The single-use medical device reprocessing market was valued at USD 1,858.2 million in 2018 and is expected to register a CAGR of about 15.24% during the forecast period, 2019
NEW YORK, June 24, 2019 /PRNewswire/ -- Market Overview
The single-use medical device reprocessing market was valued at USD 1,858.2 million in 2018 and is expected to register a CAGR of about 15.24% during the forecast period, 2019-2024. Reprocessing of single-use devices (SUDs) helps in saving costs and reducing medical waste. Reuse of single-use devices involves regulatory, ethical, medical, legal, and economic issues and has been extremely controversial for more than two decades. However, due to its cost saving nature and sustainability, single-use reprocessing of medical devices is now gaining recognition as a promising prospect. Along with cost reduction, it also results in environmental sustainability. SUD reprocessing is one of the top healthcare supply chain strategies used to reduce cost and optimize resources.
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Scope of the Report
Single-use device (SUD) reprocessing includes cleaning, disinfection, sterilization, as well as testing and restoration of the technical and functional safety of the used device. Reprocessing of SUDs makes it possible for hospitals to maintain patient care quality while saving substantial amounts of money. The more devices are reprocessed the greater financial benefits. This report analyzes the market trends of patient monitoring equipment, future growth, and the regional market of the same.
Key Market Trends
Electrophysiological Cardiac Catheters Segment is Poised to Register Robust Growth.
The utilization of single-use percutaneous catheters is generally done in interventional cardiology, but there has been an increasing number of cardiac interventions and the consequent economic load demand for assessing SUDs' reuse. When safety and efficiency are assured by SUD reprocessing, substantial saving can be achieved in interventional cardiology, both at the departmental and national level, contributing to optimizing budget allocation for the healthcare system. The American Society of Cardiac Arrhythmias issued a favorable opinion to the reprocessing of electrophysiological devices to the FDA. The FDA classifies Electrophysiological Cardiac Catheters in Class 2 surgical devices and allows its reprocessing in the United States.
The United States to Dominate the Single-Use Medical Device Reprocessing Market.
The United States accounted for the largest market, accounting for around 86% of the North American market and is expected to witness a high CAGR of nearly 19% over the forecast period. The United States is followed by European countries, which is the next leading region in terms of revenue. Moreover, the single-use medical device reprocessing market is growing in Asia-Pacific, and the reuse of single-use devices in most of Asia is becoming common, particularly for injection needles. However, for the most part, there are no national regulations governing the reuse of SUDs and, thus, third-party reprocessors do not offer their services in most of the emerging economies of the Asia-Pacific region.
Competitive Landscape
Globally, the major players control a significant share of the market. However, the remaining market share is heavily fragmented and several niche players operate in the local markets. The major global players include Suretek Medical, Medline Renewal, Renu Medical, Nescientific Inc., Sterilmed Inc., SteriPro, Stryker, and Vanguard AG, among others.
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