Dublin, April 01, 2022 (GLOBE NEWSWIRE) -- The "US Reprocessed Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type and End-User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The US reprocessed medical devices market is projected to reach US$ 2,118.31 million by 2028 from US$ 763.87 million in 2021; it is expected to grow at a CAGR of 15.7% from 2021 to 2028.
Rising importance of medical waste minimization and growing use of reprocessed single-use devices drive the growth of the US reprocessed medical devices market. However, the limitations of reprocessed medical devices and stringent regulatory requirements hampers the market growth.
The usage of reprocessed single-use devices (SUDs) has grown as a common practice worldwide, especially in the US. According to a research article "Transforming the Medical Device Industry: Road Map to a Circular Economy," published in December 2020, the healthcare system of high-income countries is primarily based on a linear supply chain that contains single-use disposable medical devices, which not only raises healthcare costs but also creates other issues such as waste and pollution. Thus, the rising use of SUDs has an indirect but significant impact on the environment and ecosystem.
In most modern nations, SUDs reprocessing is carefully regulated, with well-established reprocessing protocols by the US FDA. Single-use devices are to be reused according to the necessary and important requirements, as well as information on the specific technique to allow reuse, such as the sterilization method to be used and processes such as cleaning and disinfection.
According to the Association of Medical Device Reprocessors (AMDR), reprocessing of SUDs can save up to 50% of hospital costs while also helping to reduce waste. Furthermore, these products maintain the same quality standards as originally manufactured devices, improving patient safety and driving demand for these products.
Hence, the reprocessing of these SUDs assists in reducing medical wastes along with cost-effectiveness in the healthcare industry, which acts as the major driving factor for the growth of the reprocessed medical devices market.
The US reprocessed medical devices market by product is segmented into cardiovascular medical devices, laparoscopic medical devices, gastroenterology biopsy forceps, orthopedic external fixation devices, general surgery medical devices, non-invasive devices, and others.
In 2021, cardiovascular medical devices held the largest market due to increasing cardiovascular devices in the region. Moreover, the same segment is expected to register faster growth owing to low-cost resulting in high adoption of the devices in the region.
The hospitals and clinics segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 16.9% of the market during the forecast period.
Key Market Dynamics
Market Drivers
- Rising Importance of Medical Waste Minimization
- Growing Use of Reprocessed Single-Use Devices
Market Restraints
- Limitations of Reprocessed Medical Devices and Stringent Regulatory Requirements
Market Opportunities
- Increasing FDA Approvals of Reprocessed Medical Devices
Future Trends
- Strategic Initiatives by Players
Company Profiles
- Medline Industries, LP
- Arjo
- Currie Medical Specialities, Inc.
- Stryker
- Innovative Health
- Teleflex Incorporated
- Johnson and Johnson
- 3M
- STERIS
- Cardinal Health
For more information about this report visit https://www.researchandmarkets.com/r/8rijvl
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