Global Reprocessed Medical Devices Market Highlights 2020-2029
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.
Global Reprocessed Medical Devices Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global reprocessed medical devices market includes the following segments:
By Type
- Cardiovascular
- Laparoscopic
- General Surgery
- Orthopedic/Arthroscopic
- Gastroenterology Medical Devices
By End-User
- Hospitals
- Nursing Homes
- Small Clinics
Growth Drivers
- Growing Need Amongst Healthcare Operators to Lower Their Cost on Medical Wastes
- Rising Concern for the Environment
Challenges
- Stringent Procedures of the Regulatory Authorities for Reprocessing of Medical Devices
- Risks of Infections in the Surgical Site
Top Featured Companies Dominating the Market
- MEDICON eG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Developments
- Regional Presence
- SWOT Analysis
- Elite-Medical LLC
- Pelion Surgical
- Moria SA
- Aesculap, Inc.
- Millennium Surgical Corp.
- gSource, LLC
- Sklar Surgical Instruments
- Stryker Corporation
- Integra LifeSciences Corporation
