Reprocessed Medical Devices Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Increasing number of cardiac surgeries coupled with the surging deployment of reprocessed equipment for diagnosis are likely to escalate reprocessed medical devices market growth through ensuing years. The global reprocessed medical devices market is anticipated to surpass USD 3.9 billion valuation by 2026, cites a recent report by GMI
Studies state that more than a quarter of hospitals in the U.S. utilize reprocessed single use medical devices, with the number being nearly 80 per cent in some countries like Spain. As per a statement by Practice Greenhealth’s Member Engagement Officer Manager, Kaeleigh Sheehan, health facilities deploying reprocessed single use medical devices have significant cost savings.
Sheehan has further elaborated that the cost of reprocessing a single use device is nearly half of buying a new one. Research adds that even though setting up medical device reprocessors involves significant costs, the ability of reprocessing devices in yielding substantial savings for a healthcare facility in the long term are expected to impel reprocessed medical devices market outlook through the assessment period.
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In addition, extensive utilization of reprocessed medical devices in various treatment procedures comprising non-invasive surgeries, general surgery, and laparoscopic surgeries, amongst others is set to influence product demand through 2026. Favorable reimbursement scenario coupled with a subsequent surge in FDA (Food and Drug Administration) approvals for reprocessed cardiovascular products represent other factors fostering reprocessed medical devices business expansion through forthcoming years.
Further, other significant market trends suggest that escalating number of clinics, particularly across emerging economies are touted to drive reprocessed medical devices adoption at clinics, owing to their capabilities of providing improved productivity, offering convenient access to quality care, thereby helping in the effective management of healthcare spending. Reprocessed medical devices market from clinical application had a valuation of nearly USD 170 million in 2019. On the basis of end-use spectrum, the global reprocessed medical devices market is segmented into ambulatory surgical centers, hospitals, and clinics, state reports.
Prominent reprocessed medical devices companies are focusing on the adoption of several growth strategies pertaining to acquisitions, mergers, partnerships, collaborations, and novel product launches for the maintenance of a strong foothold in medical devices reprocessing industry.
Considering an instance, Innovative Health, one of the key reprocessed medical devices companies, secured FDA approval for reprocessing Biosense Webster’s Decanav and two Medtronic diagnostic catheters in November 2018. This launch reportedly helped the company in expanding its business portfolio. Major medical device reprocessing companies include SureTek Medical, Stryker, GE Healthcare, Medline Industries Teleflex Incorporated, Medtronic, Renu Medical (Arjo), Soma Technology, Ethicon, and Vanguard AG amongst others.
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On the basis of products, the reprocessed medical devices market is divided into orthopedic/arthroscopic, gastroenterology & urology, laparoscopic, and cardiovascular medical devices. Increasing number of bone related treatments and surgeries are poised to create an escalated demand for the augmentation of orthopedic segment in the reprocessed medical devices industry. The orthopedic/arthroscopic segment is set to exhibit a commendable CAGR of over 15.2 per cent through the estimated period, driven by the growing prevalence of orthopedic injuries including osteoarthritis, traumatic fractures, osteoporosis, and rheumatoid arthritis.
In essence, increasing adoption of reprocessed medical devices against numerous benefits comprising high-cost efficiency will spur reprocessed medical devices industry growth through coming years. Chances of surgical site infections looking at improper sterilization may, however, hamper industry expansion to a certain extent.
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Reprocessed medical devices industry 3600 synopsis, 2015 - 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 End-use trends
2.1.4 Regional trends
Chapter 3 Reprocessed Medical Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
18.104.22.168 Favorable regulatory landscape regarding sustainable waste disposal methods
22.214.171.124 Affordable costs coupled with the strengthening network of distributors in emerging economies
126.96.36.199 Growing use of reprocessed products in numerous cardiac surgeries and blood pressure monitoring applications
3.3.2 Industry pitfalls and challenges
188.8.131.52 Risk of surgical site infections
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
184.108.40.206 Reprocessing instructions and labeling data
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis, 2019
3.9 PESTEL analysis
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