Albany, NY -- (SBWIRE) -- 10/09/2018 -- Global Reprocessed Medical Devices Market: Snapshot
Reprocessing is important part of the medical device life cycle, in both developed and developing countries globally. Reprocessing of medical devices is a method of cleaning, testing, disinfecting, remanufacturing, sterilizing, packaging and labeling of a used, expired, and undamaged medical device in order to make it patient-ready and significantly reduced cost. Reprocessing of medical devices in emerging nations is focused on reducing cost of hospital supply, which leads to compromisation with the safety of patients.
According to the report by Transparency Market Research (TMR), the global reprocessed medical devices market registered the revenue of about US$982.7 mn in 2015 and is expected to expand at a CAGR of 14.9 % over the forecast period from 2016 and 2024 to attain the value of around US$3.35 bn by the end of 2024.
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The introduction of guidelines by the FDA, medical device reprocessing has experienced increase in adoption gradually across the globe. Thus, most hospitals and healthcare facilities outsource medical device reprocessing to qualified third party service providers.
Global Reprocessed Medical Devices Market: Segments
The reprocessed medical devices market is segmented on the basis of the type and region. Based on device type, the reprocessed medical devices market is segmented into orthopedic external fixation devices, gastroenterology biopsy forceps, general surgery medical devices, laparoscopic medical devices, and cardiovascular medical devices. Of these, the reprocessed cardiovascular medical devices segment accounted for the dominant share of 61.2% in 2016. This growth of the segment is attributable to the reduced pricing of the products and high usage coupled with growing pressure to reduce healthcare expenditure among hospital authorities. Additionally, increased focus on protecting the environment by reducing medical waste being dumped in landfills is significantly contributing to the growth of the segment.
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The cardiovascular devices segment has been further sub-categorized into cardiac stabilization and positioning devices, blood pressure cuffs/tourniquet cuffs, deep vein thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology (EP) cables.
Global Reprocessed Medical Devices Market: Regional Analysis
On the basis of region, the global urinary catheters market is segmented in to North America, Asia Pacific, Europe, the Middle East and Africa (MEA), and South America. Of these, North America accounted for the larger share in the market for reprocessed medical devices in 2016. This growth is attributable to the encouraging regulatory policies and increased use of reprocessed medical devices across the healthcare sector. Moreover, reduced pricing and improved quality of reprocessed medical devices are some of the additional factors driving the growth of the market.
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Global Reprocessed Medical Devices Market: Competitive Landscape
Some of the key players operating in the global reprocessed medical devices market includes Centurion Medical Products Corporation, Medline ReNewal, Hygia Health Services, Inc., MidWest Reprocessing Center, Ethicon, Inc. (Johnson & Johnson), ReNu Medical, Inc., Stryker Sustainability Solutions, Inc., Vanguard AG, and SureTek Medical.
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