Refurbished medical equipment market to increase at a CAGR of 7.8%

Press Release   •   Aug 30, 2012 11:37 BST

The global refurbished medical equipment market has been forecast to increase at a compound annual growth rate (CAGR) of 7.8% over the next five years, to be worth a market value of $8.45 billion by 2017.

Biotechnology instruments and imaging-monitoring-diagnostic devices contribute to the maximum share (78%) of the global refurbished medical equipment market, followed by minimally invasive surgical devices (16%) and radiation oncology systems (2%) in 2011.

Growth within the global refurbished medical equipment market is being fuelled by affordable offerings of used branded products and enhanced access to replacement parts and repair technology.

North America, specifically the US, represents the maximum share of the refurbished medical equipment market. The US market is primarily driven by huge amount of private practitioners.

The next market opportunities lie within the Asian market. India is the biggest market in the Asian region due to its high population base and low affordability to purchase highly expensive brand new medical devices.

The Asian market is deemed to be the most lucrative market place for these refurbished products in the near future.

The global refurbished medical equipment market is operated by mainly two kinds of players; original equipment manufacturers (OEMs) and third party manufacturers. Major OEMs include GE Healthcare (UK), Siemens Healthcare (Germany), Philips Healthcare (Netherlands), Stryker Corporation (US), Johnson & Johnson (US) and Toshiba medical system (Japan).

For more information on the global refurbished medical equipment market, see the latest research: Global Refurbished Medical Equipment Market Report

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