Major players in medical device reprocessing market are Stryker Corporation (U.S.), Johnson & Johnson (U.S.), Vanguard AG (Germany), Medline ReNewal (U.S.), Medtronic plc (Ireland), SteriPro Canada, Inc.(Canada), Pioneer Medical Devices AG (Germany), Vascular Solutions, Inc. (U.S.), HYGIA Health Services, Inc. (U.S.), ReNu Medical, Inc. (U.S.), SureTek Medical (U.S.), and Centurion Medical Products Corporation (U.S.).
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The global medical device reprocessing market is estimated to grow at a CAGR of 16.3% from 2017 to 2022, to reach USD 1,754.0 million by 2022. The key factors driving the growth of this market include the low prices of reprocessed devices as compared to new ones and the pressure to reduce the volume of medical waste generated.
Target Audience of Medical Device Reprocessing Market is As Follows:
- Third-party medical device reprocessors and distributors
- Hospitals, clinics, and other healthcare laboratories
- Academic and research institutions
- Government associations
- Market research and consulting firms
- Venture capitalists and investors
In medical device reprocessing market the reprocessing support and services segment expected to witness highest growth during forecast period. Growth of this segment mainly due to growing preference of third-party reprocessing of medical devices by hospitals, clinics, surgical centers, clinical pathologies, & healthcare organizations, over in-house reprocessing practices. Catheters segment to dominate global medical device reprocessing market during forecast period
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Medical device reprocessing practices are regulated by various regional regulatory authorities. Changing regulatory scenario favoring medical device reprocessing in a number of countries, like France & Japan, will open up new areas of opportunity for players.
1 Global Medical Device Reprocessing Market Overview
2 Global Market, By Type of Device, 2017 Vs, 2022
3 Geographic Growth Opportunities
4 Geographic Mix
Medical device reprocessing market is further classified into catheters; laparoscopic instruments; biopsy instruments; endoscopy instruments; cables, columns, curves, and cutters; and other reprocessed medical devices. The catheters segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increased utilization of reprocessed cardiology catheters, electrophysiology catheters, and diagnostic catheters in recent years.
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The report analyzes the medical device reprocessing market by product & service, type of medical device, application, and region. On the basis of product & service, the reprocessing support and services segment accounted for the largest share in 2016, owing to the increased adoption of third-party reprocessing services over in-house reprocessing services by hospitals, clinics, surgical centers, clinical pathologies, and other healthcare organizations.