The global Reprocessed Medical Devices market size is expected to be worth around US$ 15.0 billion by 2030, according to a new report by Vision Research Reports.
The global Reprocessed Medical Devices market size was valued at US$ 11.64 billion in 2020 and is anticipated to grow at a CAGR of 30.6 % during forecast period 2021 to 2030.
The increasing generation of medical waste coupled with the lack of centralized support for waste disposal in the healthcare industry is expected to drive the demand for reprocessed market. Additionally, the long-term cost-efficiency associated with these devices as compared to that of the original device is the high impact rendering driver of the industry.
According to the Association of Medical Device Reprocessors (AMDR),hospitals witness up to 50% cost saving on every purchase of the reprocessed medical device, thereby spending only a limited amount, on waste disposal.
Consequentially, reprocessing has also facilitated reduction in device cost by the original equipment manufacturer in a vain to compete with the third-party reprocessors, thus exerting a positive cumulative effect on the industry growth.
Furthermore, the continuous deterioration of environmental conditions as a consequence of increasing landfills is anticipated to induce the demand for reprocessed medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of Regulated Medical Waste (RMW) from landfills every year, thereby propelling the demand for the reprocessed medical devices market.
The rising initiatives by organizations, such as Association of periOperative Registered Nurses, American Nursing Association, and Practice Greenhealth, in collaboration with governmental and intergovernmental agencies, pertinent to increasing awareness with respect to medical device reprocessing is further expected to provide lucrative growth platform to this industry in near future.
The cardiovascular segment held the largest share of 56.1% of the total market owing to extensive utilization of these products in cardiovascular surgeries and diagnostics. These devices include blood pressure cuffs, cardiac positioning and stabilization devices, blood pressure monitoring, electrophysiology cables, and diagnostic electrophysiology catheters.
Rising number of cardiovascular surgeries & treatments are bolstering the need for cost-efficient alternatives consequentially driving the demand for the segment. Furthermore, the advent of low-cost and single-use cardiovascular reprocessed devices have resulted in increased adoption thereby contributing to the overall segment growth.
Moreover, increasing FDA approvals for reprocessed cardiovascular products are contributing towards the substantial share of the segment. This segment is also anticipated to grow lucratively at a CAGR of 20.9% as a consequence of constant efforts of industry players towards the promotion of reprocessing techniques through strategic alliances and frequent FDA approvals. Owing to the aforementioned factors the demand for these products is anticipated to increase in the future.
The laparoscopy segment accounted for the second-largest share of the industry on the basis of products. The high amount of waste generation as a consequence of the usage of disposable devices is driving the demand for reprocessed laparoscopic devices. Growing demand for minimally invasive techniques is expected to present opportunities for more reprocessing approvals pertaining to laparoscopy thereby contributing to the growth of this segment. Moreover, the presence of organizations such as ECRI Institute which provide healthcare risk control services to control the risk factors associated with these devices is expected to bolster the segment demand over the coming years.
The hospital segment held the largest share of the industry owing to increasing pressure to control waste generation & cost reduction. Moreover, the presence of in-house reprocessing units and rising number of collaborations with third-party reprocessors are responsible to augment the growth during the future period and presenting the industry with lucrative opportunities.
The rising number of third-party reprocessing organizations has triggered the incorporation of reprocessed products resulting in the conservation of in-house resources and the consequent cost reduction. According to PubMed, the National Institutes of Health, in the U.S. in 2007, about 45% of hospitals entered into a collaborative agreement with third-party reprocessing organizations and reached 70% in 2008.
The rising inclination towards reprocessed products has a positive cumulative effect on the overall business owing to the highly competitive environment between Original Equipment Manufacturers (OEMs) and third-party processors. Consequentially, OEMs lower the prices, therefore reducing the overall cost of healthcare. In addition, modern infrastructural support and the availability of skilled healthcare professionals & technicians are responsible for facilitating market development over the coming years.
Home healthcare is predicted to grow at a moderate rate over the forecast period as a consequence of the rising need for low-cost home equipment. Refurbished home medical equipment includes , patient monitoring systems, and external support devices which enhance the patient mobility profile at home. Furthermore, the increasing scope for incorporation of reprocessed products in-home healthcare as a consequence of a lesser number of home medical device suppliers is presumed to trigger the growth prospects.
North America accounted for the largest regional market at USD 540.9 million. Rising need to curtail the waste generation and potential damage to the environment owing to the increasing waste landfills over this region is a major driver in this region. Increasing demand to curb healthcare expenditure coupled with the shortage of establishments for proper waste disposal is driving the growth of this region
In addition, favorable government initiatives to promote awareness pertaining to reprocessing of equipment are expected to provide this market with significant growth opportunities. Moreover, the presence of stringent regulatory framework in order to ensure patient safety is expected to widen the base for high quality reprocessed devices, therefore generating potential future growth prospects.
It is followed by Europe in terms of revenue share owing to the high awareness levels and initiatives to curb the overall healthcare expenditure over this region. The presence of organizations such as the European Association for Medical Device Reprocessing (EAMDR), which promotes awareness through collaborating with research institutes, companies, and associations to strengthen reprocessing of products is responsible for boosting the reprocessed medical devices market growth.
Asia Pacific is anticipated to grow at a lucrative rate due to the presence of emerging economies, which focus on operating within a controlled budget. This is expected to be a significant growth factor of the industry during the future period. Moreover, rising investment in healthcare infrastructure by global market players is expected to provide a potential growth platform to the industry in Asia Pacific.
VANGUARD AG, Stryker Sustainability Solutions, Philips Healthcare, Medisiss, Sterilmed, Hygia Health Services Inc., Centurion Medical Products Corporation, Agito Medical A/S, EverX Pvt Ltd, Soma Technology, Inc., Siemens Healthcare, Block Imaging International, Inc., DRE, Inc., Radiology Oncology Systems, Inc., GE Healthcare, Suretek Medical, Integrity Medical Systems, Inc., ReNu, Midwest Reprocessing Center.
Blood Pressure Cuffs
Cardiac Stabilization Devices
Diagnostic Electrophysiology Catheters
Deep Vein Thrombosis Compression Sleeves
General Surgery Devices
Balloon Inflation Devices
The Middle East and Africa
The Reprocessed Medical Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Reprocessed Medical Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Reprocessed Medical Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Reprocessed Medical Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Reprocessed Medical Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Reprocessed Medical Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Reprocessed Medical Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Reprocessed Medical Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Reprocessed Medical Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Reprocessed Medical Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Reprocessed Medical Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Reprocessed Medical Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Reprocessed Medical Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Reprocessed Medical Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Reprocessed Medical Devices market. These factors have benefited the growth of the global market for Reprocessed Medical Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Reprocessed Medical Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Reprocessed Medical Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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