The global refurbished medical equipments/device market is poised to reach $8.45 billion by 2017, at a CAGR of 7.8%. Biotechnology instruments and imaging-monitoring-diagnostic devices contribute to the maximum share (78%) to the global refurbished devices market, followed by minimally invasive surgical devices (16%) and radiation oncology systems (2%) in 2011.
The major driving factor for refurbished medical equipments/device market involves the affordable price range of refurbished devices that aid small and medium healthcare institutions to provide advanced treatment at lower rates. The imaging-monitoring-diagnostic devices segment in refurbished medical equipments/device market represents the highest growing segment. Refurbished imaging-monitoring-diagnostic devices market contributes to 17% of the global market. North America, specifically the U.S., is contributing the maximum share to the refurbished medical device market. The U.S. market is primarily driven by huge amount of private practitioners.
"Most hospital systems have a mission statement that says we exist to deliver care to patients," says James, Intermountain's chief quality officer. "Yet, if you apply the old litmus test, 'You manage what you measure,' you'll find that the role of administration in most healthcare organizations is to manage a facility within which independent physicians deliver care. Leaders vigorously track budgets and variance reports. But those reports are typically organized around departments within a hospital—versus the care that is delivered by that hospital."