The global reprocessed medical devices market was valued at $2.8327 billion in 2020 and expected to reach $8.3503 billion by 2027 with a compound annual growth rate of 16.7% over the forecast period.
Why the Reprocessed Medical Devices Market is Significant
An increasing number of hospitals with well-equipped medical devices and surgical equipment, rising U.S. FDA approvals for reprocessed cardiovascular products, and rising preference of healthcare professionals toward single-use reprocessed devices are contributing to the growth in this market.
In terms of the segmentation, the largest share of this industry has been held by the hospital market, which is due to the increasing pressure for the control of waste generation and reduction of costs. Furthermore, the presence of an in-house reprocessing units and the rise in the number of the collaborations with the third-party reprocessors are going to be responsible for the augmentation of the growth during the coming years.
Meanwhile, the cardiovascular segment is holding the greatest share possible of the total market due to the extensive utilization of the products in cardiovascular surgeries as well as diagnostics. These devices include the blood pressure cuffs, stabilization devices, and cardiac position.
The global reprocessed medical devices market is going to see a continuous amount of growth in the coming years with the rise in the urgency for reducing the generation of medical wastes in hospitals as well as the other healthcare settings.
Adoption of Reprocessed Medical Devices
There is more pressure to increase the adoption of reprocessed medical devices due to associated benefits, like high-cost efficiency, which will have a huge impact on the growth of the market. This is a factor which can be attributed to the lower costs of reprocessing in comparison with the production costs involved in manufacturing of the original equipment in addition to the rising need for curbing expenditure in the medical waste disposal.
The regulated medical waste costs a lot more when compared to the disposal of the regular solid waste thereby augmenting demand for the market overall. Further, the reprocessing methodological advancements, in addition with the increase in the number of the third-party re-processors, has been expected to present this industry with the lucrative growth opportunities. These aforementioned factors have been expected to contribute toward the development of the industry in the future which is foreseeable.
This industry has also been expected to perform exceptionally for showcasing incremental growth due to the rise in inclination of healthcare professionals with regard to the single-use reprocessed devices.
The major players in the industry are now working towards the growth of their market share by innovating on their products and carrying out product launches which help the customers get better products.