Technavio analysts forecast the global refurbished medical devices market to grow at a CAGR of over 10% during the forecast period, according to their latest market research report.
The increase in privatization in the healthcare sector is one of the major trends being witnessed in the global refurbished medical devices market 2019-2023. The privatization in the healthcare sector is rapidly increasing due to the inability of governments to invest efficiently in the healthcare sector and because of the high demand for innovation and technology for superior healthcare services.
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According to Technavio analysts, one of the key factors contributing to the growth of the global refurbished medical devices market is the organized healthcare ecosystem in developed economies:
Global refurbished medical devices market: Increasing adoption of refurbished medical devices due to financial constraints
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The high cost of new medical devices makes using refurbished medical devices lucrative for healthcare service providers. This high cost of medical equipment and devices can be attributed to the high R&D and technology cost associated with designing new medical devices. Furthermore, medical devices usually contain several redundant and high-end components aimed at reducing the probability of device failure, which further increases the manufacturing cost of medical devices.
According to a senior analyst at Technavio, Due to the high cost of new medical devices, refurbished medical devices serve as cost-effective alternatives. They are certified, updated with new technologies, and have valid warranties. Refurbished medical devices enable healthcare service providers to stay updated with the latest consumer demand, at affordable prices.
Global refurbished medical devices market: Segmentation analysis
The global refurbished medical devices market research report provides market segmentation by product (diagnostic imaging equipment, minimally-invasive devices, biotechnology instruments, and radiation oncology systems), by end-user (hospitals and other practices), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major products, the diagnostic imaging equipment segment held the largest market share in 2018, contributing close to 76% of the market. This product segment will dominate the global market throughout the forecast period. The diagnostic imaging equipment is used to create a visual representation of the internal organs to help with medical intervention and clinical analysis.
The Americas held the largest share of the market in 2018, accounting for close to 44% share. It was followed by EMEA and APAC respectively. The refurbished medical devices market in North America is driven by high investments in healthcare in countries such as the US and Canada.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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