Reprocessed medical devices include previously used or refurbished devices that have gone through rigorous testing, disinfection, and sterilization procedures to make them safe for reuse on patients. Reprocessed medical devices include surgical instruments, arthroscopic and endoscopic devices, laparoscopic devices, electrosurgical devices, and other medical equipment. Reprocessed medical devices provide a cost-effective alternative to the high costs of expensive new medical devices.
The global reprocessed medical devices market is estimated to be valued at US$ 3,091.08 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising healthcare costs savings is a key driver contributing to the growth of the reprocessed medical devices market. According to the Organization for Economic Co-operation and Development (OECD), health spending in the United States reached $3.8 trillion in 2019 and is expected to rise to $6.2 trillion by 2028. The high costs of many new medical devices place a significant burden on healthcare systems globally. Reprocessing and reusing medical devices provides an opportunity for healthcare facilities to reduce costs while continuing to provide quality patient care. Reprocessed medical devices allow hospitals and healthcare systems to achieve average savings of up to 70% on the costs of new devices. The increasing focus on reducing healthcare costs worldwide is expected to drive the adoption of reprocessed medical devices during the forecast period.
SWOT Analysis
Strength: Reprocessed medical devices are affordable alternative to original equipment. They provide significant cost-savings to healthcare facilities without compromising quality. Being refurbished, they are more environment-friendly than disposing off and producing new devices. Standard processes ensure devices meet safety and performance requirements.
Weakness: Some facilities prefer using original equipment over reprocessed devices due to perceived quality and safety concerns. Lack of widespread acceptance and regulatory variations across regions limit market growth potential.
Opportunity: Growing healthcare costs and demand for affordable treatment & devices across developing nations present a large addressable market. Favorable regulations and guidelines by regulatory bodies to promote sustainable healthcare can boost adoption.
Threats: Stringent regulations on refurbishing processes by some regions increase operational challenges & costs. Patents of major OEMs (Original Equipment Manufacturers) pose competition threats to reprocessors.
Key Takeaways
The global reprocessed medical devices market is expected to witness high growth.
Regional analysis: the Asia Pacific region is expected to offer most lucrative opportunities during the forecast period attributed to rising medical tourism, increasing healthcare expenditure in developing countries like India and China and large patient pool suffering from chronic diseases. This will drive demand for affordable treatment options like reprocessed medical devices.
Key players: Key players operating in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal, SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation. These players are focusing on expanding their geographic presence and service offerings in high growth markets to gain market share.
