by The global reprocessed medical devices market is estimated to be valued at US$ 3722.53 Mn or 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 Overview:
Reprocessed medical devices include core medical equipment and supplies that have been used before and reprocessed by professional third-party organizations. These devices undergo a rigorous multi-step reprocessing including cleaning, disinfection, sterilization, inspection and functional testing. Reprocessed medical devices provide cost-effective alternatives to original medical equipment for hospitals and healthcare facilities, especially single-use devices that can now be reused safely. This has boosted adoption across developing regions with budget constraints.
Market key trends:
One of the key trends in the reprocessed medical devices market is increasing single-use device reprocessing. Strong regulations in countries such as the U.S. have encouraged transition to single-use devices from reusable equipment. However, reprocessing major single-use devices such as balloon catheters, biopsy forceps and other scopes allows up to 10 reuse cycles thus reducing medical waste. It is estimated that over $5 billion worth of single-use devices are reprocessed annually offering significant cost savings for healthcare systems. Growing environmental concerns around medical waste is also fueling the shift towards reprocessed single-use devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the reprocessed medical devices market requires high initial capital investments and strict regulatory requirements.
Bargaining power of buyers: The bargaining power of buyers is moderate as the buyers have reasonable options available from key industry players operating in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for reprocessed medical devices.
Competitive rivalry: High owing to the presence of few large players.
Key Takeaways
The global Reprocessed Medical Devices Market Share is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing healthcare costs and lack of access to advanced medical technologies in developing nations.
Regional analysis
North America holds the largest share in the global reprocessed medical devices market. However, Asia Pacific is expected to witness the fastest growth in the coming years owing to increasing healthcare infrastructure, rising medical tourism, and growing medical device industry in the region.
Key players
Key players operating in the reprocessed medical devices market are 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. Stryker Corporation is one of the leading players in the market and offers a wide range of reprocessed medical devices for different clinical applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
