Global Refurbished Medical Devices Market to Increase by 10% by 2023

The global refurbished medical devices market is expected to grow at a CAGR of over 10% during the forecast period 2019-2023, driven by the organized healthcare ecosystem in the developed economies. Moreover, privatization in the healthcare sector is increasing rapidly due to the inability of governments to invest efficiently in the sector, coupled with high demand for innovation and technology for superior healthcare services.

These are the latest findings of Technavio Research, (London, UK), a global technology research and advisory company.

Based on product, the diagnostic imaging equipment segment held the largest share of close to 76% in the refurbished medical devices market in 2018 and is expected to maintain its dominance during the forecast period. Geographically, the Americas held the largest share of close to 44% in the global refurbished medical devices market in 2018, followed by the EMEA and APAC regions, respectively. The North American refurbished medical devices market is being driven by high investments in healthcare in countries such as the US and Canada.

Medical equipment and devices involve huge costs, which can be attributed to high R&D and technology costs associated with designing new medical devices. Additionally, medical devices generally contain various redundant and high-end components to reduce the probability of device failure, which further increases their manufacturing cost. This high cost of new medical devices makes it lucrative for healthcare service providers to use refurbished medical devices.

“Due to the high cost of new medical devices, refurbished medical devices serve as cost-effective alternatives,” said a senior analyst at Technavio. “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.”

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