Medical Device Reprocessing Market Share, Trends, Applications and Competitive Landscape Till 2027
Medical Device Reprocessing Market
Insights, Statistics and Outlook Till 2027
Market Forecast
Registering a CAGR of 16.4%, the Global Medical Device Reprocessing Market is
expected to reach USD 2,671.8 Million by 2025.
Medical device reprocessing is
gaining popularity as it allows major cost savings and reduces hospital waste.
For instance, Kaiser Permanente, a US-based integrated delivery network, saves
approximately USD 11 million on an annual basis by reprocessing of medical
devices. Medical waste treatment puts lots of cost pressure on hospitals;
however, in countries such as the US, Japan and China, it has become a
full-fledged industry. For instance, Ascent, a subsidiary of Stryker
Corporation, eliminated 1,684 tons of medical waste with the help of
reprocessing.
Market Influencers
The changing regulatory scenario is
some Asian countries such as Japan and China are positively influencing the
market growth. For instance, currently, Japan does not have any regulations
regarding medical device reprocessing. Therefore, regulatory authorities, such
as the Ministry of Health, Labor and Welfare (MHLW) (Japan), in collaboration
with the FDA (US), are focusing on the generation of new medical device
reprocessing.
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Regional Analysis
On a regional basis, the Americas is
anticipated to dominate the global medical device reprocessing market owing to
the presence of a favorable regulatory scenario to increase the safety and
efficacy of the reprocessed medical device. Additionally, increase in
prevalence of chronic diseases and an increase in number of surgical procedures
is boosting the market growth in the American region. For instance, approximately
340,000 Coronary Artery Bypass Grafting (CABG) procedures per year are
performed in the US. Europe is expected to hold the second-largest position in
the global medical device reprocessing market owing to the low cost of
reprocessed medical devices and rising need to reduce the generation of medical
waste. For instance, The UK generated 222.9 million tons of total waste in
2016, with England responsible for 85% of the UK total.
Asia-Pacific is anticipated to be the
fastest-growing region is due to the growing interest of major key players in
emerging markets and rapidly developing healthcare infrastructure in this
region. The Middle East & Africa has the least share of the global medical
device reprocessing market. Moreover, the major market share of the region is
expected to be held by the Middle East region owing to the increasing
government initiatives for the healthcare sector.
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Segmentation
The Global Medical Device Reprocessing
Market has been segmented into Product & Service, Type Of Medical Device,
and Application.
By product & service, the market
has been segregated into reprocessed medical devices and reprocessing support
and services. The reprocessing support and services are expected to hold the
largest market share due to the rising preference of customers for reprocessing
services by third-party reprocessors with reduced expenses and decreased
environmental impact.
By type of medical device, the market
has been bifurcated into catheters, laparoscopy instruments, biopsy
instruments, endoscopy instruments, and cables, columns, and cutters.
On the basis of application, the global
medical device reprocessing market has been classified as general surgery,
cardiology, orthopedic, gastroenterology, urology, and others. The cardiology
segment is expected to hold the largest market share owing to the increasing
adoption of electrophysiology catheters by hospitals & clinics for various
surgical procedures.
Key Players
- Medtronic PLC (Ireland)
- Stryker Corporation (US)
- Johnson & Johnson (US)
- Vanguard AG (Germany)
- AGITO MEDICAL A/S (Denmark)
- Medline Industries, Inc. (US)
- SteriPro (Canada)
- Block Imaging (US)
- EverX Pvt Ltd (Australia)
- SureTek Medical (US)
- ReNu Medical, Inc. (Arjo) (US)
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