Refurbished medical equipment market helping to prevent waste dumping in landfills

The refurbished medical equipment market has been forecast to increase at a compound annual growth rate (CAGR) of 7.51% through to 2016, driven by the reduced reimbursements for medical procedures, and the increased adoption of eco-friendly practices.

Refurbishment restores used equipment or systems through repairing, reworking, updating and replacing of worn parts with original parts to ensure a condition of safety and effectiveness comparable to when new. All process should be consistent with product specifications and service procedures defined by the original manufacturer for that equipment or system.

These processes do not alter equipment's or system's performance, safety specifications and/or changes intended to use as in its original registration. This device market encompasses for imaging-monitoring-diagnostic devices, radiation oncology systems, minimally invasive surgical devices, biotechnology instruments and others.

The major driving factor for the refurbished medical equipments market involves the affordable price range of refurbished devices that aid small and medium healthcare institutions to provide advanced treatment at lower rates.

Developing countries in Latin America, Asia, and Middle East are driving this market as they are becoming wealthier to welcome new medical equipments for serving advanced treatments, but not that much to afford purchasing brand new highly expensive medical equipments.

The increased adoption of eco-friendly practices is one of the emerging trends in the refurbished medical equipment market. Refurbishment of medical equipment reduces e-waste and is therefore eco-friendly. Besides facilitating cost savings, refurbished medical equipment prevents waste dumping in landfills. In fact, refurbishment programs have helped hospitals divert tons of waste from local landfills.

Therefore, many vendors in this market are nowadays promoting refurbished devices as eco-friendly and economical alternatives to new medical equipment. For instance, Siemens Healthcare has an eco-line portfolio that includes a wide range of refurbished medical systems. Similarly, Practice Greenhealth helps healthcare organisations implement eco-friendly and sustainable practices.

Key players currently dominating the refurbished medical equipment market include GE Healthcare, Johnson & Johnson Corp., Philips Healthcare, Siemens Healthcare, Stryker Corp., and Toshiba Medical Systems Corp.

For more information on the refurbished medical equipment industry, see the latest research: Refurbished Medical Equipment Industry

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