July 27, 2020

Refurbished Medical Equipment Market to reach US$ 24 Bn by 2027

Growth in global refurbished medical equipment market would be robust. It would reach a valuation of about USD 24 billion by the end of this period, creating rewarding opportunities of growth. And, it is quite pertinent to note here that a number of trends and drivers will underscore it. The on-going pandemic of COVID-19 is a particularly strong factor as hospitals across the world prepare themselves for tackling the ever-growing human and humanitarian challenge by stocking up on inventories of these cost-effective medical equipment.

Transparency Market Research notes, “Use of heart-lung machines is increasing owing to factors such as ageing population, growing prevalence of chronic illnesses and increase in cases of COVID-19 infections. However, since these imaging and critical care equipment are expensive, demand for refurbished medical equipment would grow.”

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Key Findings of Global Refurbished Medical Equipment Market Study:

  • On the basis of end-user, the segment for hospitals will contribute notably to growth
  • Cardiology segment under the applications category will expand at a high growth rate
  • In the product category, sizeable share will be accounted for by the medical imaging equipment segment

For a detailed analysis of global refurbished medical equipment market by product, application, end-use, and region, visit TOC https://www.transparencymarketresearch.com/report-toc/858

Key Drivers of Growth in Global Refurbished Medical Equipment Market:

  • Population across the world is ageing rapidly, particularly in regions of North America and Europe
  • Prevalence of chronic diseases is high due to poor lifestyle choices and increase in risk factors
  • Distribution channels across the globe are strengthening due to proactive measures taken by market players to plug in demand and supply gaps
  • 2 billion people will mark the age group of 65 and above by 2050; the demographic will fuel growth in the market
  • Six in ten people in the developed region of U.S. currently suffer from one chronic illness and the ratio is set to increase, this will propel market onto a high growth trajectory
  • About 11 million cases of COVID-19 have been reported across the world so far leading hospitals to stock up on low-cost equipment

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