July 21, 2024

Projected Growth in Refurbished Medical Device Adoption to Boost the Reprocessed Medical Devices Market

Reprocessed medical devices refer to previously used medical devices that have been treated and reconditioned to be reused. These devices include angioplasty balloons, biopsy forceps, cardiac ablation catheters, guidewires, and external defibrillators. Reprocessing involves testing, disassembling, cleaning, inspecting, repairing or replacing worn parts, sterilization, and repackaging of the devices to ensure they meet strict safety and performance standards. Reprocessed medical devices provide a cost-effective solution for hospitals and healthcare facilities as they are sold at a fraction of the original price. They help reduce medical waste and ease financial burden on patients.

The global Reprocessed Medical Devices Market is estimated to be valued at US$ 3,091.8 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing demand to curb healthcare costs and efficient waste management in the medical industry are the key factors driving the growth of the reprocessed medical devices market. In addition, rising number of surgical procedures performed worldwide along with expiration of patents of many original devices allowing their reprocessing is creating lucrative opportunities for market players. Moreover, favorable regulations promoting reprocessing and reuse of approved medical devices in many countries are further propelling the market growth. However, risk of operational failure and inconsistent quality standards pose a challenge for widespread adoption of these devices. Still, ongoing technological advancements to enhance safety and establish uniform quality protocols are expected to boost market confidence over the coming years.
Porter’s Analysis
Threat of new entrants: The reprocessed medical devices market requires high initial investments and regulatory compliances which pose moderate threat of new entrants.
Bargaining power of buyers: Large healthcare facilities and hospitals have high bargaining power due to bulk purchasing abilities.
Bargaining power of suppliers: Major players such as Stryker Corporation and Johnson & Johnson have dominant market share and supply networks, exerting high bargaining power.
Threat of new substitutes: There exists low to moderate threat from new substitutes due to availability of alternative reprocessed and single-use devices in the market.
Competitive rivalry: The market is highly competitive with presence of global as well as regional players competing on technology, product portfolio and pricing.

Key Takeaways
The global reprocessed medical devices market is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing demand for cost-effective medical devices. The market size for 2023 is estimated to be US$ 3,091.8 Mn.
Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period led by rising healthcare costs in the US. Asia Pacific exhibits fastest growth owing to growing medical tourism and increasing healthcare infrastructure in countries such as India and China.
Key players: Key players operating in the reprocessed medical devices market include Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal , SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation. The market is dominated by Stryker Corporation and Johnson & Johnson due to their strong global distribution networks and diversified product portfolios in different medical disciplines.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it