Global Reprocessed Medical Devices Market: Snapshot
Reprocessing has always been an important part of the medical device life cycle, in both developed and emerging nations across the world. Reprocessing of medical devices is a method of cleaning, disinfecting, testing, remanufacturing, sterilizing and packaging as well as labeling of a used, expired and undamaged medical device to make it patient-ready at a much-reduced cost. It has been observed that reprocessing of medical devices in emerging nations is solely aimed at reducing hospital supply costs, which often compromise with the safety of patients.
Various research publications related to the medical devices market suggest that until a decade back, medical device reprocessing was mostly performed by hospital staffs within a hospital setting, and without any proper regulations and guidelines. However, with the introduction of FDA reprocessing guidelines, medical device reprocessing is being adopted gradually across the globe. Hence, at present, most hospitals and healthcare facilities outsource medical device reprocessing to qualified third party service providers.
Spurred by these factors, the global reprocessed medical devices market is projected to exhibit a CAGR of 14.9% between 2016 and 2024. At this pace, the market’s valuation is expected to reach US$3.35 bn by the end of 2024, from US$982.7 mn in 2015.
Cardiovascular Medical Devices Segment to Remain Dominant through Forecast Period
Based on device type, the reprocessed medical devices market can be segmented into gastroenterology biopsy forceps, orthopedic external fixation devices, laparoscopic medical devices, general surgery medical devices, and cardiovascular medical devices. Of these, the reprocessed cardiovascular medical devices segment held the dominant share of 61.2% in the overall market in 2016. Growth witnessed in this segment can be attributed to the reduced pricing of the products, high usage and growing pressure to reduce healthcare expenditure among hospital authorities. Additionally, increased focus on protecting the environment by reducing medical waste being dumped in landfills is significantly contributing to the growth of the segment.
Get accurate market forecast and analysis on the Reprocessed Medical Devices Market. Request a sample to stay abreast on the key trends impacting this market.
The cardiovascular devices segment has been further categorized into blood pressure cuffs/tourniquet cuffs, cardiac stabilization and positioning devices, Deep Vein Thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology (EP) cables. Likewise, the general surgery devices segment comprises balloon inflation devices and infusion pressure bags. The laparoscopic devices segment has been further classified into endoscopic trocars and components as well as harmonic scalpels. Similarly, the external fixation devices segment has been considered under orthopedic devices and biopsy forceps under gastroenterology devices.
Favorable Policies Seal North America’s Dominance in Global Market
Regionally, North America emerged as the largest market for reprocessed medical devices in the world in 2016. In this year, North America held the dominant share of 76.8% in the global reprocessed medical devices market. Encouraging regulatory policies and the increased use of reprocessed medical devices across the healthcare sector are likely to seal North America’s dominance in the global frontier through the forecast period. Moreover, reduced pricing and improved quality of reprocessed medical devices are some of the additional factors driving the growth of the market.
However, negative perceptions about the safety of such equipment and relatively lesser collection of medical devices for reprocessing are some of the factors that might impede the growth of the market. Europe is expected to show an appreciable growth rate due to multiple factors such as the growing demand for reprocessed medical devices and awareness about the potential savings in healthcare costs. Moreover, the rising pressure to keep healthcare budgets under control is expected to fuel the growth of the reprocessed medical devices market in the region.
Centurion Medical Products Corporation, Hygia Health Services, Inc., Medline ReNewal, MidWest Reprocessing Center, ReNu Medical, Inc., Ethicon, Inc. (Johnson & Johnson), Stryker Sustainability Solutions, Inc., SureTek Medical and Vanguard AG are major companies operating in the reprocessed medical devices market.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact