Reprocessed Medical Devices Market to Develop at CAGR of 14.9% During Forecast Period, Says TMR Study

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Apr 25, 2022, 07:30 ET

With increasing number of cardiovascular surgeries and treatments, demand for low-cost equipment is also expected to rise, which is likely to bolster growth of the global market
Growing public awareness as well as a stringent regulatory system focused at protecting patient safety is expected to drive the need for high-quality reprocessed equipment

ALBANY, N.Y., April 25, 2022 /PRNewswire/ -- The global reprocessed medical devices market was valued at US$ 2.05 Bn in 2020. The global market is projected to rise at a CAGR of 14.9% during the forecast period, from 2021 to 2028. It is likely to surpass the value of US$ 5.9 Bn by 2028. A key growth factor for the global reprocessed medical devices market is the rising clinical necessity to reduce medical waste in hospitals as well as other healthcare facilities. The global market is likely to be fueled by increasing consumer knowledge regarding the products' advantages, such as low cost.

The global reprocessed medical devices market is being driven by rise in incidence of cardiovascular illnesses, growing geriatric populace, and developments in healthcare infrastructure. Furthermore, positive government initiatives to promote awareness regarding equipment reprocessing are expected to open up significant commercial opportunities for the global reprocessed medical devices market in the years to come.

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North America is projected to hold major share of the global reprocessed medical devices market during the projected period. Due to rising adoption of reprocessed medical devices and supportive regulatory frameworks, the U.S. is expected to lead the market in North America. The key driver of the North America market is the increasing demand to minimize trash generation and potential environmental impact caused by the region's expanding rubbish landfills. The growing need to decrease healthcare costs as well as a paucity of facilities for appropriate waste disposal is likely to drive the North America reprocessed medical devices market.

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Key Findings of Market Report

Cost-effectiveness of recycled medical equipment, mounting demands to decrease medical waste, and greater knowledge of such products in healthcare institutions are likely to drive the global market. The market is expected to develop in response to rising pressure on healthcare institutions to save costs.
The global reprocessed medical devices market is expected to grow steadily due to rising preference among healthcare professionals to utilize single-use reprocessed devices (SUDs) as a method to better patient safety by minimizing the risk of infection whilst also cutting costs. These products fulfill the same high standards as the original equipment, ensuring patient safety and meeting the demand for these items.
As the volume of cardiovascular surgeries and treatments grows, the demand for low-cost alternatives is also expected to grow, thereby propelling the global market. The emergence of low-cost, single-use reprocessed cardiovascular equipment has increased usage, which is likely to add to the growth of the segment in the years to come.

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Global Reprocessed Medical Devices Market: Growth Drivers

Substantial cost savings from the use of reprocessed medical devices, increasing demand to decrease medical waste, and adoption of these products are likely to drive the global reprocessed medical devices market. As per the Association of Medical Device Reprocessors (AMDR), employing reprocessed medical equipment can help a standard hospital save between US$ 500,000 and US$ 2 Mn per year. As such, rising demand on healthcare institutions to save costs is expected to propel the global reprocessed medical devices market.
Technological breakthroughs and growing acceptance of innovative products are expected to drive the reprocessed medical devices market in Middle East & Africa, Latin America, and Asia Pacific

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Global Reprocessed Medical Devices Market: Key Competitors

Centurion Medical Products Corporation
Hygia Health Services Inc.
Suretech Medical Inc.
Philips Healthcare
LUMITOS AG
Medline Industries Inc.

Global Reprocessed Medical Devices Market: Segmentation

Device Type

Cardiovascular Devices
General Surgery Devices
Laparoscopic Devices
Orthopedic External Fixation Devices
Gastroenterology Biopsy Forceps

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