Medical device reprocessing refers to the practice of cleaning, disinfecting, remanufacturing, testing, sterilizing, packaging, and labeling of used and expired medical devices for clinical application once again. The Association of Medical Device Reprocessors has found that reprocessed medical devices used across 3,000 hospitals in the U.S. have helped eliminate nearly 13,000 tons of medical waste so far. It also states that since a reprocessed medical device costs half the price of an original device, hospitals could save up to US$2 billion to US$3 billion on medical expenditure. As a result, the global reprocessed medical devices market has witnessed significant growth in recent years and is expected to thrive in the future.
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Drivers, inhibitors, and opportunities
Adoption of reprocessed medical devices allows for high cost savings. There has been escalating pressure from hospital authorities to not just reduce healthcare expenditure but also medical waste. As a result, demand for reprocessed medical devices has increased and more and more hospitals have switched to medical devices reprocessing. Furthermore, strong distribution network in developing markets and lower product pricing is expected to fuel the growth of the reprocessed medical devices market.
In contrast, lack of uniform guidelines and regulations and reluctance in adopting reprocessed medical devices owing to negative perceptions based on safety is estimated to restrain the growth of the market.
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Analysis of product types of reprocessed medical devices
Reprocessed medical devices are used in a wide range of disciplines such as general surgery, cardiology, orthopedics, laparoscopy, and gastroenterology. Reprocessed cardiovascular medical devices include compression sleeves (DVT), cardiac stabilization and positioning devices, electrophysiology cables, blood pressure cuffs/tourniquet cuffs, and diagnostic electrophysiology catheters. Laparoscopic devices include harmonic scalpels and endoscopic trocars and components. Other types of reprocessed medical devices include external fixation devices (orthopedics), biopsy forceps (gastroenterology), and infusion pressure bags and balloon inflation devices (general surgery).
Browse the Reprocessed Medical Devices Market Research Report with complete TOC at http://www.transparencymarketresearch.com/reprocessed-medical-devices.html
Drivers, inhibitors, and opportunities
Adoption of reprocessed medical devices allows for high cost savings. There has been escalating pressure from hospital authorities to not just reduce healthcare expenditure but also medical waste. As a result, demand for reprocessed medical devices has increased and more and more hospitals have switched to medical devices reprocessing. Furthermore, strong distribution network in developing markets and lower product pricing is expected to fuel the growth of the reprocessed medical devices market.
In contra
Among these, reprocessed cardiovascular devices are projected to dominate the market between 2014 and 2020, growing at a 16% CAGR.
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North America – leader of the global reprocessed medical devices market
Geographically, the worldwide market for reprocessed medical devices was dominated by North America, accounting for more than 80% of the total industry share in 2013. Favorable regulatory policies and growing acceptance and adoption rate of reprocessed medical devices drives the North American market. Europe, on the other hand, is expected to register the fastest growth among other regional markets, recording a CAGR over 15% during the forecast period. Factors that have contributed to the growth of this region include increasing demand for reprocessed medical devices, need for savings in the healthcare industry, and introduction of favorable regulations with regards to medical device reprocessing. The reprocessed medical devices market in developing countries and emerging economies in Asia, Latin America, and the Middle East are also estimated to witness remarkable growth during the forecast period owing to weaker financial standing and growing efforts towards healthcare cost optimization.
Reprocessed medical devices market: Areas of segmentation
The market for reprocessed medical devices is highly fragmented with various segments and sub-segments. On the basis of type, reprocessed medical devices can be categorized as cardiovascular medical devices, gastroenterology medical devices, laparoscopic medical devices, general surgery medical devices, and orthopedic/ arthroscopic medical devices. Geographically, the global reprocessed medical devices market can be divided into North America, Europe, Asia-Pacific, and Rest of the World.
Prominent players of the reprocessed medical devices market
The global reprocessed medical devices market is extremely consolidated in nature, with the top three players accounting for over 90% of the total industry share. Some of the leading participants of the reprocessed medical devices market are SterilMed, Inc., Centurion Medical Products Corporation, ReNu Medical, Inc., Vanguard AG, Medline ReNewal, Stryker Sustainability Solutions, Inc., MidWest Reprocessing Center (MRC), Hygia Health Services, Inc., and SureTek Medical. Of these, Stryker Sustainability Solutions, Inc. dominates the worldwide reprocessed medical devices market in 2013, single-handedly accounting for more than 60% of the total market share.
Based on figures provided by a leading market intelligence firm, the global reprocessed medical devices market was worth US$0.78 billion in 2013, and registering a 19.3% CAGR from 2014 to 2020, is projected to be worth US$2.58 billion by 2020.
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