Medical Device Reprocessing Market to reflect impressive growth in Medical Device Industry
The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used medical devices for its reuse to diagnose and treat multiple patients.
What the Medical Device Reprocessing Market Looks Like?
MarketsandMarkets forecasts 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. Base year considered for the report is 2016.
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. However, the risk of transmission of surgical site infections associated with the use of reprocessed devices may hinder the growth of the market to a certain extent.
What Drives the Medical Device Reprocessing Market?
The growth of the global market for Medical Device Reprocessing Market is primarily influenced by the following factors:
- Low Prices of Reprocessed Medical Devices
- Pressure to Reduce Volume of Regulated Medical Waste
Based on type of medical device, the catheters segment accounted for the largest share in 2016 and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased utilization of reprocessed cardiac catheters, electrophysiology catheters, and diagnostic catheters in recent years.
The reprocessing practices are regulated by various regional regulatory authorities. The changing regulatory scenario favoring medical device reprocessing in a number of countries, such as France and Japan, will open up new areas of opportunity for market players.
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Objectives of the Study :
- To define, describe, and forecast the global market with respect to product & service, type of device, application, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape of market leaders
- To forecast the size of the market with respect to four main regions—North America, Europe, Asia-Pacific, and the Rest of the World
- To profile the key players in the global market and comprehensively analyze their core competencies
- To track and analyze competitive developments such as agreements and partnerships, mergers, acquisitions, reprocessed medical device developments, and service launches of the leading players in the global market
Geographical growth scenario of Medical Device Reprocessing Market:
Geographically, the global medical device reprocessing market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. 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. The European region is expected to witness the highest CAGR during the forecast period, owing to the rising prevalence of chronic diseases, increasing geriatric population, rising healthcare expenditure, increasing number of surgical procedures, and growing awareness about the usage of reprocessed medical devices
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Leading market players and strategies adopted
In 2016, Stryker Corporation (U.S.) and Johnson & Johnson (U.S.) dominated the global medical device reprocessing market. Some of the other players competing in this market are 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.).
- Third-party medical device reprocessors and distributors
- Hospitals, clinics, and other healthcare laboratories
- Academic and research institutions
- Government associations
- Market research and consulting firms
- Venture capitalists and investors
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