Zion Market Research has published a new report titled “Reprocessed Medical Devices Market (Cardiovascular Medical Devices, Laparoscopic Medical Devices, Orthopedic/ Arthroscopic Medical Devices Gastroenterology Medical Devices and General Surgery Medical Devices) for Hospital and Home Healthcare: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, the global reprocessed medical devices market was valued at approximately USD 1.42billion in 2015 and is expected to reach approximately USD 4.02 billion by 2021, growing at a CAGR of around 19.7% between 2016 and 2021.
The medical devices that can reprocess and reused on multiple patients are called as reusable medical devices. medical devices reprocessing refers to the process of remanufacturing, cleaning, testing, sterilizing and packaging of used and expired medical devices to be put in service again. Adequate reprocessing of reusable medical devices is very important in protecting patient safety.
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The market is primarily driven by the increasing significance and need for medical waste disposal. Favorable government initiatives are another key driving factor for reprocessed medical device market.Moreover, the growing concern regarding high volume of waste and landfills generated globally is influential in shifting the focus towards reprocessing of medical devices. However, reluctance in adopting reprocessed medical devices may hamper the market growth within the forecast period. Nonetheless, reduced product pricing of reprocessed devices is anticipated to open up new growth opportunities in the near future.
Based on the type, the market can be segmented into cardiovascular medical devices, laparoscopic medical devices, orthopedic/ arthroscopic medical devices gastroenterology medical devices and general surgery medical devices. The cardiovascular segment accounted for over 55% share of the overall market, as a result of its increasing incorporation in cardiac surgeries, including diagnostics electrophysiology catheters, and blood pressure cuffs, in a wide range of diagnostic, blood pressure monitoring, and surgical applications in 2015. Laparoscopy was the second largest segment owing to the increasing demand for minimally invasive techniques.
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Hospital and home healthcare are key end-users in the reprocessed medical devices market. The hospital was the largest end-use segment of reprocessed medical devices market and it accounted for over 46% market share of total revenue generated in 2015. This growth is mainly due to growing outsourcing activities for reprocessing to third-party vendors. For instance, according to the study published in PubMed, the National Institutes of Health, more than 42% of hospitals in the U.S. outsourced reprocessing to third-party reprocessing organizations in 2007. Home healthcare is another key outlet of the market and is expected to show witness significant growth in the years to come.
North America accounted for the largest share of around 50% in 2015 and has become one of the most dominant markets in the reprocessed medical devices.The high rate of adoption and regulatory policies and government incentives are the major factors reinforcing the dominance of this region.In terms of demand, North America followed by Europe in 2015. Europe was the leading regional market in 2015. This growth is mainly attributed to favorable government support, reduced funding opportunities, expensive operative procedures and high prices coupled with the manufacturing of the original device. Asia Pacific is expected to witness fastest growing region in the years to come owing to the presence of untapped opportunities in emerging economies.
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Some of the key players in the reprocessed medical device market such as Stryker Sustainability, SterilMed, Inc., ReNu Medical, Inc., MidWest Reprocessing Center, Vanguard AG, SureTek Medical, Medline ReNewal, Hygia Health Services, Inc., and Centurion Medical Products Corp.
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