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TforG.com identifies the following as key factors and drivers shaping the refurbished
TforG.com also highlights certain challenges to the prevalence and global growth of refurbished medtech markets:
US market dominance
According to a report by Fitch to a blog post by TforG.com (an IQVIA company) titled Sustainable Medtech: An overview of the Refurbished Medical Equipment Market, a key factor to the refurbished medical device market is the matter of regulation.Solutions, the US will remain the world's largest market for medical devices, accounting for around two-fifths of the global market Fitch Solutions forecast and project that the medical device market will register a 2017-2022 CAGR of 5.1%, which will take the value to USD198.5billion.
However, US medical device exporters will be faced with a tougher environment in 2019 as global trade is affected by a slowdown in the US economy and ongoing tensions over tariffs. This gives rise to the refurbished medical device market in which North America dominates the global market, due to the high incidence of various diseases, such as cardiovascular disease and cancer, which is a favorable regulatory scenario for the use and sale of refurbished devices.
The USA is currently home to many of the largest refurbishing companies:
Who regulates the refurbished medical devices market in the US?
The FDA's Center for Devices and Radiological Health (CDRH) is responsible for regulating firms who manufacture, repackage, relabel, and/or import medical devices sold in the US. In addition, CDRH regulates radiation-emitting electronic products (medical and non-medical) such as lasers, x-ray systems, ultrasound equipment, microwave ovens and color televisions.