Medical Device Reprocessing Market to Eyewitness Massive Growth


Posted June 16, 2022 by johnnyandrew

The key factors driving the growth of this market include the low prices of reprocessed devices as compared to new ones and the pressure to reduce the volume of medical waste generated.
 
The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used medical devices for its reuse to diagnose and treat multiple patients.

The global medical device reprocessing market is projected to be valued at USD 823.5 Million in 2017 and is expected to grow at a CAGR of 16.3% during the forecast period to reach to USD 1,754 Million by 2022. In 2016, North America dominated the market, and this is primarily attributed to its well-established healthcare industry, growing prevalence of chronic diseases, and increasing volume of surgical procedures.

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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.

The report analyzes the market by product & service, type of medical device, application, and region. On the basis of product & service, the reprocessing support and services segment accounted for the largest share in 2016, owing to the increased adoption of third-party reprocessing services over in-house reprocessing services by hospitals, clinics, surgical centers, clinical pathologies, and other healthcare organizations.

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.

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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.

The major 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.(Canada), 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.).

Key Questions Addressed by the Report:

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2. What are the growth trends and the largest revenue-generating region for bioinformatics?

3. How are bioinformatics products and services sold to customers?

4. What are the major segments in bioinformatics market?

5. What are the driving, restraining, opportunistic, and challenging factors for this market?

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Issued By johnny
Country United States
Categories Blogging
Tags medical device reprocessing market
Last Updated June 16, 2022