Refurbished equipment market to hit $9.37B by 2019

The market for refurbished medical equipment will be worth $9.37 billion U.S. (8.3 billion euros) by 2019, according to a new report by MarketsandMarkets.

The report covers the forecast period of 2014 to 2019, with the medical imaging equipment segment including x-ray, ultrasound, MRI, CT, nuclear medicine, and others systems such as C-arm and mammography devices. Factors such as growing demand for low-cost medical devices due to financial constraints, increasing privatization in the healthcare sector, and rising adoption of refurbished medical devices in emerging countries are driving the growth of the refurbished market, MarketsandMarkets said.

However, the negative outlook of public institutions regarding the purchase of refurbished medical equipment and a lack of standardization and harmonization of policies related to the sale and use of refurbished medical devices are restricting its growth.

As of 2014, North America holds the largest share of the global refurbished market, followed by Europe, with an expectation that the Asia-Pacific region is expected to grow at the highest compound annual growth rate (CAGR) of approximately 13.7% from 2014 to 2019. This is primarily due to privatization of the healthcare sector, a poor reimbursement scenario, a huge patient population base, and the presence of a large number of low-budget hospitals and clinics.

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