Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Reprocessed Medical Device market.
Trusted Business Insights presents an updated and Latest Study on Reprocessed Medical Device Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Reprocessed Medical Device market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The report covers forecast and analysis for the reprocessed medical device market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the reprocessed medical device market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the reprocessed medical device market on a global level.
As per the report, the global demand for reprocessed medical device market was valued at approximately USD 1452.45 million in 2018 and is expected to generate revenue of around USD 3584.97 million by end of 2025, growing at a CAGR of around 13.79% between 2019 and 2025.
A reprocessed medical device is a device that is being refurbished and reused. Medical device reprocessing involves disinfection, remanufacturing, testing, sterilization, cleaning, packaging and labeling of the devices in order to be put back into service. Any medical device must be reprocessed through a validated method that makes it suitable for use. Consideration is given to reprocessing device variables such as efficacy, life cycle, prospective danger to the patient and parts used to make the device. With rising healthcare costs and elevated prices of medical devices, demand for reprocessed medical devices over the forecast period is anticipated to experience elevated 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. Reprocessed device costs can be almost half the cost of a fresh device; opting for reprocessed systems is cost-effective. This means that reprocessed devices cost less than fresh appliances, leading in hospital cost reserves that stimulate market growth.
Based on device, the reprocessed medical device market is segmented 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. The instruments include blood pressure cuffs, devices for cardiac placement and stability, tracking of blood pressure, electrophysiology wires and catheters for diagnostic electrophysiology.
The reprocessed medical device market is further divided into end users as hospitals, ASCs, clinics, and others. Hospitals application segment dominated the market in terms of revenue in 2018 attributing to the fact that the patients have more inclination towards hospitals and to manage such a large patient pool, hospitals need more reprocessed medical devices.
In 2017, the North America dominated the reprocessed medical devices industry and will continue to develop considerably over the forecast period .A significant driver in this region is the growing need to curtail waste generation and potential environmental harm due to the growing waste landfills across this region. Increasing demand to reduce healthcare spending and the shortage of adequate waste disposal facilities are driving this region’s development. Europe is followed in terms of revenue sharing due to elevated rates of awareness and initiatives to reduce general healthcare spending across this region. Organizations such as the European Medical Device Reprocessing Association (EAMDR), encourage awareness by working with research institutes, businesses and associations to enhance product reprocessing. Because of the existence of emerging economies, which concentrate on functioning within a regulated budget, Asia Pacific is expected to develop at a profitable pace. Furthermore, increasing investment in healthcare infrastructure by global market players is expected to provide potential growth platform to the industry in Asia Pacific.
Some of the key players in reprocessed medical device market include Stryker Sustainability Solutions, Medisiss, Hygia Health Services Inc., Agito Medical A/S, Soma Technology, Inc., Block Imaging International, Inc., Radiology Oncology Systems, Inc., Suretek Medical, ReNu, VANGUARD AG, Philips Healthcare, Sterilmed, Centurion Medical Products Corporation, EverX Pvt. Ltd., Siemens Healthcare, DRE, Inc., GE Healthcare, Integrity Medical Systems, Inc., and Midwest Reprocessing Center among others.
Global Reprocessed Medical Device Market: Device Segment Analysis
Cardiovascular medical devices
Gastroenterology and urology
General surgery equipment
Global Reprocessed Medical Device Market: End User Segment Analysis
Ambulatory Surgical Centers
Global Reprocessed Medical Device Market: Regional Segment Analysis
Middle East and Africa
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