Reprocessing – in the context of medical devices – means to disinfect, clean, remanufacture, sterilize and test it so as to make it ready for use by patients at a lower price. Reprocessing, sometimes also referred to as refurbishment, is a common practice in the medical devices industry in both developed and developing markets. It not only helps to make optimum use of the medical devices, but also make them accessible to healthcare institutions and patients who cannot afford new medical devices. The global reprocessed medical devices market approximated US$0.78 billion in 2013 and will expand to touch US$2.58 billion by 2020, translating into an appreciable CAGR of 19.3%.
However, experts warn that the indiscriminate reprocessing of medical devices - undertaken solely with the aim of reducing the cost of hospital supplies - can put patients at risk. In fact, until a decade ago, the medical devices reprocessing industry was not regulated and hospital staff would themselves reprocess devices without adhering to the required safety parameters and guidelines.
However, this scenario began to change for the better with the introduction of a new set of FDA reprocessing guidelines to enhance patient safety. Now, medical device reprocessing is fast being streamlined into an organized industry that creates millions of dollars by way of revenues. The reprocessed medical devices market now has a new element with the emergence of third party service providers that offer reprocessing of medical devices. The services of such entities are enlisted by healthcare facilities and hospitals.
Cost Savings Entice Uptake of Reprocessed Medical Devices
The greatest motivator for investing in reprocessed medical devices is the massive cost savings that medical institutions stand to gain. As compared to a brand new medical device, the cost of a reprocessed device is very low. That’s not the only market driver. The healthcare and medical devices industry is under greater pressure to curtail the amount of medical waste generated year after year. Reprocessed medical devices help address this concern.
The Association of Medical Device Reprocessors (AMDR) said in a report that the average hospital could save anywhere between US$500,000 and US$2 million per year by opting for reprocessed medical devices instead of new ones. For many healthcare institutions across the world, this is too enticing a proposition to ignore.Still, many medical practitioners and patients alike hold a negative perception toward reprocessed medical devices. This impression is changing with time, but it does remain a restraint for the reprocessed medical devices market.
Highest Demand to be Seen for Reprocessed Cardiovascular Medical Devices
The global reprocessed medical devices market can be essentially segmented on the basis of types of devices. When segmented thus, the market is composed of: Cardiovascular, laparoscopic, general surgery, gastroenterology, and orthopedic devices. Each of these segments can be further sub-segmented. According to a recent study by Transparency Market Research, the global cardiovascular medical devices segment will experience the highest growth rate over the next few years.
North America is Top Region in Global Reprocessed Medical Devices Market
The global reprocessed medical devices market is led by North America, where the rate of adoption of such medical equipment has been encouragingly high. The regulatory framework has also played a central part in promoting the use reprocessed medical devices. More than the regulatory push, it is the prospects of curtailing expenditure that encourages healthcare facilities to opt for reprocessed medical devices in North America. But the collection of medical devices for the purpose of reprocessing still remains below expectations, marred by negative perceptions.The medical devices reprocessing market in Europe will show a healthy growth rate over the next few years as both awareness and acceptance of such devices swing upward.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.