Reprocessed Medical Devices Market to Surpass US$ 5.4 Billion Threshold by 2025, with North America positioned as Growth Engine
Increased focus on reducing toxic hospital waste to maintain the health of environment
The Reprocessed Medical Devices Market was valued at US$ 1,054.6 million in 2016 and is projected to expand at a CAGR of 20.4% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in focus on reducing toxic hospital waste is expected to support the growth of reprocessed medical devices market.
The reprocessing is an important part of the medical device life cycle in both developed and emerging nations across the world. Reprocessing of medical devices includes disinfecting, remanufacturing, sterilizing and packaging as well as labeling for reuse. It is observed that reprocessing of medical devices in economies such as Brazil, Russia, and India is solely aimed at reducing hospital supply costs.
The growth inhibiting factors of reprocessed medical devices market such as increase in inclination of market players towards eco-friendly solutions, compromise with patient safety, as sometimes healthcare professionals feel that use of reprocessed medical device may create harmful effect to the patient. Various key players such as ReNu Medical, Inc., HYGIA Health Services are involved in sustainable waste reduction programs and promotion of healthcare and environmental campaigns by the government in an endeavor to strengthen their position and establish an evident presence in the global reprocessed medical devices industry. This technology ensures the proper sterilization of healthcare equipment that would help in reducing the healthcare associated infections. The Centers for Disease Control and Prevention (CDC) reports about 75,000 deaths caused per year in the U.S. due to healthcare associated infections. Employing the advanced sterilizing procedure would help in reduction of the mortality rates caused as a result of infections due to contaminated tools and equipment.
It is expected that increase in focus towards reducing the toxic waste produced by the hospitals will favor the growth on reprocessed medical devices market in the near future. Dumping the medical waste comprising single-use plastic devices in landfills may cause a threat to the environment. According to the Association of Medical Device Reprocessors (AMDR), on an average 2 million tons of hospital waste is generated in the U.S. each year. This may be a strong source for production of carcinogens.
Request a sample copy of Reprocessed Medical Devices Market report: https://www.coherentmarketinsights.com/insight/request-sample/234
Plastic and several other artificial polymers are extensively used in the production of medical devices owing to lack of use of biodegradable materials for production of medical devices. Thus, the use of reprocessed medical devices would serve as a suitable and environmentally sustainable alternative to reduce medical waste. Various environmental regulatory bodies taking initiatives to promote the use of reprocessed medical devices are also positively driving the global reprocessed medical devices market. For instance, the European Commission’s 7th Environment Action Programme initiated in November 2013, involved promotion of reprocessed medical devices used in incineration in hospitals, clinics and ambulatory surgical centers.
Key takeaways of the market:
The reprocessed medical devices is expected to expand at a CAGR of 20.4% during the forecast period (2017–2025). Rise in number of lifestyle disease cases and surgical procedures around the globe is expected to favor the market of reprocessed medical over the forecast period. The North America region in the reprocessed medical device market is expected to show high growth rate during the forecast period in terms of value. General surgery segment was valued at US$ 110.7 Mn in 2016 and is expected to reach US$ 421.8 Mn by 2025 at a CAGR of 16.2%. Driving factors for general surgery devices includes rise in number of surgical procedures globally, rise in number of lifestyle disease cases globally, high cost of technologically advanced devices, lack of funds for development and expansion of healthcare facility in emerging economies. Obesity is the major factor causing to increase the lifestyle disease such as diabetes, cardiovascular disease prevalence in developed regions. Increased healthcare access in emerging economies supported by increase in per capita income will support the growth of surgical procedures and use of surgical devices in the near future. Some of the major companies in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG), Medline ReNewal , SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, Centurion Medical Products Corporation and Vanguard AG.
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