According to a report by Grand View Research, Inc., global reprocessed medical devices market is estimated to value USD 5.0 billion by 2022. Growing requirement for reduction in medical waste and healthcare expenditure are anticipated to propel demand for reprocessed medical devices as they offer less medical waste, safety, and low medical expenses. Growing adoption of reprocessed medical devices in hospitals and other healthcare centers attributed to excellent cost-efficiency can fuel the market growth.
Continuous methodological advancements related to reprocessing of medical devices coupled with increasing number of third party preprocessors would also augment market development. Growing inclination of healthcare professional towards single-use reprocessed devices (SUDs) to ensure patient safety by reducing the risk of contracting infections can also foster the market demand during the forecast period (from 2016 to 2022).
Full Research Report On Reprocessed Medical Devices Market Analysis:
The global reprocessed medical devices market is segregated on the basis of product type, end-use, and region. On the basis of product type, the market is categorized into laparoscopic, gastroenterology, general surgery devices, and cardiovascular. In 2014, the cardiovascular segment dominated the overall market and accounted for 56.1% of the total share. On the basis of end-use, the market is classified into home healthcare, hospitals, and others. In 2014, hospital segment led the market. On the basis of geographies, the market is divided into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA).
In 2014, North America dominated the global market and accounted for USD 540.9 million of the overall share. Growing need to control waste generation to prevent any damage to environment caused due to increasing number of landfills can propel the market growth. In addition, supportive government initiatives in the region to spread awareness regarding reprocessing of equipment would also stimulate the growth of reprocessed medical devices market over the next few years.
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In Europe, the market is anticipated to grow well during the forecast period on account of rising awareness regarding the availability of advanced products and positive government initiatives to reduce healthcare expenses. Furthermore, strong presence of various organizations in the region, such as European Association for Medical Device Reprocessing (EAMDR), that spread awareness by collaborating with companies, research institutes etc. can influence the market demand.
The Asia Pacific regional market is predicted to expand at a strong growth rate owing emerging economies focusing on controlled operational expenses. This, in turn, is expected to foster the market growth over the coming years. In addition, increasing investments from international companies to improve healthcare infrastructure in the region can also spur the market growth.
Some of the leading companies offering reprocessed medical devices are Philips Healthcare; SureTek Medical; SterilMed, Inc.; Siemens Healthineers; GE Healthcare; and Centurion Medical Products Corp. Technological advancements in various methods of testing, inspection, cleaning, and sterilization of medical devices making them reusable and safe for clinical applications can stimulate the market growth.
Considering the benefits, most companies are focusing on R&D activities to develop advanced methods to reduce refurbishment cost. In addition, companies are also actively involved in M&A activities for regional expansion. Rising number of new market players and frequent product approvals are anticipated to fuel competition in market.
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