The global reprocessed medical devices market has been growing at a healthy pace and is likely to generate potential growth opportunities for the market players.
The global reprocessed medical devices market has been growing at a healthy pace and is likely to generate potential growth opportunities for the market players. According to the market research study by Transparency Market Research, in 2015, the global market for reprocessed medical devices was worth US$982.7 MN and is projected to reach a value of US$3.35 billion by the end of 2024. The market is likely to register a strong 14.90% CAGR between 2016 and 2024.
The major factors that are projected to accelerate the growth of the global reprocessed medical devices market have been mentioned below:
- The low prices of the reprocessed medical devices is considered as one of the major factors estimated to accelerate the growth of the global market in the next few years.
- The rising pressure to reduce the volume of regulated medical waste is considered as a key factor that is likely to enhance the growth of the market in the near future.
- In addition to this, the rising changes in the regulatory system that is favoring the adoption of the medical device reprocessing is further projected to enhance the market growth in the near future.
- On the other hand, the increasing risk of surgical site infections and the strict regulations for medical device reprocessing are estimated to restrict the growth of the market in the near future.
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Global Reprocessed Medical Devices Market: Segments
The reprocessed medical devices market is segmented on the basis of the type and region. Based on device type, the reprocessed medical devices market is segmented into orthopedic external fixation devices, gastroenterology biopsy forceps, general surgery medical devices, laparoscopic medical devices, and cardiovascular medical devices. Of these, the reprocessed cardiovascular medical devices segment accounted for the dominant share of 61.2% in 2016.
This growth of the segment is attributable to the reduced pricing of the products and high usage coupled with growing pressure to reduce healthcare expenditure among hospital authorities. Additionally, increased focus on protecting the environment by reducing medical waste being dumped in landfills is significantly contributing to the growth of the segment.
The cardiovascular devices segment has been further sub-categorized into cardiac stabilization and positioning devices, blood pressure cuffs/tourniquet cuffs, deep vein thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology (EP) cables.
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North America to Witness Strong Growth in Coming Few Years
The global market for reprocessed medical devices market has been categorized on the basis of geography into Latin America, North America, the Middle East and Africa, Asia Pacific, and Europe. In the last few years, North America led the global reprocessed medical devices market and is estimated to remain in the similar position in the next few years.
According to the research study, this region is predicted to account for a major share of the overall market in the next few years. The favorable regulatory policies and the rising use of the reprocessed medical devices in the healthcare sector are some of the key factors that are estimated to accelerate the growth of the North America market in the next few years.
Furthermore, Europe is projected to witness a healthy growth in the coming few years. The rising demand for reprocessed medical devices and the rising awareness regarding the potential savings in the healthcare costs are some of the major factors that are projected to accelerate the growth of the reprocessed medical devices market across Europe in the next few years. In addition to this, the increasing pressure to maintain the healthcare budgets under control is likely to enhance the growth of the market in the coming years.
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Players to Focus on Reprocessed Medical Devices Market to Enhance Competitive Environment
The global market for reprocessed medical devices is projected to witness a high growth in the next few years. The rising number of players resulting in a high level of competition is projected to enhance the competitive environment of the global reprocessed medical devices market in the next few years. Some of the leading players operating in the reprocessed medical devices market across the globe are Hygia Health Services, Inc., SureTek Medical, Stryker Sustainability Solutions, Inc., ReNu Medical, Inc., Centurion Medical Products Corporation, Medline ReNewal, Vanguard AG, MidWest Reprocessing Center, and Ethicon, Inc. (Johnson & Johnson). These players are focusing on the development of the new products, which is likely to accelerate the growth of the overall market in the next few years.
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