Medical Device Reprocessing Market Economic Impact, Dynamics and SWOT Analysis Till 2030

 

Medical Device Reprocessing Market Overview

The global medical device reprocessing market is expected to exhibit a strong 15.7% CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The report presents a detailed overview of the global medical device reprocessing market, including an overview of the market’s historical progress and projections about the market’s future growth over the forecast period from 2022 to 2030. The competitive landscape of the market is also assessed in detail in the report, including company profiles of the leading players operating in the market and an analysis of the competitive strategies employed by the major players in the market. The segmentation of the market is also profiled in the report to provide an analysis of the major parts of the market. Readers are given clear indications as to the most profitable areas of the market over the forecast period.

Medical device reprocessing is a process of making used medical devices fit for reuse by cleaning and sterilizing them. The global Medical Device Reprocessing Market has grown by leaps and bounds in the last few years mainly due to the growing need to reduce medical waste. Medical waste comprises a major part of the overall waste production in various countries, and comprises a typically bothersome part of the waste due to its biologically active nature. This makes disposing of medical waste particularly difficult. This has led to a growing demand for medical device reprocessing, which leads to reuse of the medical devices, leading to a reduction in the volume of medical waste. The growing government support to initiatives to reduce medical waste is likely to be a major driver for the market over the forecast period.

The low cost of reprocessed medical devices is the major driver for themarket. In contrast with North American and Western European markets, countries in Latin America, Africa, and Asia Pacific cannot always afford to buy new medical equipment. This makes the healthcare sector highly deficient in certain regions. Medical device reprocessing allows these countries to make up the shortfall and provide advanced medical services to their citizens. This has been a major driver for the market. The growing government support in emerging countries to advancement of the healthcare sector through less-than-perfect solutions is likely to remain a major driver for the market over the forecast period.

Market Segmentation

The global medical device reprocessing market is segmented on the basis of product type, medical device type, application, and region.

By product type, the global medical device reprocessing market is bifurcated into reprocessed medical devices and reprocessing support and services. The support and services segment is the largest part of the market and is likely to retain its dominance over the forecast period due to the increased need for support services in reprocessed medical devices.

By medical device type, the market is segmented into catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, and cables, columns, and cutters. The catheters segment holds the largest share in market.

By application, the market is segmented into general surgery, cardiology, orthopedic applications, gastroenterology, urology, and others. The cardiology segment dominates the reprocessing market.

Regional Analysis:

In America, the market can thrive owing to the favorable regulatory scenario for trying safety and efficacy of medical devices in the region. The rise in prevalence of chronic ailments and surge in surgical procedures can boost the regional market in the review period. The rise in surgeries in the US can cause the country to lead the regional market in the near future. In Europe, the market is expected to surge due to decrease in reprocessed medical devices that generate medical waste. The UK can head EU market through the study period. In Asia Pacific, the market can be rise at high pace owing to increase in interest of reputed marketers and rapidly expanding healthcare infrastructure. In the Middle East & Africa region, the rapid expansion of the market can be credited to the increase in government initiatives in the healthcare sector.       

In APAC, the rise in the adoption of reprocessed medical devices as they offer benefits, such as; high-cost efficiency and increase in demand for cost-effectiveness can support the market rise. The market expansion can be attributed to price drop in reprocessing processes and increase in the production of cost that involved production of original equipment and rise in need to reduce expense on disposal of medical waste.

Key Players

Stryker Corporation (US), Vanguard AG (Germany), Medline Industries, Inc. (US), SteriPro (Canada), Block Imaging (US), ReNu Medical, Inc. (Arjo) (US), EverX Pvt Ltd (Australia), SureTek Medical (US), AGITO MEDICAL A/S (Denmark), Johnson & Johnson (US), and Medtronic PLC (Ireland) are some medical device reprocessing market Players that are recognized by MRFR. Growth strategies of these players are elaborated in the report.

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