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The global reprocessed medical devices market holds significant importance as refurbished and recycled medical equipment help address the issue of medical waste as well as offer more affordable alternatives to new devices. Reprocessed medical devices such as pulse oximetry sensors, biopsy forceps, external defibrillator electrodes, and general surgery equipment undergo rigorous inspection, cleaning, disinfection, sterilization, testing, and verification before being reintroduced to the market. This stringent reprocessing helps ensure patient safety while also reducing costs for healthcare facilities.
The global reprocessed medical devices market is estimated to be valued at US$ 3,091.08 Mn in 2024 and is expected to exhibit a CAGR of 20.% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing focus on sustainability and circular economy has become one of the major trends shaping the reprocessed medical devices market. Strict regulations aimed at reducing medical waste generation are prompting hospitals and clinics to consider refurbished alternatives which can lower procurement costs as well as minimize environmental footprint. Another notable trend is the rising importance of third-party validation and certification for reprocessed devices. Independent validation of reprocessing protocols helps inspire confidence among end-users regarding patient safety. Medical device reprocessors are actively working to meet international quality standards through robust validation practices.
Porter’s Analysis
Threat of new entrants: The reprocessed medical devices market requires large investments and regulatory approvals to enter, lowering the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to the specialized nature of reprocessed medical devices and requirements. However, group purchasing organizations have some bargaining power.
Bargaining power of suppliers: A few large companies dominate the supply of reprocessed medical devices, giving them significant bargaining power over buyers.
Threat of new substitutes: There is a low threat of substitution as reprocessed medical devices provide significant cost savings compared to new devices for similar core functions.
Competitive rivalry: The reprocessed medical devices market is highly competitive with the presence of several global and regional players.
Key Takeaways
the global reprocessed medical devices market is expected to witness high growth.Regional analysis: North America is expected to continue dominating the global reprocessed medical devices market during the forecast period. Favorable regulations around reprocessing and emphasis on reducing healthcare costs are driving market growth. Asia Pacific is anticipated to be the fastest growing region due to increasing healthcare expenditure and growing medical tourism industry.
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 and Johnson & Johnson are the largest players in the market.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
