text: Global Refurbished Medical Devices Market | Increased Adoption of Refurbished Devices Due to Financial Constraints to Boost Market Growth | Technavio
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  November 3, 2020, 6:30 PM ·5 min read
  The global refurbished medical devices market size is poised to grow by USD 6.90 billion during 2020-2024, progressing at a CAGR of over 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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  The refurbished medical devices market is driven by the increased adoption of refurbished devices due to financial constraints. The high cost of new medical devices makes using refurbished medical devices lucrative for healthcare service providers. This high cost of medical equipment and devices can be attributed to the high R&D and technology cost associated with designing new medical devices. Furthermore, medical devices usually contain several redundant and high-end components aimed at reducing the probability of device failure, which further increases the manufacturing cost of medical devices.
  The major refurbished medical devices market growth came from the diagonostic imaging equipment segment in 2019, and is expected to witness the fastest growth during the next five years.
  North America was the largest refurbished medical devices market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the high investments in healthcare in countries such as the US and Canada.
  The global refurbished medical devices market is fragmented. Agilent Technologies Inc., Block Imaging, Canon Inc., EverX Pty Ltd., General Electric Co., Integrity Medical Systems Inc., Koninklijke Philips NV, Radiology Oncology Systems Inc., Siemens Healthineers AG, and SOMA TECH INTL are some of the major market participants. To help clients improve their market position, this refurbished medical devices market forecast report provides a detailed analysis of the market leaders.
  As the business impact of COVID-19 spreads, the refurbished medical devices market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
  Read the full report here: https://www.technavio.com/report/refurbished-medical-devices-market-industry-analysis
  Increase in Privatization in the Healthcare Sector will be a Key Market Trend
  The increase in privatization in the healthcare sector is one of the major trends being witnessed in the global refurbished medical devices market. The privatization in the healthcare sector is rapidly increasing due to the inability of governments to invest efficiently in the healthcare sector and because of the high demand for innovation and technology for superior healthcare services.
  Refurbished Medical Devices Market 2020-2024: Key Highlights
  Detailed information on factors that will assist refurbished medical devices market growth during the next five years
  Estimation of the refurbished medical devices market size and its contribution to the parent market
  The growth of the refurbished medical devices market
  Comprehensive details of factors that will challenge the growth of refurbished medical devices market vendors