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Reprocessed medical devices refer to medical devices that have been retrieved from usage, undergo procedures for cleaning, disinfection and sterilization, repair if needed, and are then approved fit for re-use. The global reprocessed medical devices market is gaining traction due to the growing need to reduce healthcare costs across various countries. Such devices include cardiovascular devices, laparoscopic devices, orthopedic external fixation devices, gastroenterology biopsy forceps, and electrosurgical and cautery devices. Growing geriatric population suffering from various chronic diseases is increasing the demand for diagnostic and surgical procedures. With limited budgets for healthcare, reprocessing of medical devices provides an affordable alternative without compromising quality.
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:
The growing need to reduce healthcare costs is a major driver of the reprocessed medical devices market. As the reprocessing reduces the overall costs of devices by 40-60% compared to original devices, hospitals and healthcare facilities are increasingly opting for such devices for diagnostic and surgical procedures. Moreover, growing geriatric population which remains the highest users of healthcare services further drives the demand. According to the United Nations report, by 2050 approximately 16% of the global population will be over 65 years of age. Another driver is regulatory approvals for reprocessed devices in many regions. In the US, FDA has established guidelines for approval of such devices which is encouraging established players as well as small reprocessors to enter the market.
Segment Analysis
The global reprocessed medical devices market is segmented into cardiovascular devices, general surgery medical devices, laparoscopic devices, orthopaedic external fixation devices, Gastroenterology biopsy forceps and endometrial devices. The cardiovascular devices segment dominates the market and accounts for more than 50% of the total market share. This is primarily due to the growing number of cardiovascular diseases such as heart diseases, atherosclerosis and others which require cardiovascular surgeries frequently. The increasing adoption of minimally invasive cardiovascular procedures and advancements in cardiovascular devices is further driving the growth of this segment.
PEST Analysis
Political: Governments across the globe are supporting the reuse of medical devices to reduce healthcare costs. Several countries have implemented favorable regulations to promote the reprocessing of medical devices. However, lack of universal standards and regulations can hamper the market growth.
Economic: The reprocessed medical devices market witnesses high demand due to its ability to provide quality medical instruments at lower costs compared to new devices. It helps reduce the financial burden on patients and healthcare systems. The rising healthcare expenditure globally is another major factor fueling the adoption of reprocessed devices.
Social: There is a growing social and environmental awareness about sustainable healthcare and efficient waste management. Reprocessing of used medical devices helps reduce medical waste and promotes the efficient usage of resources. This social trend is positively impacting the market growth.
Technological: Advanced technologies such as ethylene oxide sterilization, proteolytic enzymatic cleaning, and plasma sterilization allow efficient reprocessing of complex and delicate medical devices without compromising on quality or safety. New verification and validation technologies further improve reprocessing outcomes.
Key Takeaways
The global reprocessed medical devices market is expected to witness high growth at a CAGR of 20% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 6,091.08 Mn by 2030 from US$ 3,091.08 Mn in 2024.
Regional analysis: North America dominates the global market and is expected to retain its dominance during the forecast period. This is attributed to factors such as favorable reimbursement policies, uptake of technologically advanced reprocessed medical devices and presence of major market players in the region. Asia Pacific is anticipated to witness the fastest growth due to growing medical tourism industry and rising healthcare expenditure in countries like India and China.
Key players analysis: Key players operating in the reprocessed medical devices market include 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. Stryker Corporation holds the largest market share due to its robust product portfolio and widespread distribution network across major markets.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
