The global reprocessed medical devices market exhibits a consolidated vendor landscape with the top five players accounting for nearly 94% of the overall market in 2015. These companies are Stryker Sustainability Solutions, Ethicon (Johnson & Johnson), Medline Industries, Inc., Hygia Health Services, Inc., and VANGUARD AG. Despite the high level of consolidation, the global reprocessed medical devices market is witnessing the prevalence of fierce competition among the key players, finds Transparency Market Research (TMR) in a new study. To emerge dominant, leading companies are currently focusing on strengthening their distribution channel. Such strategies are likely to intensify the rivalry among key market players further.
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According to TMR, the global reprocessed medical devices market, which stood at US$982.7 mn in 2015, is forecast to reach US$3.35 bn by the end of 2024. If the figures hold true, the global reprocessed medical devices market will exhibit a CAGR of 14.9% between 2016 and 2024. Based on device type, the market was led by the cardiovascular medical devices segment, which held a share of 61.2% in the 2016. Regionally, North America held the leading share of 76.8% in the overall market in 2016.
Focus on Curbing Expenditures among Hospitals to Fuel Demand
Recent studies have revealed that a typical hospital can save a few million every year by using reprocessed medical devices. As per a few market researches, over 70 million reprocessed medical devices as per industry standards are used in North America alone. “While developed economies are currently at the fore of adopting reprocessed medical devices, developing nations will soon catch up to the trend, thus bolstering opportunities for the global reprocessed medical devices market,” said a lead TMR analyst.
Besides this, the market is gaining from the mounting pressure to reduce hospital costs. The rising costs of supply chain and quality healthcare are pressurizing hospitals to curb expenditures in order to maintain profit margin. This has subsequently encouraged hospitals to opt for reprocessed medical devices. Besides this, the implementation of novel regulations ascertaining high standard in reprocessed medical devices is expected to boost the market. These regulations ensure the safety of reusable medical devices and enforces various measures facilitating easy and efficient cleaning, disinfection, and sterilization of reprocessed medical devices.
Stringent Regulations Pose Challenge to Manufacturers
On the downside, the absence of appropriate regulatory guidelines is creating obstacles for the market players. Compliance with regulations associated with clinical trials and approvals, commercialization, and product development are major concerns among ablation device manufacturers. “The presence of stringent regulations often extend approval process of medical devices, thereby delaying the product launch and hamper prospects for companies,” observed the TMR report’s author. Besides this, the market is reeling under negative perception about product quality. Reluctance in uptake of reprocessed medical devices also restricts the growth of the overall industry.
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Leading companies are currently focusing on expanding their regional footprint to gain better traction. With developing nations exhibiting high funding towards the development of the healthcare infrastructure, the global reprocessed medical devices market finds an environment conducive to their growth. Besides this, the reduced product pricing of reprocessed medical devices is also expected to fuel their demand in the coming years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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