14% CAGR growth by 2023 in the Single-Use Medical Device Reprocessing Market| Dominant Players - STRYKER SUSTAINABILITY SOLUTIONS, MEDLINE RENEWAL, VANGUARD AG, RENU MEDICAL, NESCIENTIFIC INC., amongst others

Market Analysis:

North America to Dominate the Market Growth
North America accounted for the largest market, accounting for around 42% of the global market share and is expected to witness a high CAGR of 19% over the forecast period. Along with the North America region, Europe is the next leading region growing at a CAGR of 6.11% in the market.

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In 2002, the Food and Drug Administration established statutory requirements for reprocessing of single-use devices (SUD) by approved reprocessors to save costs and reduce medical waste. Reprocessed single-use medical devices are as safe and effective as original medical equipment, but with greater affordability. Healthcare facilities not only save 50% for every reprocessed SUD they purchase and spend less on medical disposal, but they also save money when original equipment manufacturers (OEMs) lower their prices to compete with third-party re-processors, thus lowering the overall cost of healthcare. Along with the cost reduction it also results in environmental sustainability. Quality of healthcare facilities, quality of device material, and regulations of single use medical devices are the primary concerns of every payer and these are limiting the market’s growth.

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Market Segments:
Single-Use Medical Device Reprocessing Market is segmented by:
1. DEVICE TYPE: CLASS I DEVICES, CLASS II DEVICE
2. GEOGRAPHY: NORTH AMERICA, SOUTH AMERICA, EUROPE, ASIA-PACIFIC, MIDDLE EAST AND AFRICA, SOUTH AMERICA

Key Developments in the Market
• January 2017: Ethicon Endo-Surgery, Inc. has acquired the Megadyne Medical Products, Inc.
• August 2017: Medline Industries purchased the Aplicare skin antisepsis business from the Clorox Company.

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