Dublin, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The "Medical Device Reprocessing Market by Type (Reprocessed Medical Devices), Device Category (Critical- Devices, Semi-Critical Devices, Non-Critical Devices), Application (Cardiology, Gynecology, Gastroenterology, Anesthesia) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The medical device reprocessing market is projected to reach USD 3.9 billion by 2027 from USD 2.0 billion in 2022, at a CAGR of 13.7% during the forecast period.
Growth in the market is mainly driven by the growing need to minimize hospital costs and the rising geriatric population, and the favourable regulatory approvals for reuse of single-use reprocessed medical devices. However, the requirement to follow stringent regulatory procedures to enter the medical device reprocessing market may pose a threat to the market growth.
Based on type, the reprocessing support & services segment holds the largest market share in 2021
Based on type, the medical device reprocessing market is segmented into reprocessing support & services and reprocessed medical devices. In 2021, the reprocessing support & services segment accounted for the largest share of this market, primarily due to the growing need implement strategies to reduce medical wastes.
Based on device type , critical devices segment accounted for the largest share of the medical device reprocessing market
Based on the device type, the medical device reprocessing market is segmented into critical devices, semi-critical devices, and non-critical devices. In 2021, the critical devices segment accounted for the largest share of this market. The growth of this segment is mainly attributed to the increased utilization of reprocessed medical devices for cardiac surgeries and electrophysiology procedures.
Based on application, cardiology segment is expected to have the highest CAGR during the forecast period
Based on application, the medical device reprocessing market is segmented into cardiology, gastroenterology, gynecology, arthroscopy and orthopedic surgery, general surgery & anesthesia, and other applications (urology, non-invasive surgeries, and patient monitoring). The cardiology segment is expected to register the highest growth during the forecast period. This can be attributed to the increasing prevalence of cardiovascular diseases as well as the increasing number of cardiac procedures, which utilizes a large volume of reprocessed cardiology catheters and other equipments.
North America accounted for the largest share of the medical device reprocessing market in 2021
North America accounted for the largest share of the medical device reprocessing market in 2021. Factors such as the increasing need to reduce the healthcare costs in US, and the presence of top medical device reprocessing service providers in the US region are expected to contribute to the growth of the medical device reprocessing market in North America.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Brief Overview of Medical Device Reprocessing Market
4.2 Asia-Pacific: Medical Device Reprocessing Market, by Device Type and Country (2021)
4.3 Medical Device Reprocessing Market: Geographic Growth Opportunities
4.4 Medical Device Reprocessing Market, by Region (2020-2027)
4.5 Medical Device Reprocessing Market: Developed Vs. Developing Markets
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Level of Supply Chain Cost Savings in Healthcare Facilities
5.2.1.2 Growing Adoption of Strategies for Sustainability and Environmental Safety
5.2.1.3 Rising Geriatric Population
5.2.2 Restraints
5.2.2.1 Increasing Risk of Hospital-Acquired Infections Among Patients
5.2.2.2 Increasing Number of Medical Device Surface Alterations Due to Reprocessing
5.2.3 Opportunities
5.2.3.1 Regulatory Changes Favoring Adoption of Medical Device Reprocessing
5.2.3.2 Growing Opportunities and Favorable Regulations in Developing Countries
5.2.4 Challenges
5.2.4.1 Stringent Regulatory Procedures for Reprocessed Medical Devices
5.3 Key Conferences and Events
5.4 Industry Trends
5.4.1 Expanding Service Portfolio and Market Reach Through Acquisitions
5.4.2 Specialty Reprocessing
5.5 Porter's Five Forces Analysis
5.6 Regulatory Bodies, Government Agencies, and Other Organizations
5.7 Regulatory Analysis
5.7.1 North America
5.7.1.1 US
5.7.1.2 Canada
5.7.2 Europe
5.7.3 Asia-Pacific
5.7.3.1 Japan
5.7.3.2 Australia
5.7.3.3 Rest of Asia-Pacific
5.8 Technology Analysis
5.9 Supply Chain Analysis
5.10 Ecosystem Analysis
5.11 Medical Device Reprocessing Market: Patent Analysis
5.11.1 Patent Publication Trends for Medical Device Reprocessing
5.11.2 Insights: Jurisdiction and Top Applicant Analysis
5.12 Impact of COVID-19 on Medical Device Reprocessing Market
6 Medical Device Reprocessing Market, by Type
6.1 Introduction
6.2 Reprocessing Support and Services
6.2.1 Reducing In-House Reprocessing Costs and Increasing Regulatory Mandates to Drive Market
6.3 Reprocessed Medical Devices
6.3.1 Increasing Adoption of Reprocessed Devices at Lower Costs to Drive Market
7 Medical Device Reprocessing Market, by Device Type
7.1 Introduction
7.2 Critical Devices
7.2.1 High Cost of Buying New Devices to Drive Market
7.3 Semi-Critical Devices
7.3.1 Increased Cases of Hospital-Acquired Infections to Drive Market
7.4 Non-Critical Devices
7.4.1 Increasing Medical Procedures and Surgeries to Drive Market
8 Medical Device Reprocessing Market, by Application
8.1 Introduction
8.2 Cardiology
8.2.1 Rising Coronary Artery Disease Cases to Propel Market
8.3 Gastroenterology
8.3.1 Increasing Use of Endoscopes for Disease Diagnosis to Drive Market
8.4 Arthroscopy and Orthopedic Surgery
8.4.1 Regulatory Initiatives and Cost Reduction to Drive Market
8.5 Gynecology
8.5.1 Increasing Gynecology Procedures to Drive Market
8.6 General Surgery
8.6.1 Low-Cost General Surgery Devices to Impact Market
8.7 Other Applications
9 Medical Device Reprocessing Market, by Region
10 Competitive Landscape
10.1 Overview
10.2 Key Player Strategies/Right to Win
10.2.1 Overview of Strategies Adopted by Players in Medical Device Reprocessing Market
10.3 Revenue Share Analysis of Key Players
10.4 Market Share Analysis, 2021
10.5 Competitive Benchmarking
10.6 Company Footprint
10.7 Company Evaluation Quadrant
10.7.1 Stars
10.7.2 Emerging Leaders
10.7.3 Pervasive Players
10.7.4 Participants
10.8 Competitive Scenario
10.8.1 Fda Approvals/Service Enhancements
10.8.2 Deals
10.8.3 Other Developments
11 Company Profiles
11.1 Key Players
11.1.1 Stryker Corporation
11.1.2 Johnson & Johnson
11.1.3 Medtronic plc
11.1.4 Steris Healthcare
11.1.5 Cardinal Health (Sustainable Technologies)
11.1.6 Arjo Group (Renu Medical, Inc.)
11.1.7 Vanguard Ag
11.1.8 Medline Renewal
11.1.9 Innovative Health
11.1.10 Steripro Canada, Inc
11.1.11 Northeast Scientific, Inc.
11.2 Other Players
11.2.1 Suretek Medical
11.2.2 Konoike Group
11.2.3 Avante Health Solutions
11.2.4 Medsalv
11.2.5 Vitruvia Medical Ag
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/cswbk0
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