The term "refurbished equipment" refers to medical equipment that has been fixed to a functional state while maintaining its original specifications. Cleaning, painting, sanitizing, and replacing any worn-out or broken parts are all part of the refurbishment process, which also involves removing the old equipment and giving it a thorough treatment. Then, compared to a brand-new model, the item is put up for sale at a substantial discount. Reconditioned equipment is frequently utilized in clinics, hospitals, and other healthcare settings as a result of these benefits.
According to SPER Market Research, 'Refurbished Medical Equipment Market Size- By Product, By Application, By End User-Regional Outlook, Competitive Strategies and Segment Forecast to 2033' states that the Global Refurbished medical equipment Market is estimated to reach USD 30.56 billion by 2033 with a CAGR of 12.61%.
The need for costly diagnostic tools is growing. Because there is an increasing demand for capital-intensive diagnostic equipment, the global market for refurbished medical equipment presents a significant opportunity. As healthcare professionals strive to enhance patient outcomes and increase diagnostic capabilities, high-end diagnostic instruments like laboratory analyzers and advanced imaging systems are becoming more and more important. Healthcare businesses may purchase cutting-edge technologies at a lower cost by opting for financially feasible refurbished medical equipment. This enables providers of reconditioned equipment to meet the increasing demand for high-end diagnostic services while saving healthcare facilities money. The worldwide market for reconditioned medical equipment has a chance to fulfil the rising need for pricey diagnostic equipment.
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Excessive Treatment Costs: The high taxes imposed on the worldwide trade of medical items significantly limit or threaten the global market for refurbished medical equipment. Governments regularly apply tariffs, import levies, and taxes to the import and export of medical goods, including reconditioned equipment. The high tariffs on refurbished medical equipment result in increased total costs for institutions and healthcare workers. Particularly in underdeveloped areas or in healthcare facilities with little funding, these budgetary barriers may prohibit the widespread adoption of refurbished equipment. Overcoming the barrier of high taxes is crucial to ensuring the availability of reasonably priced healthcare solutions and promoting the growth of the global market for remanufactured medical equipment.
It is expected that the COVID-19 pandemic will result in an increase in the requirement for reconditioned medical equipment, such as mechanical ventilators. Yet, a significant disruption in the supply chain that has a negative impact on reconditioned medical equipment is another issue facing the healthcare sector. A piece of medical equipment that has undergone refurbishment to a degree equivalent to that of new is called refurbished equipment.
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Refurbished Medical Equipment Market Opportunities
Refurbished Medical Equipment Market Key Players:
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa make up the geographical segments of the market for reconditioned medical equipment. Over the course of the projection period, the Asia Pacific market is anticipated to develop at the greatest CAGR. The region's enormous patient pool, growing healthcare sector privatization, broad patient base, and low-budget hospitals' and clinics' strong demand for refurbished medical equipment are all contributing factors to this. Some of the key plays are -GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US).
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