Global refurbished medical device market will grow by 10% in 2023
Source: Technavio Research, Arterial Network
Lead: Recently, Technavio Research released a global market report on refurbished medical devices. The report shows that by 2023, the compound annual growth rate of the refurbished medical device market will exceed 10%.
Due to financial constraints, refurbishment and used medical devices are increasingly used in many countries. Due to the huge expense of drugs and employee salaries, many suppliers have lower profit margins, which has reduced their expenditure on key products such as medical devices. Due to the high cost of new medical devices, the adoption rate of used medical devices has increased, which has promoted the growth of the global market for refurbished medical device. However, the sales prospects of refurbished medical devices are not optimistic. Due to the negative view of these devices, most healthcare providers don’t bear the risk of purchasing refurbished medical devices. In addition, with the use of refurbished medical devices, the possibility for refurbished medical device warranty and service related issues will increase, which will reduce the demand and sales of refurbished medical devices.
The retreading medical device market seems to be more and more concentrated, and with the emergence of a few leading companies such as Canon and General Electric, the competitive environment will be very intense. Due to financial constraints and the increasing privatization of the healthcare industry, more and more refurbished and used medical devices will be used, which will provide considerable growth opportunities for refurbished medical device manufacturers.
Reprint: MedWorld Medical World