Reprocessed medical devices are those devices are those devices that are refurbished and put to reuse again. The reprocessing of medical devices involves disinfection, cleaning, remanufacturing, testing, sterilization, packaging and labelling of the devices in order to put to service again. The reprocessing of any medical device must follow a validated process which renders it fit for use. In order to reprocess the device factors like the efficacy, life cycle, potential risk to the patient and components used to manufacture the device are taken into consideration. With the increasing healthcare cost and high price of medical devices then demand for reprocessed medical devices is expected to witness high growth over the forecast period.
Reprocessed Medical Devices Market: Drivers & Restraints
The low price of the reprocessed devices is major factor responsible for the rising demand of the reprocessed medical devices, reprocessed medical devices cost nearly 30% – 40% less as compared to the new devices owing to which the demand for such devices is high in price sensitive low and middle income countries. Hospitals are largest consumer segment of the reprocessed medical devices, with increasing number of hospitals and increasing pressure on the government hospitals to operate under limited budget and long term cost efficacy, adoption rate of the reprocessed medical devices is witnessing significant increase among the hospitals. Strategic collaborations between manufacturers, end users and reprocessing companies is expected to boost revenue growth of the reprocessed medical devices market over the forecast period. Moreover several large hospitals are focusing on establishing in – house or outsourced reprocessing programs which in turn are expected to propel revenue growth. For instance, in the U.S. there are nearly 3,000 hospitals with medical device reprocessing program. However the stringent laws for regulating the reprocessing of medical devices and technological restraints in the low income countries for reprocessing of the medical devices along with economic slowdown and tighter healthcare budgets are expected to hamper revenue growth of the reprocessed medical devices market over the forecast period.
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Reprocessed Medical Devices Market: Overview
The global reprocessed medical devices market is expected to witness robust growth over the forecast period owing to emphasis on reduction of medical waste, globally. Moreover starting of reprocessing programs among large multispecialty hospitals is expected to push market growth over the forecast period. Government strategies to effectively control costs and increase profit margins is expected to propel revenue growth of the reprocessed medical devices market over the forecast period.
Reprocessed Medical Devices Market: Region – wise outlook
Regionally, global reprocessed medical devices market is divided in seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA)
North America is expected to be the largest marker in terms of production of reprocessed medical devices followed by Western Europe. The presence of government funded and privately held waste management and recycling companies and availability of advance technology for sanitization and reprocessing of the medical devices is expected to contribute to the revenue growth of the reprocessed medical devices market in these regions. Based on consumption, Asia – Pacific region is expected to witness highest demand for reprocessed medical devices owing to price sensitive customer base and large population commanding demand for affordable medical devices. Latin America and MEA regions are also expected to witness high growth in the global reprocessed medical devices market owing to growing distribution network and strategic collaborations of the manufacturers in these regions.
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Reprocessed Medical Devices Market: Market Participants
Some players in the global reprocessed medical devices market are Medline Industries, Inc., Stryker Sustainability Solutions, Integrity Medical Systems, Inc., Centurion Medical Products Corporation, Koninklijke Philips N.V., GE Healthcare, Siemens AG, and others.