Reprocessed Medical Devices Market - An Overview of Growth Factors
Reprocessing of medical devices refers to the process of inspecting, cleaning, testing, sterilizing and packaging of used and expired medical devices, such that the devices remain effective and safe for suitable clinical application. This study provides the market analysis for various classes and sub-classes of medical devices used for reprocessing.
The global reprocessed medical devices market is expected to be valued at US$2.58 bn by the end of 2020. The market was recorded at US$0.78 bn in 2013 and is shown to be progressing at a CAGR of 19.30% within a forecast period of 2014 to 2020. The statistical details are provided in a research report released by Transparency Market Research, titled “Reprocessed Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 -2020.” The report provides a clear description of this market in terms of growth prospects as well as inhibitors, along with a competitive landscape replete with the most recent data on the top players of the market.
According to the report, the primary factor driving the reprocessed medical devices market’s growth is the increasing demand for the employment of cost-saving measures in the medical devices industry. A large number of healthcare organizations are already pushing for higher levels of recycling and reprocessing medical devices in an attempt to save on medical costs and expenditures. At the same time, these bodies are also acting in response to the growing pressure exerted by governments regarding the amount of medical waste currently generated. There is a marked increase in the number of initiatives taken by government organizations in the field of waste management, and support for the global reprocessed medical devices market is one of them.
Other significant factors promoting the global reprocessed medical devices market include the advancements in technologies that allow a better quality of reprocessed devices. This driver is applicable especially to North America.
According to the Association of Medical Device Reprocessors, a standard hospital or healthcare organization in the world can manage to generate savings of at least US$500,000 and up to US$2 mn annually, with the help of reprocessed medical devices.
The report also signals users of the various restraints that might affect the market’s growth in the near future. Of these, the most prominent inhibitor is the significantly lower level of awareness of quality reprocessed medical devices. Another hindrance to the global reprocessed medical devices market is the negative perception of patients as well as medical organizations toward reprocessing.
In terms of devices, the global reprocessed medical devices market is largely propelled by the cardiovascular devices segment, which is showing the fastest growth rate among all device types, for the given forecast period. This segment owes its growth rate to a higher rate of use and the improving quality of cardiovascular reprocessed devices.
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North America dominated the global reprocessed medical devices market in 2013, due to early implementation of favorable policies and government incentives. Similar features can be seen in the European reprocessed medical devices market. Both developed regions are facing major constraints due to the rapidly increasing cost of administering medical attention.
The key players in the reprocessed medical devices market are ReNu Medical, Inc., Centurion Medical Products Corp., Hygia Health Services, Inc., MidWest Reprocessing Center, SterilMed, Inc., Medline ReNewal, SureTek Medical, Stryker Sustainability, and Vanguard AG.
Key segments of the Global Reprocessed Medical Devices Market
Reprocessed Medical Devices Market, by Type of Devices
Reprocessed Medical Devices Market, by Geography
Mr. Sudip S
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ABOUT THE AUTHOR
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.