Reprocessed Medical Devices Market 2021 Regional Growth To 2027 By Top Players

Reprocessed Medical Devices Market 2021 Regional Growth To 2027 By Top Players

 

The global reprocessed medical devices market is set to gain massive momentum in the years ahead perhaps due to the growing inclination towards reducing the environmental impact of medical waste around the world. According to the Global Market Insights, Inc. report, reprocessed medical devices market size is estimated to surpass USD 3.9 billion by 2026.

 

Needless to mention, reprocessing is emerging as a potential cost saving solution for the healthcare sector as it allows enhanced medical waste management which helps in minimizing the expenses associated with purchasing new medical equipment. The saved cost can then be utilized for research, new treatment and improved patient care. For instance, in 2017, Stryker, a renowned industry player launched the Save Simply program by collaborating with Royal Philips for allowing the health systems involved in the reprocessing of medical device with Stryker for purchasing new and reprocessed Philips ECG leads at a lower cost. This program was intended to streamline the supply chain, alleviate device costs and also lower down the environmental impact.

 

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The rising number of cardiac surgeries around the globe has significantly increased the application of reprocessed devices for diagnosis and treatment. For instance, blood pressure cuffs that are used for blood pressure monitoring are usually reprocessed. Apart from surgeries, reprocessed medical equipment are extensively used in several treatment procedures, such as general surgery, non-invasive surgeries, laparoscopic surgeries, etc. Besides, reprocessed medical devices also play a significant role in saving expenditures and providing cost-effective solutions which have positively influenced their adoption across the healthcare industry. In addition, supportive reimbursement policies and increasing approvals from regulatory authorities such as FDA for reprocessed cardiovascular products are instigating their adoption.

 

 

The orthopedic/arthroscopic segment is estimated to observe a notable CAGR of 15.2% through 2026 on account of rising product demand due to the increasing number of bone related treatments and surgeries. This is majorly due to rising cases of orthopedic injuries and disorders such as osteoporosis, traumatic fractures, rheumatoid arthritis and osteoarthritis across the globe. As osteoporosis is underdiagnosed across several emerging economies due to limited access to healthcare services required for its diagnosis and treatment, reprocessed medical devices can help in saving costs associated with the treatment to a great extent which is likely to the segment growth further.

 

 

The clinics segment is projected to register substantial gains over the upcoming years owing to increasing demand for reprocessed medical devices driven by a rising number of clinics, especially across developing countries. Moreover, rising patient inclination towards clinics owing to their numerous benefits such as easy access to quality care, higher productivity as well as effective management of healthcare expenditure will complement the product adoption further. Besides, the rising incidence of chronic diseases such as heart diseases due to unhealthy lifestyles will foster the product demand across the clinics segment in future. For the record, in 2019, the segment had registered an appreciable valuation of around USD 170 million.

 

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Reprocessed medical devices market in the Asia Pacific secured a market share of over 17.5% in 2019 and is expected to grow significantly over time. This can be credited to the presence of a large patient pool along with growing awareness regarding reprocessed medical devices in the region. Further, the rising prevalence of cardiovascular disease and various chronic disorders across several countries of Asia Pacific is contributing to increased product adoption. Rising investment in healthcare infrastructure by leading market players will also create potential growth opportunities for industry players in the Asia Pacific region.

 

 

Prominent industry players operating in reprocessed medical devices market such as GE Healthcare, Medline Industries, Stryker, Medtronic, Renu Medical (Arjo), Innovative Health, Vanguard AG, SureTek Medical, Ethicon, etc. are adopting several business strategies such as partnerships, mergers and new product launch, to gain a strong foothold in the market. For instance, in 2018, Innovative Health announced that it has received FDA approval for the reprocessing of Biosense Webster’s Decanav and Medtronic diagnostic catheters. Apparently, the FDA approval helped the company expand its business portfolio and enhance its market position.

 

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Reprocessed medical devices industry 3600 synopsis, 2015 - 2026

2.1.1    Business trends

2.1.2    Product trends

2.1.3    End-use trends

2.1.4    Regional trends

Chapter 3   Reprocessed Medical Devices Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2015 - 2026

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Favorable regulatory landscape regarding sustainable waste disposal methods

3.3.1.2    Affordable costs coupled with the strengthening network of distributors in emerging economies

3.3.1.3    Growing use of reprocessed products in numerous cardiac surgeries and blood pressure monitoring applications

3.3.2    Industry pitfalls and challenges

3.3.2.1    Risk of surgical site infections

3.4    Growth potential analysis

3.4.1    By product

3.4.2    By end-use

3.5    COVID-19 impact analysis

3.6    Regulatory landscape

3.6.1    U.S.

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