Reprocessed Medical Devices Market Growth to register a CAGR of 20.4% to reach US$ 8,127.9 Million by 20278, Says Coherent Market Insights

Reprocessed Medical Devices Market

Market Overview

Growing hospital expenditure on medical devices and large amount of medical wastage produced during daily practices leads to massive economic burden. Therefore, healthcare providers are focused on addressing these issues with reprocessing medical devices that are alternative solutions. Increasing use of reprocessed medical devices can help hospitals to save cost and offer environmental benefits.

𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 𝐒𝐚𝐥𝐞 𝐈𝐬 𝐋𝐢𝐯𝐞!

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐨 𝐀𝐯𝐚𝐢𝐥 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐅𝐫𝐨𝐦 𝟐𝟓-𝟑𝟎% 𝐭𝐢𝐥𝐥 𝟑𝟏-𝐃𝐞𝐜-𝟐𝟎𝟐𝟏

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Market Drivers

Robust economic and environmental of reprocessed medical devices are expected to propel the global reprocessed medical devices market growth over the forecast period.  For instance, in 2017, according to a study conducted by National Institute for Health and Care Excellence (NICE), analyzed medical wastage and expenditure on such products. The study was conducted at Department of Plastic Surgery at Portsmouth’s Queen Alexandra Hospital for five days of time period and collected data of products such as dressings, sutures and surgical instruments that were opened but remain unused. The cost accounted around US$ 8,915.92 per week and this value extrapolated to one year. Through the study, it was estimated that around US$ 461,368.07 per year was wasted on such medical products. The reprocessing of medical devices will help hospitals to save such additional costs of wastage medical materials.

The global reprocessed medical devices market is estimated to be US$ 1,840.6 million in 2019, and is expected to exhibit a CAGR of 20.4% over the forecast period (2020-2027).

Availability of warranty, source, equivalent performance, and cost-effectiveness are expected to propel the global reprocessed medical devices market growth over the forecast period. For instance, according to USITC (United States International Trade Commission) statistics, the production of reprocessed devices increased by 12% during 2009-2011. This is owing to production capacity expansion by a large number of medical device remanufacturers during this period. The 2008-2009 recession was the supportive factor behind this growth, as during this period, various patients lost their medical insurance and this have affected the reimbursement of devices also, which in turn led to uptake of cost-effective devices.

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Market Takeaways

On the basis of technique, cardiovascular device segment is expected to hold dominant position in the global reprocessed medical devices market during the forecast period. This is owing to increasing pressure to reduce expenditure of healthcare among hospital authorities, reduction in product price, and growing focus on protection of environment by reducing medical waste dumping.

Growing focus on protecting environment by reducing medical waste is expected to boost the market growth over the forecast period. Over 90% of potentially infectious medical waste was incinerated before 1997. In August 1997, the U.S. Environmental Protection Agency (EPA) promulgated regulations creating stringent emission standards for medical waste incinerators due to significant concerns over detrimental air quality affecting human health. EPA’s Office of Air Quality Planning and Standards continues to review and revise the hospital medical infectious waste incinerator (HMIWI) standards as required most recently in May 2013.

Moreover, rising awareness regarding the adverse environmental impact of dumping medical wastes in landfills is expected to boost the global reprocessed medical devices market growth in the near future. According to the World Health Organization (WHO) 2015, every year around 16 billion injections are administered worldwide, but not all the needles and syringes are properly disposed after its use.

Competitive Section

Key companies involved in the global reprocessed medical devices market are  Stryker Corporation, Johnson & Johnson, Vanguard AG), Medline ReNewal , SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, Centurion Medical Products Corporation, and Vanguard AG.

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Table of Contents

1. Research Objectives and Assumptions
   • Research Objectives
   • Assumptions
   • Abbreviations
2. Market Overview
   • Report Description
     • Market Definition and Scope
   • Executive Summary
     • Market Snippet, By Product Type
     • Market Snippet, By Region
   • Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
   • Regulatory Scenario
   • Market Trends
   • Key Developments
   • Porters Analysis
   • PEST Model
4. Global Reprocessed Medical Devices Market, By Product Type, 2016 – 2027, (US$ Million)
   • Introduction
     • Market Share Analysis, 2019 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • Laparoscopic Devices
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Million)
   • Orthopedic Devices
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Million)
   • Gastroenterology Devices
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Million)
   • General Surgery
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Million)
   • Cardiovascular Devices
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Million)

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