Lewes, DE -- (SBWire) -- 09/30/2016 --Report forecast the global refurbished medical devices market to grow at a CAGR of 7.39% during the period 2016-2020.
Refurbishment involves restoring equipment to its original condition without altering any of the product's specifications. The process ensures maintenance of the safety and efficacy of the medical equipment without altering its performance. Therefore, refurbishment varies from the replacement of worn parts to cosmetic changes to complete the end-to-end manufacturing process. Usually, the replacement cycle depends on the agreement between vendor and end-user. For most refurbished medical devices, the replacement is done after 3-5 years and depends on the working condition of the device.
The report covers the present scenario and the growth prospects of the global refurbished medical devices market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of global refurbished medical devices.
The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
According to the report, one of the key drivers for market growth will be rise in privatization in healthcare sector. Privatization is usually profit driven, and the management has autonomous control over the quality and pricing of the procedures performed. Along with privatization, the demand for high standards of treatment has increased leading to the procurement of advanced devices for patient treatment was observed. Many healthcare institutions like hospitals and diagnostic centers have purchased high-cost equipment at a relatively lower price in the form of refurbished devices. Most of them included diagnostic equipment, few to quote such as X-ray, CT, and MRI machines. The refurbished devices enabled these healthcare institutions to equip fully with various costly devices. The equipping of devices by those institutions move ahead of their competitors by providing a wide range of services to patients at low cost.
Further, the report states that availability of remanufactured devices will be a challenge for the market. A refurbished product requires only the replacement of worn-out parts and cleaning of the medical devices. The remanufacturing of medical devices is an expensive procedure, but it is more precise and works toward achieving a higher standard compared to refurbishing of medical devices. Though the installation costs for remanufactured medical equipment increases the capital investment, it also enhances the affordability of the latest technology. The demand from hospitals and ASCs for remanufactured devices has created opportunities for manufacturers in Asia to provide these devices at low cost. Eventually, they will provide a tough competition to refurbished devices.
Global Refurbished Medical Devices Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the global refurbished medical devices market: GE Healthcare, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems, Agito Medical, Block Imaging International, DRE Medical, Everx, Integrity Medical Systems, Radiology Oncology Systems, Soma Technology, and Stryker.
Market driver
- Increased sales through online marketing
- For a full, detailed list, view our report
Market challenge
- Concerns regarding quality, safety, and efficacy
- For a full, detailed list, view our report
Market trend
- OEMs with strategic partnerships to propel refurbished devices market
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 65 pages and 46 Exhibit "Global Refurbished Medical Devices Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by product, Market segmentation by end-user, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
For more information Visit at: http://www.marketresearchreports.com/technavio/global-refurbished-medical-devices-market-2016-2020
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