LONDON--(BUSINESS WIRE)--The global refurbished medical devices market size is poised to grow by USD 6.90 billion during 2020-2024, progressing at a CAGR of over 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The refurbished medical devices market is driven by the increased adoption of refurbished devices due to financial constraints. 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.
Register for a free trial today and gain instant access to 17,000+ market research reports.
- The major refurbished medical devices market growth came from the diagonostic imaging equipment segment in 2019, and is expected to witness the fastest growth during the next five years.
- North America was the largest refurbished medical devices market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the high investments in healthcare in countries such as the US and Canada.
- The global refurbished medical devices market is fragmented. Agilent Technologies Inc., Block Imaging, Canon Inc., EverX Pty Ltd., General Electric Co., Integrity Medical Systems Inc., Koninklijke Philips NV, Radiology Oncology Systems Inc., Siemens Healthineers AG, and SOMA TECH INTL are some of the major market participants. To help clients improve their market position, this refurbished medical devices market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the refurbished medical devices market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/refurbished-medical-devices-market-industry-analysis
Increase in Privatization in the Healthcare Sector will be a Key Market Trend
The increase in privatization in the healthcare sector is one of the major trends being witnessed in the global refurbished medical devices market. 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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Refurbished Medical Devices Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist refurbished medical devices market growth during the next five years
- Estimation of the refurbished medical devices market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the refurbished medical devices market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of refurbished medical devices market vendors
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Diagnostic imaging equipment - Market size and forecast 2019-2024
- Minimally-invasive devices - Market size and forecast 2019-2024
- Biotechnology instruments - Market size and forecast 2019-2024
- Radiation oncology systems - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Hospitals - Market size and forecast 2019-2024
- Other practices - Market size and forecast 2019-2024
- Market opportunity by End-user
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- ROW - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Competitive scenario
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Agilent Technologies Inc.
- Block Imaging
- Canon Inc.
- EverX Pty Ltd.
- General Electric Co.
- Integrity Medical Systems Inc.
- Koninklijke Philips NV
- Radiology Oncology Systems Inc.
- Siemens Healthineers AG
- SOMA TECH INTL
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.