Refurbished Medical Equipment Market Forecast 2028: in-depth Research Shows How Top Companies Will Be Able to Survive in Future

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Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of the original device, and replacement of worn parts. Technology in terms of software, hardware and others is changing at a faster pace, which shortens the interval between the purchase of superior systems and worn out of preoccupied devices. Factors driving growth of refurbished medical equipment market are increasing involvement of key manufacturers in refurbishment of their equipment and increasing demand of cost effective systems by small scale private hospitals and clinics.

Refurbished Medical Equipment Market Drivers

Increasing focus of original equipment manufacturers in refurbishment of medical device is expected to propel growth of the refurbished medical equipment market. For instance, companies such as GE Healthcare, Siemens, and Philips have now started focusing on refurbishment of large scanning machines such as angiography, radiology based equipment, magnetic resonance, X-ray systems, and other molecular imaging devices and are offering it at around 30% less cost of the new systems. Original equipment manufacturer-based refurbishment is more trusted by the end users.

Key Challenges/ Constraints: Refurbished Medical Equipment Market

The lack of awareness about the benefits associated with the refurbished medical equipment, strong end-user skepticism sentiments regarding the quality & accuracy of this equipment, and stringent regulations on the import and use of refurbished medical equipment in certain countries are some of the key factors that are likely to restrain the market growth.

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