February 06, 2020
According to a recent study titled ‘Reprocessed Medical Devices Market Size By Product (Cardiovascular Medical Devices, [Blood Pressure Cuffs/Tourniquet Cuffs, Electrophysiology Cables, Cardiac Stabilization and Positioning Devices, Diagnostic Electrophysiology Catheters, Deep Vein Compression Sleeves (DVT)], Gastroenterology and Urology, [Gastroenterology Biopsy Devices, Urology Biopsy Devices], Orthopedic/Arthroscopic, Laparoscopic [Harmonic Scalpels, Endoscopic Trocars and Components], General Surgery Equipment [Infusion Pressure Bags, Balloon Inflation Devices]), By End-use (Ambulatory Surgical Centers, Hospitals, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Argentina, Brazil, Mexico, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report LLC, the global reprocessed medical devices market is anticipated to reach a valuation of USD 3 billion by the year 2025.
Rising prevalence of chronic diseases such as cancer and cardiovascular disorders across the globe is driving the growth of reprocessed medical devices market. Cost-efficiency of reprocessed medical devices will play a key role in augmenting the business landscape. Reprocessed devices offer trustworthy care, lower hospital expenditure and positively impact the environment. In addition, reprocessing medical devices will help healthcare industry save billions by controlling charges for medical waste management and reducing the need for new medical devices, thereby, stimulating the market growth. On the contrary, extensive use of reprocessed medical devices can cause infection leading to rise in cases of HAI (healthcare associated infections), which might hamper the business growth in the coming years.
Based on the product type, orthopedic/arthroscopic segment accounted for 12% revenue share in 2018 and is expected to show sizeable growth during the forecast period. The segmental growth can be affixed to the increasing geriatric population which is highly susceptible to chronic bone disorders, coupled with the rising number of osteoporosis and arthritis cases across the globe.
In terms of the end-use spectrum, reprocessed medical devices market from hospitals segment is expected to grow with a CAGR of 14% through 2025. Rising healthcare expenditure and improving healthcare infrastructure in developed as well as emerging economies is driving the segmental growth. Moreover, rising patient preference towards hospitals with superior healthcare facilities, advanced equipment, and skilled professionals will positively impact the reprocessed medical devices market share in the coming years.
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Considering the geographical outlook, reprocessed medical devices market in India is anticipated to grow significantly and surpass USD 125 million by 2025, on account of the existence of large patient base suffering from chronic diseases. Rising disposable income, low device cost, and stringent regulations on medical and biomedical waste management are the other factors responsible for the India market growth.
Some of the key players operating in reprocessed medical devices market are GE Healthcare, Innovative Health, Stryker, Medline Industries, ReNu Medical, Soma Technology, Ethicon, Medtronic, SureTek Medical, Vanguard, and Teleflex.
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