Rockville, May 05, 2023 (GLOBE NEWSWIRE) -- Consumption of recycled medical devices will increase at a remarkable CAGR of 14.9% from 2021 to 2028. The global reprocessed medical devices market was valued at US$ 2.05 billion in 2020, and by the end of 2028, it is expected to soar to US$ 5.9 billion.
As healthcare organisations struggle to control high costs and rising healthcare spending, reusable medical devices are becoming more and more popular.
Over the course of the forecast period, single-use medical devices are anticipated to become more and more popular as the emphasis on decontamination and sterilisation grows to reduce the risk of cross-contamination and hospital-acquired infections (HAIs).
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Drivers:
- Reprocessed medical devices offer significant cost savings compared to new devices. Healthcare facilities, including hospitals and clinics, are constantly seeking ways to reduce expenses, and reprocessed devices provide a cost-effective alternative without compromising quality or patient safety.
- Reprocessing medical devices reduces waste generation and contributes to environmental sustainability. By reusing devices, less medical waste is generated, which helps in minimizing the ecological impact of healthcare practices.
- Regulatory bodies, such as the U.S. Food and Drug Administration (FDA), have established guidelines and regulations for the reprocessing of medical devices. These regulations ensure that reprocessed devices meet stringent safety and quality standards, providing confidence to healthcare providers and patients.
- Advancements in reprocessing technologies and quality assurance methods have played a crucial role in the growth of the reprocessed medical devices market. Manufacturers of reprocessed devices have implemented rigorous processes to ensure devices are properly cleaned, sterilized, and function as effectively as new devices.
- Rising healthcare expenditure globally has prompted healthcare facilities to explore cost-saving measures. Reprocessed medical devices present an opportunity to achieve substantial savings without compromising patient care, thereby driving the demand for reprocessed devices.
- Many healthcare organizations are incorporating sustainability initiatives into their operations. Reprocessing medical devices aligns with these initiatives, allowing healthcare facilities to reduce waste, conserve resources, and support environmentally responsible practices.
Market Restraints:
- Regulatory compliance is a significant challenge for reprocessed medical device manufacturers. They must adhere to stringent regulations and guidelines set by regulatory bodies to ensure patient safety and device efficacy. Compliance with these regulations requires substantial investments in quality control, testing, and documentation, which can be a barrier for smaller reprocessing companies.
- Reprocessing is not suitable for all types of medical devices. Some devices, such as single-use devices that are difficult to clean or have complex designs, may not be suitable for reprocessing. The limited scope of devices available for reprocessing restricts the market potential and growth opportunities.
- Despite regulatory approvals and quality assurance, there can still be negative perceptions and stereotypes surrounding reprocessed medical devices. Some healthcare professionals and patients may still have concerns about the safety, efficacy, and quality of reprocessed devices, which can limit their adoption.
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Key Market Trends:
- Single-use device reprocessing involves the cleaning, sterilization, and testing of devices intended for single use, enabling their safe and effective reuse. The adoption of reprocessing single-use devices is gaining traction as it offers significant cost savings and reduces medical waste.
- Technological advancements are driving innovation in reprocessing methods and equipment. Improved cleaning techniques, sterilization processes, and quality control measures are enhancing the safety and efficacy of reprocessed devices. Automation and robotics are also being incorporated to streamline reprocessing workflows and ensure consistent results.
- Healthcare facilities are increasingly outsourcing their reprocessing needs to specialized third-party reprocessing companies. Outsourcing allows healthcare providers to focus on core operations while leveraging the expertise and infrastructure of reprocessing companies.
- Quality assurance is a critical aspect of reprocessed medical devices. Both reprocessing companies and regulatory bodies are placing greater emphasis on implementing robust quality control measures throughout the reprocessing lifecycle. This includes stringent testing, traceability, and documentation to ensure the safety and effectiveness of reprocessed devices.
- Healthcare facilities are placing greater emphasis on environmental sustainability, and reprocessed medical devices align with this objective. Reprocessing helps reduce the volume of medical waste generated, conserves resources, and minimizes the carbon footprint associated with manufacturing new devices.
Competitive Landscape:
Reprocessing companies have expanded their capabilities, enabling the reprocessing of a broader range of medical devices. This includes not only surgical instruments but also more complex devices like electrophysiology catheters and endoscopes. Collaboration between reprocessing companies, original equipment manufacturers (OEMs), and healthcare providers has been witnessed. These partnerships aim to improve supply chain management, address concerns, and enhance the adoption of reprocessed devices.
- For instance, In February 2022, DePuy Synthes, the orthopedics company of Johnson & Johnson announced the acquisition of CrossRoads Extremity Systems.
Key Companies Profiled
- Stryker
- Medline Industries Inc.
- ReNu Medical
- LUMITOS AG
- Vanguard AG
- Johnson & Johnson
- Sterilmed Inc.
- Hygia Health Services Inc.
- Centurion Medical Products Corporation
- Siemens Healthcare
- Philips Healthcare
- GE Healthcare
- Suretech Medical Inc
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Key Segments Covered in Reprocessed Medical Devices Industry Research
- By 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
- Balloon Inflation Devices
- Infusion Pressure Bags
- Laparoscopic Devices
- Endoscopic Trocars & Components
- Harmonic Scalpel
- Orthopedic External Fixation Devices
- Gastroenterology Biopsy Forceps
- Cardiovascular Devices
Key Questions Covered in the Reprocessed Medical Devices Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Reprocessed Medical Devices sales grow until 2028?
- Which are the factors hampering the Reprocessed Medical Devices demand?
- Which region will spearhead the growth in the global industry by 2028?
- Which are the factors driving sales in the Reprocessed Medical Devices Market during the forecast period?
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