USD 2.01 billion
Report ID:
SQMIG35A2675 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Reprocessed Medical Devices Market size was valued at USD 2.30 billion in 2022 and is poised to grow from USD 2.63 billion in 2023 to USD 7.78 billion by 2031, growing at a CAGR of 14.50% during the forecast period (2024-2031).
The global market is driven by the growing need to reduce medical waste in healthcare settings, and reprocessed devices offer a solution to address this concern. Additionally, the cost benefits associated with using reprocessed devices and the increasing awareness of their advantages are contributing to market growth. Furthermore, the market is benefiting from factors such as the rising prevalence of cardiovascular disorders, an aging population, and improvements in healthcare infrastructure. Government initiatives aimed at promoting equipment reprocessing are also creating significant business opportunities for the market.
Reprocessing medical equipment not only reduces medical waste but also helps decrease Greenhouse Gas (GHG) emissions, leading to a safer and more environmentally friendly healthcare system. For example, in 2021, the use of reprocessed medical devices diverted 20.3 million pounds of medical waste, as reported by the Association of Medical Device Reprocessors (AMDR). Major hospitals are increasingly partnering with medical device reprocessing companies as an alternative to reduce capital investments. By choosing reprocessed devices, hospitals can enjoy cost savings of 25-40% compared to new devices, while also contributing to the reduction of medical waste.
The market is further driven by the rising prevalence of chronic diseases, which increases the demand for reprocessed medical devices used in various surgical procedures. These devices enable healthcare facilities to achieve cost savings without compromising patient care or safety. For instance, reprocessed alternatives to coronary sinus catheters and steerable sheaths can provide significant cost reductions of around 50% compared to their new counterparts.
US Reprocessed Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.01 billion
Largest Segment
Third-party reprocessing
Fastest Growth
Third-party reprocessing
Growth Rate
14.5% CAGR
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Global Reprocessed Medical Devices Market is segmented by type, product, and region. Based on type, the market can be segmented into third-party reprocessing and in-house reprocessing. Based on Product, the market is segmented into cardiovascular, laparoscopic, gastroenterology, orthopaedic device and general surgery devices. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Reprocessed Medical Devices Market Analysis by Type
By Type, the market can be segmented into third-party reprocessing and in-house reprocessing. The third-party reprocessing Medical Devices is the dominating segment in the market. It holds the largest revenue share of over 84%. These third parties take abandoned medical devices that would typically be thrown away as medical waste and put them through different cleaning, sterilisation, and refurbishment processes to make them fit for reuse.
While in-house reprocessed medical devices are experiencing significant growth and is the fastest-growing segment. It is the procedure by which a healthcare facility, such as a hospital, cleans and restores medical equipment so that it can be used again on the same premises.
Reprocessed Medical Devices Market Analysis by Product
By product, the market can be segmented into cardiovascular, laparoscopic, gastroenterology, orthopaedic device and general surgery devices. The cardiovascular segment represents the dominating segment in the Reprocessed Medical Devices market. The significant market share of reprocessed cardiovascular products is a result of the FDA's increasing approval of these goods. The demand for more affordable options is growing as cardiovascular procedures and treatments become more prevalent, which is driving category expansion.
While the laparoscopic segment has emerged as the fastest-growing segment in the Reprocessed Medical Devices market. The demand for reprocessed laparoscopic equipment is being driven by the significant amount of waste produced because of the use of disposable instruments. More reprocessing clearances for laparoscopy are anticipated to be possible as the need for less invasive procedures increases, supporting the expansion of this market.
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North America dominates the global Reprocessed Medical Devices market. It holds the revenue share of over 46% of the global market. This market is anticipated to have strong potential opportunities due to favourable government efforts and deliberate actions done by healthcare organizations to raise awareness about equipment reprocessing. For instance, Practice Green health, a famous provider of sustainable healthcare, provides environmental solutions to a large network of more than 1,500 hospitals and health systems in the United States and Canada. Their cooperation prospects include hospitals, health systems, community health organizations, NGOs, government agencies, academic institutions, and participants in the healthcare value chain, among other organizations in the healthcare sector.
Asia Pacific is expected to be the fastest growing region in the global Reprocessed Medical Devices market. The regional market for reprocessed medical equipment is expanding, and factors driving it include the expanding economy, increased prevalence of chronic diseases, and the growing demand to reduce hospital expenses. Similar to other regions of the world, developing nations like China and India have seen an increase in the prevalence of chronic diseases. Government investments in healthcare infrastructure have increased as a result, yet funding is still constrained. As a result, there is a significant product demand.
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Reprocessed Medical Devices Market Drivers
Increasing Demand for Medical Supplies
Increasing Awareness and Initiatives for Reducing Medical Waste
Reprocessed Medical Devices Market Restraints
Increasing Risk of Surgical Site Infections
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The global reprocessed medical devices market has a competitive landscape with several key players operating in the industry. These players engage in strategies such as mergers and acquisitions, partnerships, collaborations, product launches, and geographic expansions to gain a competitive edge. Companies with a diverse range of reprocessed medical devices catering to various medical specialties tend to have a competitive advantage. These include devices used in cardiology, orthopedics, gastroenterology, general surgery, and others. R&D investments, innovative technologies, and continuous improvement in reprocessing techniques help companies stay competitive and offer high-quality reprocessed medical devices. Collaborations, partnerships, and acquisitions with hospitals, healthcare systems, and other stakeholders can enable companies to expand their market presence and gain a competitive edge.
Reprocessed Medical Devices Market Top Player’s Company Profiles
Reprocessed Medical Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global reprocessed medical devices market analysis, the market is witnessing growth driven by growing focus on reducing medical waste in healthcare settings, prompting the adoption of reprocessed devices. The cost advantages and increasing awareness of the benefits associated with these devices are also contributing to market expansion. Additionally, factors such as the rising prevalence of cardiovascular disorders, an aging population, and improvements in healthcare infrastructure are fueling market growth. Government initiatives aimed at promoting equipment reprocessing are creating lucrative opportunities. Reprocessing medical equipment not only reduces waste but also helps lower greenhouse gas emissions, promoting a safer and environmentally friendly healthcare system.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.30 billion |
Market size value in 2031 | USD 7.78 billion |
Growth Rate | 14.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Reprocessed Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Reprocessed Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Reprocessed Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Reprocessed Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35A2675