LONDON , Sept. 7, 2022 /PRNewswire/ -- 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.
Increasing number of hospitals with well-equipped medical devices & surgical equipment, rising Food and Drug Administration (FDA) approvals for reprocessed cardiovascular products, rising preference of healthcare professionals towards single-use reprocessed devices (SUDc) are contributing to the growth Global Reprocessed Medical Devices Market.
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Reprocessed Medical Devices Market Segmentation Analysis
In terms of the segmentation, the largest share of this industry has been held by the hospital market and it is going to happen due to the increasing pressure for the control of waste generation and reduction of cost. Furthermore, the presence of an in-house reprocessing units and the rise in the number of the collaborations with the third-party reprocessors are going to be responsible for the augmentation of the growth during the coming years.
In terms of segmentation, the cardiovascular segment is holding the greatest share possible of the total market due to the extensive utilization of the products in cardiovascular surgeries as well as diagnostics. These devices include the blood pressure cuffs, stabilization devices and cardiac position.
By Type of Medical Device
Reprocessed Medical Devices Market Scope
The global reprocessed medical devices market is going to see a continuous amount of growth in the coming years with the rise in the urgency for reducing the generation of medical wastes in hospitals as well as the other healthcare settings.
There is a high pressure to increase this adoption of the reprocessed medical devices due to the associated benefits like the high-cost efficiency will have a huge impact on the growth of the market. This is a factor which can be attributed to the lower cost reprocessing in the comparison with the production cost involved in manufacturing of the original equipment in addition to the rising need for curbing expenditure in the medical waste disposal.
The regulated medical waste is going to cost a lot more when compared to the disposal of the regular solid waste thereby augmenting demand for the market overall. Further, the reprocessing methodological advancements in addition with the increase in the number of the third-party re-processors has been expected to present this industry with the lucrative growth opportunities. These are aforementioned factors has been expected to contribute towards the development of the industry in the future which is foreseeable.
This industry has been expected to perform exceptionally for showcasing incremental growth due to the rise in inclination of healthcare professionals with regard to the single-use reprocessed devices as a measure to the ensure the patient safety by reduction of the risk of contracting the infections and significant cost reductions. Furthermore, the products hold the standards as that of the originally manufactured devices which therefore enhance the patient safety and generating the demand for the products.
Reprocessed Medical Devices Market: Competitive Analysis
Some of the major reprocessed medical devices companies are Stryker Sustainability Solutions, VANGUARD AG, Medisiss, Sterilmed Philips HealthcareCenturion Medical Products Corporation, Hygia Health Services Inc., EverX Pvt Ltd, Soma Technology, Agito Medical A/S, Inc., Block Imaging International, Inc., Siemens Healthcare, Radiology Oncology Systems, Inc., DRE, Inc., Suretek Medical, GE Healthcare, ReNu, Midwest Reprocessing Center and Integrity Medical Systems, Inc. The major players are now working towards the growth of their market share by innovating on their products and carrying out product launches which help the customers get better products.
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Reprocessed Medical Devices Market: Key Drivers
Reprocessed medical devices growth drivers are the rising number of the cardiovascular treatments and surgeries which are boosting the need for a cost-efficient alternative and consequentially driving the demand for this market. Moreover, the advent of the low cost and the single use cardiovascular reprocessed devices have resulted in the increase in adoption therefore contributing to the growth of this segment.
Furthermore, the increase in approvals for the reprocessed cardiovascular products have been contributing towards a substantial share of this segment. This is a segment which has also been expected to grow at a lucrative level as the consequence of the constant efforts of this industry's players towards promotion of the reprocessing techniques through the strategic alliances and the frequent approvals of FDA. Due to the factors mentioned above, the demand for these products is going to increase in the coming years.
A rise in the number of the third-party reprocessing organizations has also triggered an incorporation of the processed products resulting in conservation of the in-house resources and cost reduction which happens consequently.
First comprehensive LCA Shows Reprocessed Medical Devices Cut GHG Emissions in Half
January 25th, 2021 ; Hospitals could cut outflows related with some medical device use half by selecting rather for directed, reprocessed "single-use" clinical gadgets. The LCA assessed the utilization of a reprocessed electrophysiology catheter contrasted and the use of unique catheters for 16 distinct environmental effect classifications and tracked down that the utilization of reprocessed devices was predominant in 13 classes. By avoiding the utilization of virgin materials, reprocessing can diminish the environmental effects of resource utilization and emissions, like lessening abiotic resource use and the global warming impact (GWI).
Reprocessed Medical Devices Market: Key Trends
Reprocessed medical devices trends suggest that the rise in inclination towards the reprocessed products has had a positive cumulative effect on the business overall owing to an environment which is highly competitive between the OEMs as well as the third-party processors. The OEMs are therefore priced lower and therefore reduce the cost of healthcare overall. Further, the modern infrastructural support and availability of the skilled healthcare technicians and professionals are responsible for the facilitation of market development in the coming years.
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Reprocessed Medical Devices Market: Regional Analysis
Reprocessed medical devices statistics suggest that the North American region has been accounting for the biggest share in the market. The rise in the need for curtailing the waste generation as well as potential damage to environment due to the rise in the increase in waste landfills over the region is a huge driver in this region. The increase in demand for curbing the healthcare expenditure in addition with shortage of establishments for the proper waste disposal is driving this growth of the region. Further, the government initiatives have also been working in the market. These will help in the growth of the market.
This has been followed by the region of Europe when it comes to revenue share due to the high levels of awareness and initiatives for curbing the overall healthcare expenditure over the region. the presence of the organizations like the EAMDR which promotes the awareness through the collaboration with research institutes, companies and the associations for strengthening reprocessing of the products has been made responsible for the boosting of the reprocessed medical devices growth in the market.
The Asia Pacific market has been expected to show a certain kind of growth in the coming years because of the presence of the emerging economies which have a focus on the operation of these devices and the government initiatives which are helping the market.
On Special Requirement Reprocessed Medical Devices Market Report is also available for below region:
Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
Saudi Arabia , UAE, Egypt, South Africa, Rest of MEA
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