Dublin, May 22, 2024 (GLOBE NEWSWIRE) -- The "Global Reprocessed Medical Devices Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global reprocessed medical devices market accounted for USD 2.76 billion in 2023 and is expected to reach at USD 15.25 billion by 2034 with a CAGR of 16.81% during the forecast period 2024-2034
Rising demand to diminish medical waste in healthcare environments, greater recognition of the benefits of reusing devices, increasing incidence of cardiovascular diseases, growing elderly population, enhancements in healthcare facilities, government campaigns to endorse equipment reprocessing, heightened partnerships between leading hospitals & reprocessing firms, surge in chronic diseases, and surge in approval of reprocessed medical devices by regulatory authorities are the factors propelling the market growth.
Reprocessing a medical device involves sterilization, labeling, cleaning, disinfection, and refurbishing to ensure its safe reuse. However, the cleaning process must meet specific standards to enable the use of medical equipment without the risk of contamination. Hence, surge in approval of reprocessed medical devices by regulatory authorities is predicted to boost the market growth during the forecast period.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing urgency to minimize hospital waste & mitigate environmental harm resulting from expanding waste landfills, surge in government initiatives, increase in strategic efforts by healthcare organizations to raise awareness about equipment reprocessing, and market players are introducing a greater number of reprocessed medical devices.
By product, cardiovascular was the highest revenue-grossing segment in the global reprocessed medical devices market in 2023 owing to the surge in cardiovascular surgical procedures & therapies, growing number of FDA clearances for reprocessed cardiovascular devices. These include widely used products such as blood pressure cuffs, electrophysiology cables, blood pressure monitors, diagnostic electrophysiology catheters, all integral to cardiovascular surgeries and diagnostics. Additionally, laparoscopy is predicted to grow at the fastest CAGR during the forecast period owing to the significant increase in waste production due to the use of disposable devices and rising preference for minimally invasive procedures.
By type, third-party reprocessing was the highest revenue-grossing segment in the global reprocessed medical devices market in 2023 owing to the rising initiatives by market players. Third-party entities receive previously used medical devices, which would otherwise be disposed of as medical waste, and employ diverse cleaning, sterilization, and refurbishment methods to prepare them for reuse.
Additionally, in-house reprocessing is predicted to grow at the fastest CAGR during the forecast period. In-house reprocessing entails healthcare facilities, such as hospitals, sterilizing and refurbishing medical devices for reuse within their own premises. In-house reprocessing involves cleaning, disinfecting, sterilizing, and testing previously used medical devices to ensure their safety for reuse. This process also encompasses the restoration of the device's technical and functional integrity.
By end-user, hospitals was the highest revenue-grossing segment in the global reprocessed medical devices market in 2023 owing to the increasing demand for reprocessed medical devices aims to cut down costs & minimize medical waste generated by conventional equipment, heightened collaboration among industry players. Beyond environmental concerns, healthcare leadership also emphasizes the quality of reprocessed devices. Research indicates that reused medical instruments can offer greater reliability compared to new ones.
Additionally, home healthcare is predicted to grow at the fastest CAGR during the forecast period owing to the growing opportunity to integrate reprocessed products into home healthcare due to the limited availability of home medical device providers and the increasing demand for affordable home equipment. Reprocessed home medical equipment, such as patient monitoring systems, orthopedic devices, and external support devices, contribute to improving the mobility of patients in their home environment.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Type, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Companies Featured
- Arjo
- Stryker
- Vanguard AG
- Soma Tech Intl
- Cardinal Health
- NEScientific Inc.
- SureTek Medical
- Innovative Health
- Medline Industries
- Johnson & Johnson MedTech
Reprocessed Medical Devices Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Orthopedic Devices
- Gastroenterology
- Biopsy Forceps
- Others
- Laparoscopic
- Endoscopic Trocars
- Harmonic Scalpels
- General Surgery Devices
- Pressure Bags
- Balloon Inflation Devices
- Cardiovascular
- Positioning Devices
- Blood Pressure Cuffs
- Electrophysiology Cables
- Cardiac Stabilization Devices
- Diagnostic Electrophysiology Catheters
- Deep Vein Thrombosis Compression Sleeves
Reprocessed Medical Devices Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- In-house Reprocessing
- Third-party Reprocessing
Reprocessed Medical Devices Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Home Healthcare
- Hospitals
- Others
Reprocessed Medical Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/l489ch
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