The refurbished medical equipment market is slated to be worth $9 billion by 2018, building at an annual growth rate of 8.2 percent, according to a new report from Transparency Market Research.
The report notes that until a decade ago, most of the demand for refurbished equipment came from developing countries. But the economic crises and tightened health care budgets in the U.S. and Europe, along with the increase in trained professionals in the refurb sector, have driven growth in wealthier economies as well.
Story Continues Below Advertisement
Partner with Siemens to achieve success. At Siemens, service means more than fixing what breaks. It means providing you with the education, tools and support you need to work smarter. Click above to learn more
In the medical equipment industry overall, rise in aging populations has led to an increase in surgical procedures globally, as has an increase in private health care institutions.
The most important emerging economies contributing to growth include India, China and Brazil.
The report also notes that some of the main refurbished medical equipment players in the market are OEMs. This includes GE Healthcare, Philips Healthcare, Siemens Healthcare, Johnson & Johnson, Agito Medical, DMS Topline, First Source Inc, and Soma Technology.