Press release -
Reprocessed Medical Devices Market Size valuation to hit USD 8350.3 Million by 2027 with the CAGR of 16.7%
Reprocessed Medical Devices Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Reprocessed Medical Devices Market place for the forecast 2021– 2027.
Global Reprocessed Medical Devices Market is valued at USD 2832.7 Million in 2020 and expected to reach USD 8350.3 Million by 2027 with the CAGR of 16.7% over the forecast period.
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Scope of The Report:
Medical device reprocessing is the cycle of cleaning, remanufacturing, disinfection, testing, bundling and naming, and sterilization among different steps of a used medical device to be placed in help once more. To guarantee staff and patient safety just as stay agreeable, reprocessing medical devices is a fundamental practice when the instrument or device is reusable. Reprocessing devices offer economical advantages for the medical service facility, as the option is buying disposable instruments or devices for use during just a solitary patient technique. Reprocessed medical devices cost between 40%-60% of a unique device. Moreover, among the inventory of devices reprocessed yearly, (95%) are reused toward the finish of their life cycle instead of sent to landfills. This is a natural advantage of the medical device reprocessing market. Developing hospital uses on medical devices and high measure of clinical wastage delivered in everyday practices might be a significant burden worldwide. To resolve this issue, medical devices industry and medical care provider are centered on reprocessing medical devices as a substitute answer for manage both the difficulties. Expanding reprocessed medical devices is credited to changed variables like clinic medical investment funds, minimal expense accessibility of reprocessed devices, and environmental advantages by decreasing clinical wastages.
Reprocessed Medical Devices Companies
The major players added in the global Reprocessed Medical Devices market forecast are,
- GE Healthcare
- Medline Industries
- Renu Medical (Arjo)
- Soma Technology
- Teleflex Incorporated
- Innovative Health
- Vanguard AG
- SureTek Medical
Increasing Number of Hospitals with Well-Equipped Medical Devices & Surgical Equipment, Rising number of FDA Approvals for Reprocessed Cardiovascular Products, Growing Preference of Healthcare Professionals for Single-Use Reprocessed Devices are Driving the Market Growth
One of the major factors drive the growth of global reprocessed medical devices market is increasing number of hospitals with well-equipped medical devices & surgical equipment. For instance; according to the WHO; India has a total of 43,486 private clinics, 1.18 million beds, 59,264 ICUs, and 29,631 ventilators. Then again, there are 25,778 public emergency clinics, 713,986 beds, 35,700 ICUs, and 17,850 ventilators. All out private infrastructure represents almost 62% of India's whole health infrastructure. In addition, rising number of FDA approvals for reprocessed cardiovascular products is also fostering the market growth. For instance; in May 2019, Medtronic declared the U.S. FDA approval and launch of Select Site C304-HIS deflectable catheter framework. This system is utilized in measures including His-group pacing (HBP). This essential move helped the organization in generating revenue and reinforced its situation in the business. Furthermore, growing preference of healthcare professionals towards single-use reprocessed devices (SUDs) is also supplementing the growth of global reprocessed medical devices market. For instance; as per the Association of Medical Device Reprocessors (AMDR), adoption of SUDs saves up 50% medical cost and help in the decrease of waste. Besides, these items hold standards as that of initially manufactured devices in this way upgrading patient safety and creating interest for these products.
However, inappropriate sterilization and disinfection methods and non-compliance with the issued strategy by FDA can boost the potential outbreaks and surgical site infections within the patients may hamper the market growth. In spite of that, reprocessing methodological advancements coupled with a growing number of third-party reprocessors can offer more opportunities for the further growth of the global reprocessed medical devices market.
Key Market Segments:
By Product & Service:
- Reprocessing Support & Services
- Reprocessed Medical Device
By Type of Medical Device:
- Laparoscopy Instruments
- Biopsy Instruments
- Endoscopy Instruments
- Orthopedic Surgery
- General Surgery
Market by Regional Analysis
North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa
North America is Expected to Dominate Global Reprocessed Medical Devices Market
North America is expected to dominate the growth of global reprocessed medical devices market due to rising prevalence of chronic diseases, increasing awareness and adoption rate of reprocessed single-use medical devices and presence of key players in this region. For instance; according to the National Cancer Institute, new cases of cancer in the U.S. are 442.4 per 100,000 men and women annually. As per the Association for the Advancement of Medical Instrumentation (AAMI), laparoscopic instruments must be washed independently, depending upon the kind of instruments. In September 2018, Vanguard reported the acquisition of Pioneer Medical Devices AG to improve reprocessing administrations for medical devices. This procedure helped the organization in improving product portfolio in worldwide market.
Europe is second largest region and expected to witness the significant growth in global medical device reprocessing market during the forecast period owing to the increasing prevalence of chronic diseases, growing elderly population, and rising awareness regarding the usage of reprocessed medical devices. According to World Health Organization (WHO); 22.8 percent of the total people were aged 65 years and older in Europe. The percentage of people aged 65 and older is project to increase from 14% in 2010 to 25% in 2050.
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