The global reprocessed medical devices market is anticipated to grow with a significant CAGR during the forecast period, i.e., 2021-2029. The growth of the market over the forecast period can be attributed primarily to the growing need for effective and affordable medical devices, along with the increasing need to lower the generation of medical wastes in healthcare settings. According to the statistics by the World Health Organization (WHO), around 85% of the total amount of medical wastes generated in healthcare activities is non-hazardous and general waste. In other statistics by the Association of Medical Device Reprocessors (AMDR), hospitals and surgical centers that used reprocessed single-use medical devices in the year 2019, saved around USD 544 million. Further, increasing prevalence of different type of diseases and therefore the need for surgical instruments to treat such diseases, followed by the rising need from the newly developed healthcare settings for such affordable devices, inclination of healthcare professional towards the use of single-use reprocessed devices (SUDs), and the need amongst the healthcare settings to lower the cost of their regulated medical wastes (RMWs) are some of the additional factors anticipated to drive the market growth.
The U.S. Food and Drug Administration (FDA) have laid a set of six criteria guidance and procedures for reprocessing of the medical devices and have also defined a list of reusable medical devices for reprocessing, some of which includes endoscopes, surgical forceps, and stethoscopes among others. The medical device reprocessing companies strictly need to adhere to the six criteria laid by the FDA.
The market is segmented by end-user into hospitals, nursing homes, and small clinics. Among these segments, the hospitals segment is projected to grab the highest share of the market by the end of 2021. The growth of the segment can be attributed to the growing need amongst hospitals to lower their medical wastes and the need to lower their cost of procuring different devices used for surgeries and other medical purposes. Moreover, growing concern for single-use medical wastes generated by hospitals, and the stringent regulatory norms of the government of nations to lower the medical wastes are some of the additional factors anticipated to drive the growth of the segment in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global reprocessed medical devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Among these regions, the market in North America is projected to hold the largest market share by the end of 2029. The growth of the market in the region can be attributed to the increasing awareness amongst the end-users to curtail the waste generated from them, along with the growing concern for the environment backed by the rising landfills from medical wastes, and the favorable government initiatives that promote reprocessing of medical equipment.
The global reprocessed medical devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global reprocessed medical devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing need for effective and affordable medical devices, along with the growing concern for the increasing amount of medical wastes generated from healthcare settings, are some of the major factors driving the market growth.
The market is anticipated to witness a significant CAGR over the forecast period, i.e., 2021-2029.
The major companies in the market are MEDICOM eG, Elite-Medical LLC, Pelion Surgical, Moria SA, Aesculap, Inc., Millennium Surgical Corp., gSource, LLC, and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market in North America is anticipated to hold the dominating share by the end of 2029 primarily on account of the favorable government initiatives that promote reprocessing of medical equipment.
The reprocessed medical devices market is segmented by type, end-user, and by region.
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