According to a new report published by research firm MarketsandMarkets,  the global refurbished medical equipment market is expected to reach $9.37 billion by 2019, at a compound annual growth rate of 12.5% from 2014 to 2019.

The report classifies the market into 11 major segments: operating room and surgical equipment, patient monitors, defibrillators, medical imaging equipment, cardiovascular and cardiology equipment, IV therapy systems, neurology equipment, endoscopy equipment, intensive care units, neonatal intensive care units, and other medical equipment.

According to the report, factors driving growth include increasing demand for low-cost medical devices, increasing privatization in healthcare, and growing use of refurbished medical devices in emerging countries. At the same time, however, resistance to the purchase of refurbished medical equipment by public institutes, and lack of standardization and harmonization of policies are restraining the sale and use of refurbished medical devices.

As of 2014, North America holds the largest share of the global refurbished medical equipment market, followed by Europe. The Asia-Pacific region is projected to grow most rapidly, at 13.7%, from 2014 to 2019. This rapid rate of growth, the report says, “is primarily due to privatization of the healthcare sector, poor reimbursement scenario, huge patient population base, and presence of a large number of low budget hospitals/clinics.”

According to the report, the biggest players in the global refurbished equipment market are Agito Medical A/S, Block Imaging International, DRE Inc, Everx Pvt Ltd, GE Healthcare, Integrity Medical Systems, Philips Healthcare, Radiology Oncology Systems, Siemens Healthcare, and Soma Technology.

More details on the report are available on the MarketsandMarkets website.