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Reprocessed medical devices refer to medical devices that are retrieved after use, cleaned, disinfected, sterilized, inspected, and packaged for subsequent resale and reuse. These devices include abdominal retractor device, arthroscopic shaver handpiece, cannula, and sutures among others. They help reduce healthcare costs significantly as compared to brand new devices without compromising on quality and safety. With rising healthcare costs globally, reprocessed devices provide a cost-effective solution and help expand access to healthcare.
The reprocessed medical devices market is estimated to be valued at US$ 3,091.8 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The major drivers fueling growth of the reprocessed medical devices market include growing need to control healthcare costs and expand access to care. Healthcare costs have been rising substantially across major economies. For instance, according to the Centers for Medicare and Medicaid Services, US national health expenditure is projected to grow at an average annual rate of 5.4% and reach $6.2 trillion by 2028. Reprocessed devices help reduce costs by around 50-60% as compared to new devices. This is attracting more hospitals and ASCs to adopt reprocessed devices. Furthermore, the widening pool of discarded devices from hospitals, surgical centers, and other healthcare settings coupled with established compliance and regulations ensure steady supply of devices that can be reprocessed. This addresses demand efficiently without production bottlenecks.
Segment Analysis
The reprocessed medical devices market can be segmented into medical imaging equipment, operating room equipment, and endoscopy equipment. Endoscopy equipment dominates the market owing to rising aging population and growing prevalence of gastrointestinal diseases worldwide. Many hospitals and healthcare facilities are adopting reusable endoscopes to reduce costs without compromising on quality, making endoscopy equipment the largest segment.
PEST Analysis
Political: Regulations supporting medical device reprocessing are driving the market. However, lack of regulations in developing nations hampers market growth.
Economic: Cost-saving achieved from reusing devices is a major economic driver. The market is also fueled by rising healthcare spending across major countries.
Social: Growing geriatric population prone to chronic diseases and rising incidence of hospital-acquired infections are boosting the demand for reprocessed medical devices.
Technological: Advanced reprocessing techniques help restore functionality and sterility in devices. Many companies offer pathogen-reduced sterilization and quality assurance tests.
Key Takeaways
The global reprocessed medical devices market is expected to witness high growth, exhibiting 20% CAGR over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated at US$ 3,091.8 Mn.
Regional analysis: North America dominates the market owing to favorable reimbursement policies and regulatory approvals for reprocessed devices. Asia Pacific exhibits the fastest growth due to rising medical tourism and expansion of healthcare infrastructure.
Key players operating in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal, SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation. Stryker Corporation offers a wide range of reprocessed devices including arthroscopy, power, and navigation equipment.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
