Reprocessed Medical Devices Market Expected to Reach USD 2.58 Billion Globally in 2020 : Transparency Market Research
Albany,NY (PRWEB) February 18, 2015 -- According to a new market report published by Transparency Market Research, “Reprocessed Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, the global reprocessed medical devices market was valued at USD 0.78 billion in 2013 and is expected to grow at a CAGR of 19.3% from 2014 to 2020, to reach USD 2.58 billion in 2020.
Medical device reprocessing refers to the practice of inspecting, cleaning, testing, sterilizing and packaging of used and expired medical devices, such that the devices are usable and safe for their appropriate clinical application. Reprocessing of medical devices has been observed for over two decades; however, several events have changed both practitioner and regulatory views of the occasionally-maligned medical devices. Generally, there are three types of medical device reprocessing methods: third party reprocessing, non-compliant reprocessors (by health clinics) and in-house reprocessing (by laboratories and hospitals). All the reprocessed medical devices are subject to the regulatory requirements and must meet strict functionality, cleaning sterility and safety standards prior to commercialization.
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According to the Association of Medical Device Reprocessors (AMDR), more than 3,000 hospitals in the U.S. use reprocessed medical devices, due to which almost 13,000 tons of medical waste has been eliminated to date. Moreover, approximately USD 2 billion to USD 3 billion worth medical expenditure could be saved by using reprocessed medical devices in the U.S. every year, and a typical hospital could save around USD 500,000 to USD 2 million per year. Hence, huge cost savings from using reprocessed medical devices has attracted several hospitals in adopting these devices. This factor is driving the growth of the market, especially in countries such as the U.S. and Canada. Moreover, the prices of reprocessed medical devices are observed to be almost half of the original equipment, which makes them affordable for procurement, thereby spurring the demand.
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The reprocessed medical devices market has been primarily segmented based on the type of devices that are most commonly reprocessed. Based on types of devices, the market has been segmented into cardiovascular, general surgery, laparoscopic, orthopedic and gastroenterology devices. Cardiovascular devices have been further segmented into blood pressure cuffs/tourniquet cuffs, cardiac stabilization devices, Deep Vein Thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology cables. Laparoscopic devices have been further classified into endoscopic trocars and components as well as harmonic scalpels. The reprocessed cardiovascular devices segment is expected to lead the market during the forecast period from 2014 to 2020, at an impressive CAGR of over 16%. Factors such as reduced pricing of the products, high usage and growing pressure to reduce healthcare expenditure among hospital authorities have been attributed to the healthy growth of the reprocessed cardiovascular devices segment.
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In terms of geography, North America accounted for the largest share of the reprocessed medical devices market in 2013 (over 80%). North America is the largest market for reprocessed medical devices due to the increasing adoption rate of reprocessed medical devices and encouraging regulatory policies. Europe is estimated to witness the fastest growth rate (more than 15%) due to various factors such as growing demand for reprocessed medical devices and awareness about the potential savings in healthcare. At present, the European Union neither prohibits nor encourages the use of reprocessed medical devices in hospitals and healthcare facilities. However, with the introduction of uniform regulations on medical device reprocessing, the region is expected to experience remarkable market growth during the forecast period.
The global reprocessed medical devices market is highly consolidated in nature and is dominated by three major players, enjoying a market share of more than 90% of the overall industry. Major players include Stryker Sustainability Solutions, Inc., SterilMed, Inc., Medline ReNewal, Hygia Health Services, Inc. and ReNu Medical, Inc. Stryker Sustainability Solutions, Inc. held the largest share of over 60% of the total reprocessed medical devices market in 2013.
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