Medical device reprocessing market size is expected to reach USD 10.9 billion to exhibit a 15.7% CAGR during the forecast period (2022-2030).
Medical device reprocessing is a method that makes medical devices reuse to diagnose and treat multiple patients. This medical device reprocessing program makes the medical devices reuse safely by processing the medical devices. This method includes sterilization, disinfection, cleaning, repackaging, and other related procedures like testing, and restoring the functional and technical safety of the devices. The single-use medical device reprocessing provides safe and effective patient care solutions and on the other hand, it reduces the cost of waste disposal and medical waste.
Since December 2019, the coronavirus has started spreading all over the world. In pre-mature 2020, the World Health Organization(WHO) has declared COVID-19 as a global pandemic. This pandemic is infected millions of people and a few of them are caused death. Still now, there was no antiviral drug introduced for the treatment of COVID-19. This virus is very fastly spreading from one country to another in various ways. To control the spread, the government has imposed stringent regulations like lockdowns, transportation bans, manufacturing industries off and many more.
Due to the transmissible nature of the COVID-19, the medical devices global market is increased. These medical devices include the medical device reprocessing market that is used by many organizations. The post-COVID-19, the global medical device reprocessing market has regained the demand and supply side. During the pandemic situation, the market does not gain profits.
The reprocessed medical device costs 40-60% less than the original medical device. Hence these are available at very low prices and the adoption of these low price products is a huge cost saving to the organizations which propel the growth of the medical device reprocessing market. Growing needs to reduce the medical waste. The medical waste represents the single-use medical device that is not collected for reprocessing. Increasing the prevalence of chronic diseases leads to a rise in the number of surgical procedures which boosts the growth of this medical device reprocessing market insights.
Healthcare organizations are spending higher money for disposing of regulated medical wastes compared to solid waste. In 2016, according to the survey report of AMDR, by using the reprocessed medical devices, the healthcare organizations across the countries the U.S, Canada, and Europe saves USD 471 million and diverted 15 million pounds of medical waste. The demand for medical device reprocessing companies is increased in both developed and developing countries due to the growing development of reprocessed devices and services by medical device reprocessing technicians and also the government initiatives to reduce medical waste. Moreover, owing to the exploration of emerging markets, strategic initiatives to promote a medical device reprocessing system, and rising automated pharmaceutical workflow.
The use of reprocessed devices may cause a risk of transmission of surgical site infections which is hindering the market. The reprocessing method is a complex and technical process that may limit the growth of the medical device reprocessing market.
The positive changes in the regulatory scenarios are creating opportunities to grow in the global medical device reprocessing market. Trending bio-banking scenario, rise in outsourcing medical device reprocessing, and increasing involvement of medical device reprocessing workflow are boosting the global market.
Few concerns are raising about patient safety, ethics, and environment is the challenges of the medical device reprocessing companies market.
Study Objectives -
The global medical device reprocessing market has been divided into segments based on product & service, type of medical device, application, and region.
Based on Product & Service
The global medical device reprocessing market based on the product & service is classified into two types as reprocessed medical devices, and reprocessing support and services. Out of these two services, reprocessing support & services segment is dominating the largest market share due to the growing preference of the customers for reprocessing services by third-party reprocessors with fewer expenses and low environmental impact.
The reprocessed medical devices account for the significant market growth due to the growing use of reprocessed products in several surgeries like cardiac surgery and low expensive reprocessed medical device when compared to the latest devices is propelling the growth of the market in this segment.
Based on Type of Medical Device
The global medical device reprocessing market based on the type of medical device is bifurcated into five types such as laparoscopy instruments, biopsy instruments, catheters, endoscopy instruments, cables, columns, and cutters. Among them, catheters is dominating the largest market share and are predicted to grow at a significant CAGR during the forecast period. The growth is attributed due to the increasing applications of electrophysiology, reprocessed cardiology, and diagnostic catheters.
Based on Application
By application, the global medical device reprocessing market is categorized into few types such as cardiology, general surgery, urology, orthopedic, gastroenterology, and others. Among them, cardiology is leading the market share due to the favorable opinion given by the American Society of Cardiac Arrhythmias to reprocess electrophysiological devices. In the US, The Food and Drug Administration (FDA) allows its reprocessing by classifying electrophysiological cardiac catheters in Class 2 surgical devices. These approvals are favoring the market growth.
Based on Region
Regionally, the global medical device reprocessing market is analyzed into four main geographies such as Europe, America, Asia-Pacific, and the Middle East & Africa. Among these regions, America is leading the global medical device reprocessing market share due to the presence of the favorable regulatory scenario for increasing the safety and efficiency of the reprocessed medical device which is accelerating the market growth.
Regional Analysis -
Geographically, the medical device reprocessing market based on regions are divided into four major regions like Asia-Pacific, Europe, America, and the Middle East & Africa. Due to the presence of a favorable regulatory scenario to increase the safety and efficiency of the reprocessed medical device, America is accounting for the largest market growth. The growing prevalence of chronic diseases coupled with raising the number of surgical procedures is escalating the market growth in this region.
Europe is holding significant growth due to the high adoption of the cost-saving processes through medical device reprocessing and regulatory pressure to reduce the medical waste generation is propelling the market growth in this region. Asia-Pacific is expected to be the fastest-growing market due to the reuse of medical devices in Asian countries is very high mostly in injection needles. Owing to the limited healthcare infrastructure, the Middle East & Africa are witnessing the smallest market share.
The prominent key players in the medical device reprocessing market outlook are the following:
This global medical device reprocessing market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the medical device reprocessing market drivers, restraints, challenges, and opportunities. The medical device reprocessing global market forecast segments are four types as product & service, type of medical device, application, and region.
Globally, the medical device reprocessing market trends has been segmented based on the product & service, type of medical device, application, and region.
By Product & Service
Reprocessed medical devices and reprocessing support and services are the two products & services of the medical devices reprocessing market.
By Type of Medical Device
Cardiology, general surgery, urology, orthopedic, gastroenterology, and others.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the medical device reprocessing market.
|Market Size||USD 10.9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product & Service, Type of Medical Device and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Stryker Corporation (US), Johnson & Johnson (US), Medtronic PLC (Ireland), Vanguard AG (Germany), Medline Industries, Inc. (US), AGITO MEDICAL A/S (Denmark), EverX Pvt Ltd (Australia), Block Imaging (US), SureTek Medical (US), ReNu Medical, Inc. (Arjo) (US)and SteriPro (Canada)|
|Key Market Opportunities||The positive changes in the regulatory scenario are favoring medical device reprocessing in the number of countries such as France and Japan|
|Key Market Drivers||
Medical device reprocessing market size to exhibit a 15.7% CAGR during the forecast period (2022-2030).
The players are Stryker Corporation (US),Johnson & Johnson (US),Medtronic PLC (Ireland),Vanguard AG (Germany),Medline Industries, Inc. (US),AGITO MEDICAL A/S (Denmark),EverX Pvt Ltd (Australia),Block Imaging (US),SureTek Medical (US),ReNu Medical, Inc. (Arjo) (US),SteriPro (Canada)
Asia-Pacific is leading the market with maximum market share.
The valuation of the global Medical Device Reprocessing Market is estimated to increase to USD 10.9 billion by the end of 2030.