Chicago, IL -- (SBWIRE) -- 07/19/2017 -- According to the report, "Medical Device Reprocessing Market, by Product & Service (Reprocessing Support & Services, Reprocessed Medical Device), Type of Device (Catheters, Laparoscopy Instruments, Biopsy Instruments, Endoscopy Instruments, Cables, Columns, Curves, and Cutters, Other Reprocessed Medical Devices), Application (Cardiology, Gastroenterology, Urology, and Gynecology, Arthroscopy and Orthopedic Surgery, General Surgery and Anesthesia) – Global Revenue, Trends, Growth, Share, Size, and Forecast to 2022", the market for medical device reprocessing is expected to grow at an impressive rate, due to the increased prevalence of diseases and the rising demand from around the world.

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Medical Device Reprocessing is the process of cleaning, sterilizing, inspecting, testing, and packaging of expired and used medical devices through which devices remain safe and effective for appropriate clinical application. This study offers the market analysis of Medical Device Reprocessing for different classes as well as sub-classes of medical devices that are utilized for reprocessing. Government strategies for efficiently control prices and rising profit margins are projected to boost the revenue growth of Medical Device Reprocessing in the years to come.

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KEY PREMIUM INDUSTRY INSIGHTS

1. The low cost of the reprocessed devices is the key factor accountable for the increasing demand of the reprocessed medical devices as it cost around 30% - 40% less in comparison to the new devices due to which the requirement for such devices is high in certain regions. Largest customer segment of Medical Device Reprocessing are hospitals with the growing no. of hospitals and escalating pressure on the government hospitals for operating under limited budget.

2. Also, long-term price efficacy, increasing adoption of the reprocessed medical devices is observing considerable growth in various hospitals. Strategic associations among manufacturers, reprocessing companies and end users are anticipated to propel revenue growth of Medical Device Reprocessing market in the next coming years.

3. However the strict laws for regulation of reprocessed medical devices and certain technology based restraints in the countries which have low income is hindering the growth of medical devices reprocessing market over the forecast period.

Regionally, the global market for needles is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Among these, North America is projected to be the market leader in the global market of medical devices reprocessing followed by Western Europe. Availability of enhanced technology for reprocessing and sanitization of the medical devices is estimated to boost the revenue growth of the global market for reprocessed medical devices in these regions. On the basis of consumption, Asia – Pacific region is likely to witness greatest demand for reprocessed medical devices due to cost sensitive consumer base as well as large population is controlling the demand for affordable medical devices.

KEY MARKET PLAYERS

Key players in the medical device reprocessing market include:

1. Stryker Corporation
2. Vanguard AG
3. Johnson & Johnson (J&J) (Sterilmed, Inc.)
4. Medtronic PLC
5. Medline Renewal
6. Steripro Canada Inc.
7. Pioneer Medical Devices AG
8. Vascular Solutions, Inc.
9. Hygia Health Services, Inc.
10. Renu Medical, Inc.
11. Suretek Medical

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