According to the report, the global reprocessed medical devices market was valued at approximately USD 1.42billion in 2015 and is expected to reach approximately USD 4.02 billion by 2021, growing at a CAGR of around 19.7% between 2016 and 2021.
Reprocessed medical devices are devices that can be reprocessed and reused on multiple patients. Reprocessing of the medical devices is the process of disinfection, cleaning, remanufacturing, testing, packaging & labeling, and sterilization of medical equipment.The reprocessing of medical devices has taken the health care sector by storm in recent years.
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Global reprocessed medical devices market is expected to exhibit strong growth in the near future on account of increasing significance and need for medical waste disposal. Moreover, a presence of favorable government regulations is expected to boost the market growth in the near future.Increasing investment of industry players in the form of manufacturing facility set up in Asia Pacific is further expected to present with a higher degree of growth in the years to come. However, reluctance in adopting reprocessed medical devices may pose a threat to the market growth in the years to come. Nonetheless, reduced product pricing of reprocessed devices is anticipated to open up new growth opportunities in the near future.
The reprocessed medical device market is segmented on the basis of different types such as cardiovascular medical devices, laparoscopic medical devices, orthopedic/ arthroscopic medical devices, gastroenterology medical devices and general surgery medical devices. The cardiovascular was the largest segment and it held more than 55% share of the overall market due to its increasing incorporation in cardiac surgeries, such as diagnostics electrophysiology catheters, and blood pressure cuffs, in a wide range of diagnostic, blood pressure monitoring, and surgical applications in 2015. Laparoscopy was another leading segment on account of the increasing demand for minimally invasive techniques.
On the basis of end-use, reprocessed medical devices market can be segmented into the hospital and home healthcare.The hospital was the leading segment reprocessed medical devices market in 2015 and is expected to continue its dominance in the coming years. This growth is mainly attributed to increasing outsourcing activities for reprocessing to third-party vendors. For instance, according to the study published in PubMed, in the year 2007, the National Institutes of Health, more than 42% of hospitals in the U.S. outsourced reprocessing to third-party reprocessing organizations. Home healthcare is expected to experienced significant growth within the forecast period.
North America dominated the reprocessed medical devices market and accounted for the significant share of the global market in 2015. This growth is mainly due to the high rate of adoption and regulatory policies and government incentives. In terms of revenue, Europe was the second largest market for reprocessed medical devices and is expected to experience substantial growth in the near future. The reprocessed medical devices market in Asia Pacific region is expected to exhibit strong growth owing to rising government support and presence of untapped opportunities in emerging economies. Latin America and the Middle East & Africa are also expected to experience significant growth of reprocessed medical devices market during the forecast period.
Some of the key players in the reprocessed medical devices market such as Stryker Sustainability, SterilMed, Inc., ReNu Medical, Inc., MidWest Reprocessing Center, Vanguard AG, SureTek Medical, Medline ReNewal, Hygia Health Services, Inc., and Centurion Medical Products Corp.