by The Reprocessed Medical Devices Market is estimated to be valued at US$ 3722.53 Mn or 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 Overview:
Reprocessed medical devices are medical devices that were originally used for their intended purpose and have been professionally cleaned, disinfected, sterilized, refurbished and sealed for reuse. These devices include devices like surgical instruments, scopes, orthopedic implants, pacemakers and other devices. Reprocessed devices help reduce costs for both hospitals and patients by remanufacturing and resterilizing previously used devices. This has led to increased adoption of these devices across hospitals and healthcare facilities.
Market Dynamics:
The increasing healthcare costs have compelled hospitals and healthcare facilities to look for cost-effective alternatives. Reprocessed medical devices offer significant cost savings of around 30-70% as compared to their original prices. This is a major factor driving the growth of this market. Further, many patients in developing regions do not have adequate insurance coverage and hence opt for reprocessed devices which are more affordable.
Second major driver is the demand-supply gap for many medical devices. For example, according to estimates there is a gap of over 2 million colonoscopies performed annually in the US due to shortage of devices. Reprocessing helps meeting this gap by making more devices available at lower costs. With increasing incidents of chronic diseases and growing geriatric population globally, the demand for various medical procedures and devices is steadily rising, further fueling the need for cost-effective reprocessed devices.
Segment Analysis
The global reprocessed medical devices market is dominated by the cardiovascular devices segment. This is because cardiovascular diseases remain one of the leading causes of death worldwide. The increasing prevalence of these diseases has significantly driven the demand for cardiac devices such as pacemakers and stents. Additionally, the widespread adoption of minimally invasive cardiac surgeries has propelled the usage of reusable cardiovascular medical devices.
PEST Analysis
Political: Regulations supporting medical device reprocessing in several countries are expected to positively influence the market growth. For instance, the MDR regulations in the EU encourage remanufacturing and refurbishing of medical devices.
Economic: The significantly lower prices of reprocessed medical devices compared to original ones is a major factor driving their adoption. This helps healthcare providers reduce costs without compromising on quality.
Social: With rising healthcare costs, several patients prefer reused devices to reduce their financial burden. This increases the acceptance of reprocessed medical devices.
Technological: Advancements in reprocessing technologies have improved the safety and sterilization of reused devices. Standardized protocols ensure devices maintain their structural integrity and performance after multiple uses.
Key Takeaways
The global Reprocessed Medical Devices Market Share is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing need to reduce healthcare costs. The market size for 2023 is estimated to be US$ 3722.53 Mn.
Regional analysis: North America dominates the market currently due to rising demand and FDA approval of reprocessed cardiovascular and arthroscopic devices in the region. However, Asia Pacific is expected to grow the fastest owing to increasing medical tourism and focus on reducing device costs in developing countries.
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. Stryker Corporation holds a major market share due to its wide product portfolio of orthopedic and cardiac devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
