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Growth Predicted for Refurbished Equipment Market

5 September, 2012 | maintenance & installation, medical equipment, News

Greater accessibility and improvements in medical parts and repair technology makes refurbished equipment increasingly more attractive to equipment buyers. As a result, in spite of challenging global economies, the refurbished equipment market shows consistent gains. An analysis by ‘Markets and Markets’ for the period of 2012-2017, projects that the global refurbished medical equipment market will be worth $8.45 billion by 2017 with a CAGR of 7.8%.

As an economical choice that presents significant savings over purchasing new medical equipment, refurbishment offers unique opportunities for medical equipment buyers. For example, refurbished equipment does not undergo specification changes, only parts replacement. Depending on your country’s regulations, there may be no need for special approval for refurbished equipment. As well, since it is professional equipment technicians and engineers who refurbish and test medical equipment, often from the original equipment manufacturer, buyers can feel good about their device’s reliability.
There are three types of refurbishment: visual, major parts replacement or fully refurbished.

  • Visual Refurbishment: includes testing the equipment to ensure it works properly and cosmetic improvements.
  • Major Parts Replacement: includes testing equipment and replacing major parts; which may not necessarily be new, and improving and updating the equipment’s overall performance.
  • Fully Refurbished Medical Equipment: includes complete reconstruction of equipment to the original specifications. Professionals test the equipment and usually give a warranty guaranteeing the device.

The companies that typically handle refurbishment are either the original equipment manufacturer or a reputable 3rd party service provider. Most large equipment manufacturers like GE Healthcare, Siemens Healthcare, Philips Healthcare, Stryker Corporation, Johnson & Johnson and Toshiba Medical System have established refurbishing departments in response to the growing demand.