The growth of this market is majorly driven by the increased utilization of the low priced reprocessed medical devices as compared to new devices, increased efforts towards reducing regulated medical waste (RMW), and rising number of surgical procedures associated with the growing prevalence of chronic diseases. However, the risk of transmission of surgical site infections associated with the use of reprocessed devices may hinder the growth of the market to a certain extent.
According to a new market research report “Medical Device Reprocessing Market by Product (Reprocessed Device (Catheter, Endoscope, Laparoscopic Instruments, Biopsy, Pulse Oximeter), Service), Application (Cardiology, Gastroenterology, Arthroscopy, Orthopedic, Anesthesia) – Global Forecast to 2022″, published by MarketsandMarkets™, the Medical Device Reprocessing Market is expected to reach USD 1,754 Million by 2022 from an estimated USD 823.5 Million in 2017, at a CAGR of 16.3%.
Browse in-depth TOC on “Medical Device Reprocessing Market”
Download PDF Brochure: http://www.marketsandmarkets.com/pdfdownload.asp?id=583
The key factors driving the growth of this market include the low prices of reprocessed medical devices as compared to new devices and the pressure to reduce the volume of regulated medical waste (RMW) generated by various healthcare organizations. However, the risk of transmission of surgical site infections associated with the use of reprocessed medical devices may hinder the growth of this market to a certain extent.
By product and service, the reprocessing support and services segment accounted for the largest share of the market in 2016
On the basis of product and service, the Medical Device Reprocessing Market is broadly segmented into reprocessing support & services and reprocessed medical device. In 2016, reprocessing support and services accounted for the largest share of this market and expected to grow at the highest CAGR during the forecast period. This is primarily attributed to the growing preference for third-party reprocessing of medical devices, as opposed to in-house reprocessing, due to its cost-saving potential and reductions in medical waste generation.
By type of medical device, catheters held the largest market share in 2016
Based on type of medical device, the Medical Device Reprocessing Market is further categorized into catheters; laparoscopy instruments; biopsy instruments; endoscopy instruments; cable, columns, curves, and cutters; and other reprocessed medical devices. In 2016, the catheters segment accounted for the largest share of the Medical Device Reprocessing Market and is expected to grow at the highest CAGR during the forecast period. The highest growth of this segment is mainly attributed to the increased utilization of reprocessed cardiology, electrophysiology, and diagnostic catheters in recent years.
By application, the cardiology segment held the largest market share in 2016
Based on application, the market is segmented into cardiology; gastroenterology, urology, and gynecology; arthroscopy and orthopedic surgery; and general surgery and anesthesia. In 2016, the cardiology segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. Growing geriatric population coupled with the increasing prevalence of cardiovascular disorders and increasing adoption of reprocessed cardiology and electrophysiology catheters in hospitals and other healthcare facilities are the major factors driving the growth of this segment.
Get Data as per your Format and Definition | REQUEST FOR CUSTOMIZATION: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=583
North America dominated the market in 2016
North America accounted for the largest share of the Medical Device Reprocessing Market in 2016, followed by Europe and Latin America. Factors such as its well-established healthcare industry, low price of reprocessed medical devices, the pressure to reduce the volume of regulated medical waste, rising prevalence of non-communicable and chronic diseases, and increasing volume of surgical procedures are contributing to the large share of North America. The rising prevalence of chronic diseases, increasing geriatric population, rising healthcare expenditure, increasing number of surgical procedures, and growing awareness about the usage of reprocessed medical devices are majorly contributing to the growth of the European Medical Device Reprocessing Market, which holds the second-largest market share.
The key players in the global Medical Device Reprocessing Market are Stryker Corporation (U.S.), Johnson & Johnson (U.S.), Vanguard AG (Germany), Medline ReNewal (U.S.), Medtronic plc (Ireland), SteriPro Canada, Inc., Pioneer Medical Devices AG (Germany), Vascular Solutions, Inc. (U.S.), HYGIA Health Services, Inc. (U.S.), ReNu Medical, Inc. (U.S.), SureTek Medical (U.S.), and Centurion Medical Products Corporation (U.S.).
Browse Related Reports:
MEDICAL DEVICE CLEANING MARKET By Process [Presoak, Manual Cleaning, Automatic Cleaning, Disinfection] Type [Enzymatic & Non-enzymatic Detergent, Disinfectant] Application [Surgical Instruments, Endoscope, Ultrasound Probe] – Global Forecast To 2022.
REFURBISHED MEDICAL EQUIPMENT MARKET (X-Ray, Ultrasound, MRI, CT Scanner, Nuclear Imaging Systems, Heart-Lung Machine, Surgical, CO2 Monitor, Patient Monitor, Pulse Oximeter, AED Defibrillator, Cath Labs, Neonatal, Endoscopy) – Global Forecast to 2021
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’ flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
701 Pike Street
Suite 2175, Seattle,
WA 98101, United States
Email: [email protected]