Reprocessed Medical Devices Market to Hit USD 5.9 Bn Revenue by 2028 Growing at a CAGR of 14.9% | Transparency Market Research

Wilmington, Delaware, United States, May 03, 2023 (GLOBE NEWSWIRE) -- The market for reprocessed medical devices was valued at USD 2.05 billion in 2020 and is expected to reach USD 5.9 billion by 2028. A CAGR of 14.9% is expected to be achieved between 2020 and 2028 in the global market.

The increasing prevalence of chronic diseases affects the market dynamics during the forecast period. Healthcare establishments are seeking to eliminate medical waste, which is driving the global market for reprocessed medical devices.

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Market Scope:

A significant increase in the contribution of third-party reprocessors, coupled with technological advancements, might contribute to lucrative growth opportunities in this sector. All these factors have been predicted to contribute to the future evolution of the industry. Philips Eagle Eye Platinum digital IVUS (intravascular ultrasound) catheters were cleared for reprocessing by the FDA in May 2022, an Innovative Health company specializing in cardiology recess. Through this clearance, the company extends its reprocessing market reach in cardiology by entering into the cath lab space.

In June 2020, the National Library of Medicine (NIH) published data indicating that 310 million operations were performed globally in the previous year. Additionally, fewer suppliers of home medical devices should make reprocessed home healthcare products more likely to be incorporated into the market. Patients can improve their overall mobility profile at home with a number of rehabilitation equipment options, including orthopedic devices, patient monitoring systems, and external supports.

Key Findings of Market Report

• According to the forecast, the cardiovascular devices segment will grow significantly over the next few years.
• Increasing geriatric populations and chronic bone diseases have fueled the growth of orthopedic external fixation devices.
• The growing number of gastroenterology devices and diseases will likely increase the demand for processed medical products.
• Increasing government initiatives and laws concerning the use of medical devices and an increase in population are driving the market for reprocessed medical devices.
• The single use of these devices is driving the demand for reprocessed medical devices.
  

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Global Reprocessed Medical Devices Market: Growth Drivers

• Waste disposal methods that promote sustainable practices are supported by a regulatory environment supportive of their implementation. The provision of affordable prices and the strengthening of distributor networks in emerging economies to grow the market.
• Reprocessed products are increasingly being used in cardiac surgery and blood pressure monitoring. Reprocessing of medical devices is expected to drive the market for reprocessed medical devices by reducing the supply chain costs in healthcare facilities.
• The prevalence of chronic diseases and surgical operations is driving the medical device processing market. Globally, approximately 310 million major surgeries are performed each year, according to data published by the National Library of Medicine (NIH) on June 2020.
• A substantial increase in the level of cost savings achieved through supply chain management in healthcare facilities as well as various government initiatives are contributing to the expansion of market revenues.
• Hospitals and the healthcare sector are increasingly turning to reprocessed medical devices to meet the demand for cost-effective and safe medical products.
  

Global Reprocessed Medical Devices Market: Regional Landscape

• The population in emerging economies and untapped opportunities in the Asia Pacific will drive growth during the forecast period.
• With developed countries focusing on reducing medical device costs, the market for reprocessed devices will grow.
• The North American healthcare industry is likely to be more open to improvised reprocessed medical devices because of an increased preference among healthcare professionals.
• As cancer and other chronic diseases become more prevalent in the United States, there will be greater demand for reprocessed medical devices.
• As technology advances and advanced products are adopted by consumers, the European region is expected to experience a rise in reprocessed medical device sales.
  

Global Reprocessed Medical Devices Market: Key Players

Several competitors with significant influence in research and development and consolidation activities have exacerbated the competitiveness and fragmentation of the reprocessed medical devices market. By launching new products, collaborating with significant industry players, and establishing partnerships, global and regional product networks are being strengthened.

• Northeast Scientific Inc. has been given FDA clearance to reprocess the Philips IVUS Eagle Eye Platinum RX Digital catheter, the pioneer in reprocessing single-use peripheral vessel catheters. This reprocessed Eagle Eye catheter brings substantial savings to hospital cath labs and office-based labs nationwide. As a result of reprocessing peripheral IVUS devices to great success for the past three years, the Eagle Eye device was a natural choice.
• STEMart, an American provider of comprehensive medical device development services, based in the United States, offers Reprocessing Validation services to validate reusable device reprocessing instructions, including Cleaning, Disinfection, and Sterilization. It's based on ISO, AAMI, and ASTM standards.

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Global Reprocessed Medical Devices Market: Segmentation

Device Type

• Cardiovascular Devices
  • Blood Pressure Cuffs/Tourniquet Cuffs
  • Cardiac Stabilization and Positioning Devices
  • Compression Sleeves (DVT)
  • Diagnostic Electrophysiology Catheters
  • Electrophysiology Cables
• General Surgery Devices
  • Ballon Inflation Devices
  • Infusion Pressure Bags
• Laparoscopic Devices
  • Endoscopic Trocars & Components
  • Harmonic Scalpels
• Orthopedic External Fixation Device
• Gastroenterology Biopsy Forceps

Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

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