The global refurbished medical device market is expected to hit $8.45 billion by 2017, growing at a compound annual growth rate of 7.8 percent, according to a Markets and Markets report.
The market is gaining value and popularity due to its lower costs and increased access to repair technology and replacement parts, though certain world regions are more willing to use refurbished devices than others, mainly the U.S., Latin America, Asia and the Middle East, according to the report.
Additionally the most prominent companies in the refurbished medical device market are major corporations like Siemens, GE Healthcare, Stryker, Philips Healthcare and Johnson & Johnson, according to the report.
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