A market research conducted by Fact.MR reveals key trends and opportunities in the medical device reprocessing market through 2031.
Cardiovascular Reprocessed Medical Devices to Remain Top-choice, Accounting for Over 52% of Reprocessed Medical Devices Sales in 2021
A market research conducted by Fact.MR reveals key trends and opportunities in the medical device reprocessing market through 2031. The survey report provides vital information regarding the medical device reprocessing demand outlook in terms of products & services, device, and application.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to a study by Fact.MR, the global medical device reprocessing topped US$ 1.4 billion by 2020, expanding at 1.75X through the last 5 years. Owing to the ongoing trend of adopting reprocessed medical devices due to their low price, the market is expected to total US$ 3 billion by 2031, expanding at a robust CAGR of 16% during the forecast period 2021 to 2031.
A substantial rise in the number of surgical procedures has been witnessed over the last few years due to the increasing prevalence of chronic diseases across the globe. Driven by economic benefits associated with the use of reprocessed medical devices compared to brand new ones for surgical interventions, hospitals and other healthcare facilities are increasingly spending on reprocessed devices. This is expected to create attractive prospects for growth of the market over the forecast period.
However, outbreak of novel coronavirus has severely impacted the medical device reprocessing market. With the ongoing pandemic, stringent regulations are imposed by regulatory bodies such as the Food & Drug Administration (FDA) on the usage of reprocessed medical devices, due to the high risk of contamination by virus, which are in turn affecting the market growth.
Nevertheless, sales are poised to surge consistently in the near future, creating prospects for expansion of the market globally.
North America is projected to outpace other regions in the global market. With growing preference among healthcare professionals in regards to the use of improvised reprocessed medical devices coupled with increasing chronic diseases in countries such as the U.S. and Canada, the region is likely to account for 42% of the market share by 2021.
“Increasing efforts undertaken by leading players to reduce regulated medical waste is expected to propel the medical device reprocessing demand over coming years,” says the Fact.MR analyst.
For More Information On How To Improve Your Medical Device Reprocessing Market Footprint, Request A Sample Here
https://www.factmr.com/connectus/sample?flag=S&rep_id=6721
Key Takeaways from Medical Device Reprocessing Market Analysis
- The U.S. is anticipated to lead the North America market for medical device reprocessing, contributing US$ 323 million to the regional share.
- The France market is estimated to exhibit steady growth, owing to favorable regulatory policies for medical device reprocessing in the country.
- India is expected to emerge as a lucrative market, favored by the increasing adoption of reprocessed medical devices by the healthcare facility in the country.
- The market in China is likely to expand at a vigorous pace at a robust CAGR of 15.2% during the forecast period.
- Based on the application, the cardiovascular reprocessed medical devices lead the segment, accounting for 52% of the overall revenue share.
Key Drivers
- Growing adoption of reprocessed medical devices due to the cost-effective aspects is spurring sales.
- Increasing surgical procedures due to the surging prevalence of chronic diseases will fuel the demand for reprocessed medical devices.
- Rising number of hospitals with well-equipped medical devices will propel the market growth in developed countries.
Key Restraints
- High risk of transmission of infection is a factor hampering the sales of reprocessed medical devices.
- Stringent regulatory policies for medical device reprocessing are restraining the market growth.
Ask Your Medical Device Reprocessing Market Related Questions & Get Customized Reports
https://www.factmr.com/connectus/sample?flag=RC&rep_id=6721
Competitive Landscape
Leading players in the medical device reprocessing market are aiming at received approvals from regulatory bodies such as FDA for launching their new products. Some of the players are engaging into merger & acquisition to enhance their reprocessing services for medical devices. For instance,
- In May 2019, Medtronic, an American-based medical device company announced receiving FDA approval and launching its new Select Site C304-HIS deflectable catheter system.
- In September 2018, Vanguard, a company based in the U.S., announced acquiring Pioneer Medical Devices AG to optimize reprocessing services for medical devices. The acquisition will assist the company in expanding its product portfolio in global market.
Some of the leading players operating in the medical device reprocessing industry profiled by Fact MR are:
- Stryker Corporation
- Johnson & Johnson
- Vanguard AG
- Medline ReNewal
- Medtronic plc
- SteriPro
- Pioneer Medical Devices AG
- Vascular Solutions
- HYGIA Health Services
- ReNu Medical
- SureTek Medical
- Centurion Medical Products Corporation
More Valuable Insights on Medical Device Reprocessing Market
Fact.MR, in its new report, offers an unbiased analysis of the global medical device reprocessing market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the medical device reprocessing market with detailed segmentation:
- By Product & Service
- Reprocessing Support & Services
- Reprocessing Medical Devices
- By Device
- Catheters
- Laparoscopy Instruments
- Biopsy Instruments
- Endoscopy Instruments
- Cables, Columns, Curves and Cutters
- By Application
- Medical Device Reprocessing for Cardiology
- Medical Device Reprocessing for Gastroenterology, Urology, and Gynaecology
- Medical Device Reprocessing for Arthroscopy and Orthopaedic Surgery
- Medical Device Reprocessing for General Surgery and Anaesthesia
Key Questions Covered in the Medical Device Reprocessing Market Report
- The report offers insight into medical device reprocessing demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the medical device reprocessing market between 2021 and 2031
- Medical device reprocessing market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Medical device reprocessing market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain
Medical Device Cleaning Market - In the United States, the demand for medical device cleaning has grown as a result of improvements in healthcare infrastructure, the increasing focus of emerging and leading market players on developing markets, an increase in the number of hospitals, and the increasing use of advanced surgical instruments for surgeries.
Surgical Equipment Market - The surgical equipment market is growing steadily, thanks in part to a growing preference for minimally-invasive procedures. In addition, chronic illnesses and accidents are on the rise, creating growth opportunities for the market. There have been significant advancements in surgical equipment in the past few years as evidenced by minimally invasive procedures.
Medical Waste Management Market - The U.S. medical waste management market is expected to account for 40% of North America’s demand. With an expanding healthcare sector and a growing amount of medical waste in this region, America is still a major market for medical waste management equipment. It’s expected that non-infectious waste will continue to lead the way in the medical waste management market, with a market share of nearly 70%.
About Fact.MR
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Source: Fact.MR