The global Reprocessed Medical Devices market was valued at USD 0.84 Billion in 2023 and is expected to reach USD 2.91 Billion by the year 2032, at a CAGR of 16.4%. Medical device reprocessing involves disinfection, remanufacturing, testing, sterilization, cleaning, packaging, and labeling of the devices in order to be put back into service. Reprocessed device costs can be almost half the price of a fresh device; opting for reprocessed systems is cost-effective. Blood pressure cuffs, tools for cardiac placement and stability, tracking of blood pressure, electrophysiology wires, and catheters for diagnostic electrophysiology are the instruments used. This means that reprocessed devices cost less than new appliances, leading in-hospital cost reserves that stimulate market growth.
The increase in the number of third-party reprocessing organizations has triggered the incorporation of reprocessed products, which resulted in the conservation of in-house resources and the consequent cost reduction. Reprocessing medical devices are those that go under several processes of inspecting, cleaning, testing, and sterilizing such that the tools remain active and safe for suitable clinical applications. The high cost of equipment, which increases the cost of testing. This is an important factor that can hinder the growth of the rapid testing market. In addition, the lack of food control systems in developing countries is another factor likely to slow the growth of the target market.
Request a Sample@ https://www.qyresearchmedical.com/sample/119277
An enormous number of these reprocessed medical devices are in use, and these include endoscopes, surgical forceps, cardiac stabilization and positioning machines, balloon inflation devices, and many others. Reprocessing is mostly used for minimally invasive disposables and surgical instruments; it saves on landfill costing as well as reprocessing is beneficial for hospitals in repurchasing costs and for reuse devices. Most of the hospital waste is originated from the operating room. The global market is projected to observe lucrative growth owing to rising investment by companies in emerging countries for setting the manufacturing facilities as well as efforts at cost decrease. Also, growing awareness in developing countries regarding advantages associated with reprocessed medical devices encourages customer buying behavior.
The target market is characterized by gradual technological advancements, where the key players are engaged in providing cheaper, efficient, faster, accurate and user friendly experience. The leading as well as emerging companies are engaged in organic as well as inorganic growth strategies that includes agreements, partnerships, collaborations, mergers, acquisitions, expansions and joint ventures.
Salient Trends of the Reprocessed Medical Devices Market
- Increase in FDA approvals for reprocessed cardiovascular products have a major contribution towards the substantial share of the segment in reprocessed medical devices market.
- Home healthcare is expected to grow at a moderate rate over the forecast period as a consequence of the rising need for low cost home equipment.
- Growing demand for medical waste disposal and favorable government policies along with it are boosting the development of reprocessed medical devices market.
- Demand for cardiovascular devices looks promising to boost the global reprocessed medical devices market due to existence of high prevalence of cardiovascular diseases in developing as well as developing economies.
- Another factor increasing growth is reduced cost of reprocessed devices as compared to new devices resulting in cost reserves. Obtained cost reserves can be used in more Research and development.
- Growing number of market players, efficient distribution agreements and frequent product approvals has given rise to the increased level of market competition. Thus, competitive rivalry in the industry is expected to be high.
- Low costs of reprocessed equipment are forecast to open new vistas for reprocessed medical devices market over the coming years. It will also help normalize the impact of hindrances on the reprocessed medical devices market.
- Reluctance in accepting the reprocessed products is most likely to obstruct the industry growth over the coming years.
Companies considered and profiled in this market study
Ethicon Inc. (Johnson & Johnson Services, Inc.), GE Healthcare, Innovative Health, Medline Industries, Inc., Medtronic, ReNu Medical, Soma Technolog, Inc., Stryker, SureTek Medical, Teleflex Incorporated
- As of 2018, the cardiovascular segment is the leading product segment of the global reprocessed medical devices market and is expected to register CAGR of 16.3%, owing to extensive utilization of these products in cardiovascular surgeries and diagnostics.
- Gastroenterology and urology segment was valued at 129.5 million in 2018 and is expected to grow at the rate of 15.9%. The major factors driving the market growth of the gastroenterology and urology segment is the rising percentage of age-old population that are more vulnerable to gastrointestinal diseases.
- The market for orthopedic product type segment is expected to grow at a CAGR of 17.9% during the forecast period of 2018-26, due to rising elderly population and adults suffering from various bone disorders and specific guidelines by FDA for improving performance of orthopedic devices.
- With rising investment by companies in emerging countries for setting the manufacturing facilities as well as efforts at cost decrease, growing awareness in emerging countries regarding advantages associated with reprocessed medical devices will drive the market growth for reprocessed medical devices in the forecast period.
- Based on type of medical device, the catheters segment accounted for the largest share in 2018 and is anticipated to grow at the highest CAGR during the forecast period. The growth is attributed to the increased utilization of reprocessed cardiac catheters, electrophysiology catheters, and diagnostic catheters in recent years.
- Laparoscopic product type is expected to grow at CAGR of 16.1% and will cross approximately USD 474.9 million by the end of 2032. This segment will show a considerable growth accounting to the large amount of waste generation which is due to the usage of disposable devices and hence driving the demand.
- Asia Pacific is expected to grow with the highest CAGR of 17.9% in the coming years, owing presence of emerging economies, which focus towards operating within a controlled budget and rising investment in healthcare infrastructure.
- Additionally, North America shares the largest market share of around USD 303.8 Million by 2018 and will grow at a lucrative CAGR of about 16.5%, owing to rising need to curtail the waste generation and increasing demand to curb healthcare expenditure.
- Ambulatory Surgical center of end use type segment will show the highest CAGR of 16.9% in the forecast period 2018-26 owing to increasing pressure to control waste generation & cost reduction.
Key Coverage of the Report
- Regional Competitors clinical pipeline analysis
- Demand and Supply GAP Analysis
- Market share analysis of the key industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2023 to 2032. For the purpose of this study, have segmented the Reprocessed Medical Devices market on the basis of product type, type of medical device, end use, and region:
Product Type (Revenue, USD Million; 2023–2032)
- Cardiovascular medical devices
- Gastroenterology and urology
- General surgery equipment
Type of Medical Device (Revenue, USD Million; 2023–2032)
- Laparoscopy Instruments
- Cables, Columns, Curves and Cutters
- Biopsy Instruments
- Endoscopy Instruments
End Use (Revenue, USD Million; 2023–2032)
- Ambulatory Surgical centers
Regional Outlook (Revenue in USD Million; 2023–2032)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119277/1500
You can place an order or ask any questions, please feel free to contact email@example.com | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us: