The Medical Device Reprocessing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Device Reprocessing Global Market Report 2024, The medical device reprocessing market size has grown rapidly in recent years. It will grow from $2.09 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to cost containment pressures, regulatory evolution, increased environmental awareness, demand for single-use device alternatives, hospital budget constraints.
The medical device reprocessing market size is expected to see rapid growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rising demand for sustainable practices, global healthcare spending patterns, increasing focus on value-based care, expansion in emerging markets, consumer confidence and acceptance. Major trends in the forecast period include advanced disinfection techniques, sustainable packaging and material innovation, circular economy initiatives, hybrid reprocessing models, focus on remote reprocessing technologies.
An increase in surgical procedures is expected to propel the growth of the medical device reprocessing market going forward. Surgical procedures refer to medical treatment that involves making an incision and using tools to cure or repair disease in a living body. Reprocessing involves removing blood, tissue, and other biological waste from equipment and inactivating infectious microorganisms to ensure that it is clean and safe for the patient who will use it next. For instance, in 2022, according to the British Heart Foundation, a UK-based a cardiovascular research charity, points that in UK surgical procedures, transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI), increased from 5676 in 2019/20 to 6328 in 2020/21. Therefore, an increase in surgical procedures is driving the growth of the medical device reprocessing market.
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The medical device reprocessing market covered in this report is segmented –
1) By Type: Reprocessing support and Services, Reprocessing Medical Devices
2) By Device Category: Critical Devices, Semi-Critical Devices, Non-Critical Devices
3) By Application: Cardiology, Gastroenterology, Gynecology, Orthopedic, General Surgery, Other Applications
4) By End-Use: Hospital, Ambulatory Service Centers, Home Healthcare
Technological advancements are a key trend gaining popularity in the medical device reprocessing market. Major companies operating in the medical device reprocessing market are adopting new technologies to sustain their position in the market. For instance, in June 2022, Getinge, a Sweden-based medical technology company, launched an updated version of the endoscope washer-disinfector, an ED-Flow automated endoscope reprocessor. Customers of Getinge's endoscope reprocessing unit will benefit from the facility's higher level of digital connectivity and data management, increasing uptime and productivity. It uses traceability software, T-DOC, with ED-Flow. ED-Flow efficiently handles flexible endoscope leak testing, cleaning, and high-level disinfection with practical, trustworthy outcomes.
The medical device reprocessing market report table of contents includes:
1. Executive Summary
2.Medical Device Reprocessing Market Characteristics
3.Medical Device Reprocessing Market Trends And Strategies
4. Medical Device Reprocessing Market analysis
5.Medical Device Reprocessing Market Size And Growth
6. Medical Device Reprocessing Segmentation
7.Medical Device Reprocessing Regional And Country Analysis
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27.Medical Device Reprocessing Competitive Landscape And Company Profiles
28.Medical Device Reprocessing Key Mergers And Acquisitions
29.Medical Device Reprocessing Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Cardinal Health
- Johnson & Johnson Services Inc.
- Abbott, Medtronic PLC
- Danaher
- Hill-Rom Holdings Inc.
- Fresenius Medical Care
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Major factors driving the growth of this market include growing prevalence of chronic disease, increasing incidence of communicable disease due to needle stick injuries, rising demand for biosimilars and vaccination, advantages of drug delivery technology, increasing demand for self-injection devices.The global medical device reprocessing market is projected to reach USD 1,754.0 Million by 2022 from USD 823.5 Million in 2017, at a CAGR of 16.3%.Medical Device Reprocessing Market by Product (Reprocessed Device (Catheter, Endoscope, Laparoscopic Instruments, Biopsy, Pulse Oximeter), Service), Application (Cardiology, Gastroenterology, Arthroscopy, Orthopedic, Anesthesia).Ask for FREE PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=583The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used medical devices for its reuse to diagnose and treat multiple patients.The report analyzes the market by product & service, type of medical device, application, and region.
On the basis of product & service, the reprocessing support and services segment accounted for the largest share in 2016, owing to the increased adoption of third-party reprocessing services over in-house reprocessing services by hospitals, clinics, surgical centers, clinical pathologies, and other healthcare organizations.Based on type of medical device, the catheters segment accounted for the largest share in 2016 and is expected to grow at the highest CAGR during the forecast period.
The growth of this segment can be attributed to the increased utilization of reprocessed cardiac catheters, electrophysiology catheters, and diagnostic catheters in recent years.North America accounted for the largest share of the Medical Device Reprocessing MarketGeographically, the global Reprocessed Medical Devices Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
In 2016, North America dominated the market, and this is primarily attributed to its well-established healthcare industry, growing prevalence of chronic diseases, and increasing volume of surgical procedures.Request for FREE Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=583Maior Key Players Mapped in Research Report:In 2016, Stryker Corporation (U.S.) and Johnson & Johnson (U.S.) dominated the global medical device reprocessing market.
Some of the other players competing in this market are Vanguard AG (Germany), Medline ReNewal (U.S.), Medtronic plc (Ireland), SteriPro Canada, Inc. (Canada), Pioneer Medical Devices AG (Germany), Vascular Solutions, Inc. (U.S.), HYGIA Health Services, Inc. (U.S.), ReNu Medical, Inc. (U.S.), SureTek Medical (U.S.), and Centurion Medical Products Corporation (U.S.).
Medical Device Reprocessing Market Segmentation by Product & Service: Reprocessed Medical Devices, Reprocessing Support and Services; Type of Medical Device: Catheters, Laparoscopy Instruments, Biopsy Instruments, Endoscopy Instruments, Cables, Columns, and Cutters; Application: General Surgery, Cardiology, Orthopedic, Gastroenterology, Urology and Regions - Forecast to 2027Overview:The global report with specifics of the medical device reprocessing market reveals a proper understanding of factors like the low cost of the final products, increasing demand for recycling to ensure lesser medical waste, and others can help in devising better strategies.
The global market for medical device reprocessing market is slated to surpass a valuation of USD 2,671.8 million during the forecast period of 2019 to 2025 with a CAGR of 16.4% during the forecast period.
The cardiology segment has the largest market share as the segment is witnessing a rise in the adoption of electrophysiology catheters in various hospitals & clinics to ensure better performance of surgical procedures.Regional Analysis:The American market is the largest due to contributions made by countries like the US and Canada.
Europe provides impetus to the market as the region has strict rules supporting eco-friendly methods.Competitive Landscape:Medtronic PLC (Ireland), Stryker Corporation (US), Johnson & Johnson (US), Vanguard AG (Germany), AGITO MEDICAL A/S (Denmark), Medline Industries, Inc. (US), SteriPro (Canada), Block Imaging (US), EverX Pvt Ltd (Australia), SureTek Medical (US), ReNu Medical, Inc. (Arjo) (US), and others are some of the eminent players of the global medical device reprocessing market.
Their strategic initiatives are expected to bolster the market growth and trigger trends for the coming years.Industry News:In June 2020, Innovative Health released a new economic analysis that made an assessment of how markets are expected to get impacted by the underutilization of reprocessing in Atrial Fibrillation (AFib) and other catheter ablation procedures.
As per their report, the electrophysiology (EP) labs are losing around USD 500 million each year.
According to the new market research report “Medical Device Reprocessing Market by Product (Reprocessed Device (Catheter, Endoscope, Laparoscopic Instruments, Biopsy, Pulse Oximeter), Service), Application (Cardiology, Gastroenterology, Arthroscopy, Orthopedic, Anesthesia)”, published by MarketsandMarkets™, medical device reprocessing market is projected to be valued at USD 823.5 Million in 2017 and is expected to grow at a CAGR of 16.3% during the forecast period to reach to USD 1,754 Million by 2022.
Base year considered for the report is 2016.Various secondary sources such as associations (including Food and Drug Administration (FDA), European Association for Medical Device Reprocessing (EAMDR), Association of Medical Device Reprocessors (AMDR), and Canadian Association of Medical Device Reprocessing (CAMDR)), directories, industry journals, databases, and annual reports of the companies have been used to identify and collect information useful for the study of this market.
Top-down and bottom-up approaches were used to validate the size of the global medical device reprocessing market and estimate the size of other dependent submarkets.Major Growth Drivers:The key factors driving the growth of this market include the low prices of reprocessed devices as compared to new ones and the pressure to reduce the volume of medical waste generated.
The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used medical devices for its reuse to diagnose and treat multiple patients.Expected Revenue Growth:[145 Pages Report] The global medical device reprocessing market is projected to be valued at USD 823.5 Million in 2017 and is expected to grow at a CAGR of 16.3% during the forecast period to reach to USD 1,754 Million by 2022.
To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)3.
To analyze market opportunities for stakeholders and provide details of the competitive landscape of market leaders5.
Market Highlights:Medical Device Reprocessing Market Segmentation by Product & Service: Reprocessed Medical Devices, Reprocessing Support and Services; Type of Medical Device: Catheters, Laparoscopy Instruments, Biopsy Instruments, Endoscopy Instruments, Cables, Columns, and Cutters; Application: General Surgery, Cardiology, Orthopedic, Gastroenterology, Urology and Regions – Global Forecast to 2025Registering a CAGR of 16.4%, the Global Medical Device Reprocessing Market is expected to reach USD 2,671.8 Million by 2025.Medical device reprocessing is gaining popularity as it allows major cost savings and reduces hospital waste.
For instance, Kaiser Permanente, a US-based integrated delivery network, saves approximately USD 11 million on an annual basis by reprocessing of medical devices.
Medical waste treatment puts lots of cost pressure on hospitals; however, in countries such as the US, Japan and China, it has become a full-fledged industry.
For instance, Ascent, a subsidiary of Stryker Corporation, eliminated 1,684 tons of medical waste with the help of reprocessing.Market Key Players:Medtronic PLC (Ireland)Stryker Corporation (US)Johnson & Johnson (US)Vanguard AG (Germany)AGITO MEDICAL A/S (Denmark)Medline Industries, Inc. (US)SteriPro (Canada)Block Imaging (US)EverX Pvt Ltd (Australia)SureTek Medical (US)ReNu Medical, Inc. (Arjo) (US)Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/8796 Segment AnalysisThe Global Medical Device Reprocessing Market has been segmented into Product & Service, Type Of Medical Device, and Application.By product & service, the market has been segregated into reprocessed medical devices and reprocessing support and services.
The reprocessing support and services are expected to hold the largest market share due to the rising preference of customers for reprocessing services by third-party reprocesses with reduced expenses and decreased environmental impact.By type of medical device, the market has been bifurcated into catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, and cables, columns, and cutters.On the basis of application, the global medical device reprocessing market has been classified as general surgery, cardiology, orthopaedic, gastroenterology, urology, and others.
The cardiology segment is expected to hold the largest market share owing to the increasing adoption of electrophysiology catheters by hospitals & clinics for various surgical procedures.Regional Analysis:On a regional basis, the Americas is anticipated to dominate the global medical device reprocessing market owing to the presence of a favorable regulatory scenario to increase the safety and efficacy of the reprocessed medical device.
