June 17, 2024

The Growing Single Use Medical Device Reprocessing Market is driven by sustainability efforts in the healthcare sector

The single use medical device reprocessing industry involves cleaning, disinfecting and sterilizing devices that are used only once during a procedure so that they can be used again on multiple patients, helping reduce medical waste. These devices include surgical instruments like forceps, clamps and scalpels. With rising focus on sustainability in healthcare, more hospitals and medical facilities are looking at reprocessing single-use devices as it cuts costs and reduces environmental footprint compared to disposables. The practice is FDA cleared for many device types and studies have shown reprocessed devices to perform equally well as new ones.

The global Single Use Medical Device Reprocessing Market is estimated to be valued at US$ 645.43 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the single use medical device reprocessing market is the increasing number of market players. Various companies are entering the market owing to the significant growth opportunities. For instance, in 2021, Cygnus Medical Solutions, a provider of reprocessing services, launched its new custom reprocessing solutions. The new solutions are designed to help hospitals optimize device utilization and reduce costs. Another key trend is growing adoption in emerging economies. Countries like India, China, Brazil, and others are strongly focusing on lowering healthcare costs and reducing medical waste. This is fueling the demand for reprocessed single use devices in these regions. Furthermore, supportive regulations around the world for cleared medical devices is boosting the market growth.

Porter’s Analysis
Threat of new entrants: Low. High capital requirements and stringent regulations pose significant barriers to new companies entering the single use medical device reprocessing market.
Bargaining power of buyers: Moderate. Hospitals have some bargaining power due to the large volume of medical devices purchased. However, they have limited options as reprocessed devices provide significant cost savings.
Bargaining power of suppliers: Moderate. Key players have established themselves as reliable suppliers of reprocessed devices. However, buyers can switch to alternative manufacturers based on pricing and quality of services.
Threat of new substitutes: Low. There are currently no cost-effective alternatives to reprocessing single-use medical devices. Reusing helps reduce medical waste and cost of treatment.
Competitive rivalry: High. The market is highly competitive with major players offering comparable services. Companies compete based on pricing, product portfolio, and quality.

Key Takeaways

The global single use medical device reprocessing market is expected to witness high growth over the forecast period.

Regional Analysis: North America region currently dominates the market owing to regulatory support and high healthcare spending. The region is expected to grow at a CAGR of over 15% during the forecast period.

Key players operating in the single use medical device reprocessing market are Stryker Corporation, Medline ReNewal, Centurion Medical Products Corporation, Midwest Reprocessing Center, SterilMed Inc., Vanguard AG and Hygia Health Services Inc, among others. Stryker Corporation is one of the leading players and offers reprocessing of various devices including endoscopy, laparoscopy and orthopedic products.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it