Reprocessed Medical Devices Market is one of the fast growing markets across the globe. There has been a significance rise in healthcare technology in the past few years to provide effective and affordable medical devices. Reprocessing medical devices are those that go under several processes of inspecting, cleaning, testing and sterilizing such that the devices remain active and safe for suitable clinical applications. However, continuous increase in medical wastes along with lack of support for waste disposal in healthcare industry raises the burden on environment further leads to deterioration of environmental conditions. These factors lead to environmental hazards and further raise the health concerns.
Rise in initiative by the public sector organizations with collaboration of government authorities towards reprocessing of medical devices likely to reduce the burden of medical waste disposal from the healthcare industries. Apart from this, reprocessing of medical devices helps the healthcare industry to reduce the cost of diagnosis and treatment. It is also beneficial from the consumers end in the near future. High level of cost savings as absence of material cost of the reprocessed medical devices likely to help the hospitals to minimize the pressure to control costs and meet sustainability goals.
Market size and forecast
The global reprocessed medical device market is expected to reach USD 4.95 Billion by 2021 from USD 0.76 Billion in 2013 and it is expected to grow at a CAGR of 19.55% over the forecast period i.e. 2015-2021. Globally, reprocessed medical device market is expected to grow exponentially as government initiatives are expected to rise in the near future globally.
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With 51% share in global market, North-America accounted for the highest share in 2014 and it is expected to keep its dominance in the near future. The advancement of technology in healthcare industry and awareness towards reprocessed medical devices across the region of North-America is expected to raise the demand for reprocessed medical devices over the forecast period i.e. 2015-2021. Moreover, approximately USD 2 Billion to USD 3 Billion worth medical expenditure could be saved by adoption of reprocessed medical devices in hospitals and clinics across the region.
Europe reprocessed medical device market is expected to grow at a CAGR of 14.7% over the forecast period i.e. 2015-2021 and remain the second highest share contributor in terms of revenue. Rise in government initiatives towards reduction of medical waste and introduction of uniform regulations for medical device reprocessing is expected to drive the growth for reprocessed medical device industry across the European region.
Reprocessed Medical Device Market is further classified on the basis of region as follows:
North America (U.S., Canada) Market Size and Y-O-Y Growth Analysis, Latin America (Mexico, Brazil, Rest of Latin America) Market Size and Y-O-Y Growth Analysis, Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe) Market Size and Y-O-Y Growth Analysis, Asia-Pacific (China, India, Singapore, Japan, Australia and New Zealand and Rest of Asia) Market Size and Y-O-Y Growth Analysis, Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis, Rest of World Market Size and Y-O-Y Growth Analysis
Growth Drivers and challenges
Increase in demand for reprocessed medical devices is expected to rise over the forecast period i.e. 2015-2021; driven by need to minimize the cost of clinical applications and diagnosis process to provide better and safe medical services. Further, high volume of medical waste generation and rising concern towards landfill is expected to adopt reprocessed medical devices by the hospitals and small clinics in the near future. In addition to that, the key factors such as low-cost, safe for clinical applications etc. are likely to spur the demand for reprocessed medical devices across the globe during the forecast period 2015-2021.
Furthermore, rising preferences by physicians towards single use reprocessed medical devices in order to maintain safety measures for patients along with significant reduction in medical waste to open new avenues for the reprocessed medical devices in near future.
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Reprocessed medical device industry is a mix of organized and un-organized players. The dominance of un-organized players has led to the reduction in device cost over the past few years. This factor is projected to spike the consumption of reprocessed medical devices by physicians, creating a winning situation for the market players. Further, government initiatives in collaboration with several private healthcare organizations to promote reprocessed medical devices are expected to fuel the demand for reprocessed medical devices across the globe during the forecast period 2015-2021..However, presence of negative perceptions related to the quality of reprocessed medical devices and low adoption of reprocessed medical devices due to infection are some factors which are likely to hinder the growth of reprocessed medical device market across the globe.
The key manufacturers of reprocessed medical devices across the globe as follows:
Vanguard AG, SureTek Medical, Stryker Sustainability, SterilMed, ReNu Medical, Medline ReNewal, Hygia, Centurion
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