The global market is expected to reach $11.91 billion by 2021 at a compound annual growth rate (CAGR) of 12.7%, according to a new report from MarketsandMarkets. The report analyzed and studied the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the rest of the world.

Of the 11 major segments, including operating room equipment and surgical equipment, patient monitors, and defibrillators, the medical imaging equipment segment is estimated to hold the largest share of the market in 2016.

Key factors such as increasing privatization in the health care sector, poor reimbursement scenarios for various medical treatments, a large patient population base, and the presence of a large number of hospitals and clinics with budget constraints in developing countries are the major factors driving market growth. Furthermore, initiatives undertaken by leading market players, such as GE Healthcare, Philips Healthcare, and Siemens Healthineers, to establish refurbishment facilities in both mature and developing markets are further contributing to growth prospects.

Meanwhile, the negative perception about the quality of refurbished medical devices among public institutes is a major factor limiting the growth of this market. The stringent regulatory environment in some countries, such as China, Egypt, and Kuwait, and the lack of standardization and harmonization of policies related to the sale and use of refurbished medical devices are major challenges.

As of 2016, North America holds the largest share of the industry’s global market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021.

For more information, visit MarketsandMarkets.