According to the report “North America Refurbished Medical Devices Market,” published by Market Data Forecast, the global market is projected to reach USD 3.86 billion by 2021, growing at a CAGR of 12.12% during the forecast period 2016-2021
The refurbishment procedure consist of initial physical check, analysis of all devices parameters, substitution of non-functioning components and parts, checking & setting of all accessories, peripherals and units, recording of all alterations made in the device, and sanction by the quality control department. The devices that are generally refurbished are intended to have long-use periods.
There are two distinct groups that refurbish medical devices. The refurbishment in the first group is performed by the OEM and the products are sent to the medical institutions of developed countries. The refurbishment in the second type is done by a third party and the devices are sold to the medical institutions of developing countries.
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North America Refurbished Medical Devices Market: Drivers & Restraints
Factors such as the utmost reasonable and feasible alternate to costly high-end equipment, decrease in electronic and toxic waste, e-Marketing are enhancing the growth of this market and the increase in the number of patient population are some of the reasons which are fuelling the market growth. Though, huge taxes imposed on the import of medical devices, lack of standardized refurbishment processes, lack of awareness for refurbished devices, and reluctance towards purchase of refurbished devices are some of the reasons hindering the growth of this market.
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North America Refurbished Medical Devices Market: Segmentation
By Product Type
- Operating Room Devices & Surgical Devices
- Patient Monitors
- Neurology Devices
- Medical Imaging Devices
- Cardiovascular & Cardiology Devices
- IV Therapy Systems
- Endoscopy Devices
- Intensive Care Systems
- Neonatal Intensive-Care Devices
- Other Medical Devices
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North America Refurbished Medical Devices Market: Overview
North America leads the refurbished medical devices market due to the increasing trend of medical tourism and growing privatization of the healthcare sector in this region. The patient monitor device segment holds the major share in the market due to the less cost of product, growing awareness for chronic diseases and technological developments such as innovations of portable patient monitoring devices. As of 2016, North America holds the largest share of the global refurbished medical equipment market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021
North America Refurbished Medical Devices Market: Region-wise Outlook
Based on geography the market is analysed under various regions namely, USA and Canada. USA is the leading market for refurbished medical devices due to better healthcare infrastructure. USA being the largest market globally holds the highest number of shares followed by Canada.
Key Questions Answered
- What will be the market growth till 2021 and what will be the resultant market forecast in the year?
- What was the market size from 2016 to 2021 ?
- What is the current and future Refurbished Medical Devices Market outlook in North America?
- What trends are affecting the North America market?
- What is the competitive landscape and market share of major players in the Refurbished Medical Devices space in North America?
- What are the key, high growth markets that Refurbished Medical Devices manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Refurbished Medical Devices currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Refurbished Medical Devices?
- What are the challenges and barriers that have hindered widespread adoption of Refurbished Medical Devices?
North America Refurbished Medical Devices Market: Key Players
The key players in the refurbished medical devices market are Siemens Healthcare systems, First Source Inc., DMS Topline, Radio Oncology Systems Inc., Johnson & Johnson, GE Healthcare, DRE Inc., Block Imaging International Inc., Integrity Medical systems Inc., Everx Pvt Ltd., Philips Healthcare, Agito medical A/S and Soma Technology.
Reasons to buy North America Refurbished Medical Devices Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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