According to the current analysis of Reports and Data, the global reprocessed medical devices market was valued at USD 0.84 Billion in 2018 and is expected to reach USD 2.91 Billion by year 2026, at a CAGR of 16.4 %. The market is one of the fast growing markets across the world. There has been a tremendous rise in healthcare technology in the past few years to provide effective and affordable equipment. The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used ones so that they can be reused for diagnosis and treatment of multiple patients. These healthcare equipment must be reprocessed using validated methods for them to be used again. Efficacy, life cycle, prospective danger to patient and parts used to make the equipment are some factors taken into consideration. With rising healthcare costs and elevated prices of these equipment, demand for reprocessed medical devices over the forecast period is anticipated to experience significant development. Increasing incidences of chronic conditions that increase the rate of implementation of surgical procedures show important development in the market for reprocessed medical devices. The reprocessed medical device market is divided into cardiovascular medical devices, gastroenterology and urology, orthopedic/arthroscopic, laparoscopic, general surgery equipment and others. Due to the comprehensive use of these goods in cardiac surgery and diagnostics, the cardiovascular segment retained the biggest share of the complete market. Blood pressure cuffs, equipment for cardiac placement and stability, tracking of blood pressure, electrophysiology wires and catheters for diagnostic electrophysiology are the instruments used. It is expected to grasp a dominant share in the worldwide reprocessed medical devices market in coming years.
Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of the report:
- The target market is growing at a CAGR of 17% in Europe followed by North America and Asia Pacific, with 5 % and 6.3% CAGR, respectively. Increased adoption of reprocessed medical devices is expected to drive the market growth in these regions.
- Unceasing increase in medicinal wastes along with lack of support for waste disposal in healthcare industry tends to raise the burden on environment, which further leads to deterioration of environmental conditions ultimately leading in environmental hazards and further raise the health concerns.
- In 2016, dominance in the market was seen, mainly due to its well-developed healthcare industry, rising incidence of chronic diseases, and increasing volume of surgical procedures.
- The target market is expected to witness robust progress over the forecast timeframe. Rising number of cardiac surgeries coupled with numerous blood pressure monitoring applications are foremost factors being the main reason of industry growth.
- Laparoscopy segment is accounted for the second largest share of the industry on the basis of products. Increasing demand for minimally invasive procedures is anticipated to offer opportunities for more reprocessing approvals pertaining to laparoscopy and thus contributing to the growth of this segment.
- Increase in number of cardiovascular surgeries & treatments are bolstering the need for cost-efficient alternatives thereby driving the demand for the segment.
- Risk of acquiring infection associated with the reprocessed medicinal devices is relatively lower as compared to reusable medicinal devices.
- Costs of reprocessed tool can be nearly half the cost of new ones. So opting reprocessed devices is economical. Also the pressure to reduce the volume of waste materials is one of the key factors for growth of the market
- However, the risk of surgical site infections is restraining factor for reprocessed medical devices industry growth.
Key Players covered in this report are
Ethicon Inc. (Johnson & Johnson Services, Inc.), GE Healthcare, Innovative Health, Medline Industries, Inc., Medtronic, ReNu Medical, Soma Technolog, Inc., Stryker, SureTek Medical, Teleflex Incorporated
Product Type (Revenue, USD Million; 2016–2026)
- Cardiovascular medical devices
- Gastroenterology and urology
- Orthopedic
- Laparoscopic
- General surgery equipment
Type of Medical Device (Revenue, USD Million; 2016–2026)
- Catheters
- Laparoscopy Instruments
- Cables, Columns, Curves and Cutters
- Biopsy Instruments
- Endoscopy Instruments
- Others
End Use (Revenue, USD Million; 2016–2026)
- Ambulatory Surgical centers
- Hospital
- Clinic
- Others
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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