Refurbished Medical Devices Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

  • Published: Oct 2020
  • Pages: 120
  • SKU: IRTNTR45200
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The refurbished medical devices market size has the potential to grow by USD 6.90 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (diagnostic imaging equipment, minimally-invasive devices, biotechnology instruments, and radiation oncology systems), end-user (hospitals and other practices), and geography (North America, Europe, APAC, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 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.

Market Overview

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Market Competitive Analysis

The market is fragmented. Agilent Technologies Inc., Block Imaging, and Canon Inc. are some of the major market participants. The market is in the initial stage of the growth phase and the competition is expected to become less intense by the end of the forecast period. Although the increasing adoption of refurbished medical devices due to financial constraints will offer immense growth opportunities, the stringent policies for purchasing refurbished medical devices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this refurbished medical devices market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this refurbished medical devices market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • 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

Refurbished Medical Devices Market: Segmentation by Geography

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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. Factors such as high investments in healthcare in countries such as the US and Canada will significantly drive refurbished medical devices market growth in this region over the forecast period.

40% of the market’s growth will originate from North America during the forecast period. The US is a key market for refurbished medical devices in North America. Market growth in this region will be slower than the growth of the market in other regions.

Refurbished Medical Devices Market: Segmentation by Product

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The diagnostic imaging equipment segment includes devices such as X-rays, ultrasound systems, mammography equipment, magnetic resonance imaging (MRIs) scanners, and computed tomography (CT) scanners. For instance, the wide usability of MRI drives the use of MRI scanners. X-rays are useful for examining internal body parts without making incisions. Therefore, these devices have become ubiquitous in the medical field for diagnosing conditions not perceived by the naked eyes. As a result, their adoption rate is high among the end-users.

Therefore, the refurbished medical devices market share growth by the diagnostic imaging equipment segment will be faster than the growth of the market by the other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the refurbished medical devices market size.

Refurbished Medical Devices Market: Key Drivers and Trends

The increasing adoption of refurbished medical devices due to financial constraints is driving market growth. The cost of new medical devices is usually quite high owing to the high R&D and technology cost associated with designing it.  In addition, the refurbished medical devices contain several redundant and high-end components aimed at reducing the probability of device failure, which further increases manufacturing costs. In such cases, refurbished medical devices serve as cost-effective alternatives, as they are certified, updated with new technologies, and have valid warranties.

Moreover, refurbished medical devices enable healthcare service providers to stay updated with the latest consumer demand, at affordable prices. Consequently, the increasing adoption of refurbished medical devices due to financial constraints is driving the market growth at a CAGR of more than 10%.

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Refurbished Medical Devices Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive refurbished medical devices market growth during the next five years
  • Precise estimation of the refurbished medical devices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the refurbished medical devices industry across North America, Europe, APAC, and ROW
  • A thorough 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

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The refurbished medical devices market growth will increase by $6903.75 million during 2019-2024.
The refurbished medical devices market is expected to grow at a CAGR of 10.45% during 2019-2024.
Technavio has segmented the refurbished medical devices market by product (Diagnostic imaging equipment, Minimally-invasive devices, Biotechnology instruments, and Radiation oncology systems) ,end user (Hospitals and Other practices) , and geographic (North America, Europe, APAC, and ROW).
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 are a few of the key vendors in the refurbished medical devices market.
North America will register the highest growth rate of 40.06% among the other regions. Therefore, the refurbished medical devices market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the refurbished medical devices market growth are:
  • Increasing adoption of refurbished medical devices due to financial constraints
The refurbished medical devices market vendors should focus on grabbing business opportunities from the diagnostic imaging equipment segment as it accounted for the largest market share in the base year.
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