The global reprocessed medical device market is segmented into device type such as cardiovascular medical devices, laparoscopic medical devices, general surgery medical devices, gastroenterology medical devices and orthopedic/arthroscopic medical devices. Among these segments, cardiovascular medical devices segment is expected to occupy the top position in the market. Moreover, a number of devices such as blood pressure cuffs, cardiac positioning device, diagnostic electrophysiology catheters and other used in cardiac surgery. The rise of the cardiovascular medical devices segment is backed by increasing prevalence of cardiovascular diseases and rising number of cardiac surgery performed across the globe.
Global reprocessed medical device market is expected to register a 19.5% CAGR over the forecast period. Moreover, the global reprocessed medical device market is expected to reach at notable revenue of USD 4.9 Billion by the end of 2024. The global reprocessed medical device market is poised to display substantial growth during the forecast period due to increasing amount of medical waste coupled with favorable government initiatives to reduce medical waste.
The hospitals segment by end user is likely to grow at remarkable pace during the forecast period. Increasing number of surgical procedure, improved quality of reprocessed medical devices and low price are envisioned to be the major factor behind rising demand for reprocessed medical device across the globe. In addition to this, increasing concern amongst the hospital authorities regarding disposal of medical wastes and hospital management expenditure is also predicted to fuel the adoption of reprocessed medical devices in the hospitals.
Mounting Environment concerns
The amount of medical wastes is increasing due to hospitals, clinics and nursing homes. Further, lack of effective solution for medical waste disposal is also a major factor which has led hospital authority to adopt reprocesses medical devices to reduce the amount of medical waste. Further, growing concerns regarding hazardous impact of medical waste on environment is expected to drive the growth of global reprocessed medical device market during the forecast period.
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Growing Need to Minimize the Cost of Medical Devices
Low cost of reprocessed medical devices is one of the major factors which are expected to fuel the demand for reprocessed medical devices in near future. Furthermore, ability of reprocessed medical device to be used multiple times is a key factor which is predicted to escalate the demand for reprocessed medical devices in near future.
Although, presence of negative perceptions related to the quality of reprocessed medical devices and low adoption of reprocessed medical devices due to chances of infection are some of the factors that are likely to hinder the growth of the reprocessed medical device market in the near future.
The report titled “Reprocessed Medical Device Market : Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global reprocessed medical device market in terms of market segmentation by device type, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global reprocessed medical device market which includes company profiling of Aesculap Inc., Moria Inc., Pelion Surgical, Elite Medical, Millennium Surgical Corp., Gsource LLC, Integra LifeSciences Corporation, Medicon eG, Sklar Corp. and Stryker Company. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global reprocessed medical device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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