Global Refurbished Medical Devices Market 2018-2019 & Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 19, 2018--The “Global Refurbished Medical Devices Market 2019-2023” report has been added to ResearchAndMarkets.com’s offering.
The refurbished medical devices market will register a CAGR of more than 10% by 2023.
With the increasing privatization in healthcare sector, there is a growing demand for refurbished medical devices. The privatization in the healthcare sector is rapidly increasing due to the inability of governments to invest efficiently in the healthcare sector and due to high demand for innovation and technology for superior healthcare services.
For instance, in February 2018, Saudi Arabia launched the healthcare privatization program. Likewise, in August 2018, Koninklijke Philips acquired Xhale Assurance, a US-based medical technology company developing and commercializing patient-centric monitoring solutions for the healthcare industry.
Growing adoption of refurbished and used medical equipment due to financial constraints
Many vendors are experiencing lower margins of profit owing to the extensive investments on drugs and labor wages which has diminished their spending on crucial products such as medical devices. The growth of the global refurbished medical device market is also boosted by the rising of adoption of used medical equipment owing to the high cost of new medical devices.
Negative outlook towards the purchase of refurbished medical devices
Most healthcare service providers do not take the risk of buying refurbished medical devices due to the negative perception of such equipment and devices. Furthermore, the probability of facing warranty and service related issues increase with the use of refurbished medical devices, which reduces the demand and sales of used medical equipment.
For the detailed list of factors that will drive and challenge the growth of the refurbished medical devices market during the 2019-2023, view the full report.
The market appears to be growing concentrated and with the presence of a few leading companies including Canon and General Electric, the competitive environment is quite intense. Factors such as growing adoption of refurbished and used medical equipment due to financial constraints and the increasing privatization in healthcare sector, will provide considerable growth opportunities to refurbished medical device manufacturers.
Block Imaging, Canon, General Electric, Koninklijke Philips, and Siemens Healthineers are some of the major companies covered in this report.
One trend affecting this market is the increasing privatization in healthcare sector. The privatization in the healthcare sector is rapidly increasing due to the inability of governments to invest efficiently in the healthcare sector and due to high demand for innovation and technology for superior healthcare services.
According to the report, one driver influencing this market is the driven by the growing adoption of refurbished and used medical equipment due to financial constraints. The medical industry has been experiencing low-profit margins in recent years to high investments in prescription drugs and labor expenses which has reduced the budget of the medical industry for essential products and systems including medical devices.
Further, the report states that one challenge affecting this market is the negative outlook towards the purchase of refurbished medical devices. Most healthcare service providers do not take the risk of buying refurbished medical devices due to the negative perception of such equipment and devices.
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY PRODUCT
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
PART 09: GEOGRAPHIC LANDSCAPE
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
PART 12: MARKET TRENDS
PART 13: VENDOR LANDSCAPE
PART 14: VENDOR ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/research/r5rlvz/global?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181119005503/en/
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Related Topics:Medical Devices
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/19/2018 10:35 AM/DISC: 11/19/2018 10:35 AM