Reprocessed Medical Devices Market Size Worth $5.65Bn, Globally, by 2028 at 15.3% CAGR - Exclusive Report by The Insight Partners
The reprocessed medical devices market size is projected to reach $5.65 Bn by 2028 from $2.08 Bn in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.
NEW YORK, Feb. 23, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Reprocessed Medical Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Cardiovascular Medical Devices, General Surgery Medical Devices, Laparoscopic Medical Devices, Orthopedic External Fixation Devices, Gastroenterology Biopsy Forceps, Non-Invasive Devices, And Others); and End User (Hospitals & Clinics, Ambulatory Surgery Centers, Medical Laboratories, And Others)". The reprocessed medical devices market growth is driven by the increasing utilization of the less expensive reprocessed medical devices as compared to new devices, the rising number of surgical procedures across the globe and rising importance of medical waste minimization.
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Report Coverage | Details |
Market Size Value in | US$ 5,653.87 Million in 2021 |
Market Size Value by | US$ 2,087.36 Million by 2028 |
Growth rate | CAGR of 15.3% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 158 |
No. Tables | 165 |
No. of Charts & Figures | 73 |
Historical data available | Yes |
Segments covered | Product, and End User |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Reprocessed Medical Devices Market: Competition Landscape and Key Developments
Medline Industries, LP, Arjo Medical Devices, Currie Medical Specialties, Inc., Stryker Corporation, Teleflex Incorporated, Johnson and Johnson Services, Inc., 3M, STERIS, Vanguard AG, and Cardinal Health are among the key companies operating in the reprocessed medical devices market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to tap into prevailing business opportunities.
On July 2021, Medline Industries announced its Medline ReNewal medical device reprocessing division represented that they reached a new milestone after successfully collecting 5.3 million devices for reprocessing in 2020. This has diverted more than one million pounds of waste from the landfills and preventing the release of nearly 1,500 metric tons of carbon dioxide into the atmosphere.
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The usage of reprocessed single-use devices (SUDs) has grown as a common practice worldwide, especially in the US. According to a research article "Transforming the Medical Device Industry: Road Map to a Circular Economy," published in December 2020, the healthcare system of high-income countries is primarily based on a linear supply chain that contains single-use disposable medical devices, which not only raises healthcare costs but also creates other issues such as waste and pollution. Thus, the rising use of SUDs has an indirect but significant impact on the environment and ecosystem.
In most modern nations, SUDs reprocessing is carefully regulated, with well-established reprocessing protocols by the US FDA. Single-use devices are to be reused according to the necessary and important requirements, as well as information on the specific technique to allow reuse, such as the sterilization method to be used and processes such as cleaning and disinfection. According to the Association of Medical Device Reprocessors (AMDR), reprocessing of SUDs can save up to 50% of hospital costs while also helping to reduce waste. Furthermore, these products maintain the same quality standards as originally manufactured devices, improving patient safety and driving demand for these products.
In most modern nations, SUDs reprocessing is carefully regulated, with well-established reprocessing protocols by the US FDA. Single-use devices are to be reused according to the necessary and important requirements, as well as information on the specific technique to allow reuse, such as the sterilization method to be used and processes such as cleaning and disinfection. According to the Association of Medical Device Reprocessors (AMDR), reprocessing of SUDs can save up to 50% of hospital costs while also helping to reduce waste. Furthermore, these products maintain the same quality standards as originally manufactured devices, improving patient safety and driving demand for these products.
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Hence, the reprocessing of these single-use devices (SUDs) assists in reducing medical wastes along with cost-effectiveness in the healthcare industry, which acts as the major driving factor for the growth of the reprocessed medical devices market.
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