Technavio Announces the Publication of its Research Report Global Refurbished Medical Devices Market 2016-2020
Technavio recognizes the following companies as the 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.
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Commenting on the report, an analyst from Technavios team said: One of the key trends for market growth will be increase in M&A. Many companies are highly focused on M&A to increase their customer base, product portfolio, and services and solutions by scaling manufacturing of products. For instance, Philips acquired Volcano in 2015. The increase in value generated, cost efficiency, and market share are the prominent results of M&A. The expansion of product of the parent company and entry of a company into the new geographical area would be easy either by merger or acquisition of a local manufacturer. The customer base will increase as the product portfolio widens with M&A. In order to maintain strong bonding with customers, manufacturers have to focus on offering customer-oriented services and solutions.
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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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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.
Technavios analysts forecast the global refurbished medical devices market to grow at a CAGR of 7.39% during the period 2016-2020.
Covered in this report
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:
Technavio’s report, 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.
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