Reprocessed Medical Devices Market: Introduction
According to the report, the global reprocessed medical devices market was valued at US$ 2.05 Bn in 2020 and is projected to expand at a CAGR of 14.9% from 2021 to 2028. Increase in adoption rate, regulatory policies, reduced pricing, and improved quality of reprocessed medical devices are factors driving the global market. Moreover, increase in demand from customers and rise in industry standards propel the global reprocessed medical devices market.
Increase in Incidence of Various Disorders and Usage of Reprocessed Devices to Augment Global Market
Rise in the number of cases of various disorders and usage of reprocessed devices boost the growth of the global reprocessed medical devices market. According to the Association of Medical Device Reprocessors (AMDR), more than 3,000 hospitals in the U.S. use reprocessed medical devices due to which around 13,000 tons of medical waste has been eliminated to date.
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Moreover, US$ 2 Bn to US$ 3 Bn worth medical expenditure could be saved by using reprocessed medical devices in the U.S. every year, and a typical hospital could save around US$ 500,000 to US$ 2 Mn per year. Hence, significant cost savings from using reprocessed medical devices has attracted several hospitals in adopting these devices.
In terms of device type, the global reprocessed medical devices market has been classified into cardiovascular devices, general surgery devices, laparoscopic devices, orthopedic external fixation devices, and gastroenterology biopsy forceps.
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North America to Dominate Global Market
In terms of region, the global reprocessed medical devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global reprocessed medical devices market in 2021. North America was the largest market for reprocessed medical devices due to increase in adoption of reprocessed medical devices and favorable regulatory policies. The region offers significant opportunity in the reprocessed medical devices market.
The market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period. The market in the region is likely to be driven by reduced pricing and improved quality of reprocessed medical devices, and rapidly increasing geriatric population.
Moreover, the expansion of the healthcare sector in countries such as China, Japan, and India offers significant opportunities in the market in the region. Additionally, technological advancements and increase in the rate of adoption of products are expected to propel the market in Asia Pacific during the forecast period.
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Stryker and Johnson & Johnson to be Key Market Players
The global reprocessed medical devices market is highly fragmented. A number of players provide different products. Key players in the global reprocessed medical devices market include Stryker, Medline Industries, Inc., ReNu Medical, LUMITOS AG, Vanguard AG, Johnson & Johnson, Sterilmed, Inc., Hygia Health Services, Inc., Centurion Medical Products Corporation, Siemens Healthcare, Philips Healthcare, GE Healthcare and Suretech Medical, Inc. The expansion of the product portfolio through mergers and acquisitions is a key strategy followed by several global players.
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