Conduct the Refurbished medical equipment Market growth
Through the use of refurbished medical equipment, costs for hospitals can be reduced by 20-30% while still ensuring safety and high clinical performance. Additionally, by replacing used and obsolete equipment with refurbished medical equipment, the overall quality of healthcare for patients can be improved, leading to better therapy and treatment and increasing the chances of survival.
“The global refurbished medical equipment market has played a vital role in helping improve access to affordable and quality healthcare during the Covid19 epidemic. The future prospects of refurbished medical equipment market see promising due low production & material cost, and its contribution at the circular economy.” –General directorGlobal Operations and Supply Chainin, Medical Device MakerUnited States
Introduction of IEC PAS 63077 Drives the Global Refurbished Medical imaging equipment Market
Industry standards such as DITTA’s IEC PAS 63077 “Good Refurbishment Practices for Medical Imaging Equipment” help promote the use and market access of refurbished medical imaging equipment remanufacturing and stress the importance of harmonizing remanufacturing practices globally.
Key Challenges/ Constraintyous: Refurbished Medical Equipment Market
Lack of awareness of the benefits associated with refurbished medical equipment, strong end-user skepticism regarding the quality and accuracy of this equipment, and stringent regulations on the import and use of refurbished medical equipment nine in some countries are some of the key factors. likely to hinder the growth of the 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 Asia-Pacific. A large inventory of old and used medical equipment, hospital budget cuts, and the dominance of e-commerce platforms that improve the ease of shopping for refurbished medical devices in this region are some of the key factors. the growth of this market.
Competitive landscape Analysis: Refurbished Medical Equipment Market
The refurbished medical equipment market is marked by the presence of established key players such as GE Healthcare, Siemens Healthineers, Koninklijke Philips NV, Soma Technology, USMed-Equip, and Everx Pvt Ltd., among others.
Companies are adopting organic and inorganic growth strategies to increase their market share
Players operating in this market are adopting organic and inorganic growth strategies such as collaborations, acquisitions, and expansions to gain market share. For instance,
- In January 2022, American medical equipment announced the opening of a new US Med-Equip Support Center to help Chicago-area hospitals gain access to more ventilators and other medical equipment.
- In August 2021, American medical equipment announced the expansion of its area westward with new offices in Utah, Colorado, Nevada (HOUSTON) to help more hospitals with essential medical equipment in the fight to save patients.
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