Medical Device Reprocessing Market is Expected to Accelerate at a CAGR of 16% by 2031

The global medical device reprocessing market was valued at US$ 1.4 billion in 2020 and is projected to grow at a CAGR of 16%, exceeding US$ 3 billion by 2031. Demand for reprocessing support and services is expected to increase at a CAGR of 15% during the assessment period from 2021 to 2031.

Key factors driving this market's growth include the lower costs of reprocessed devices compared to new ones and the growing pressure to reduce the volume of medical waste generated.

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Country-wise Analysis

In the U.S., the medical device reprocessing market was valued at US$ 323 million in 2020. The U.S. Food and Drug Administration (FDA) mandates that third-party reprocessors meet the same standards as those required for originally manufactured single-use devices.

Reprocessing is a common practice in the U.S., with hospitals increasingly opting to reprocess single-use devices. Approximately 45% of hospitals in the U.S. have agreements with third-party reprocessing companies, making treatments for chronic diseases more affordable for low-income patients.

Category-wise Analysis

Revenue from reprocessed cardiovascular medical devices accounts for over 52% of the market share. The introduction of low-cost cardiovascular reprocessed devices has led to widespread adoption worldwide.

Additionally, the growing geriatric population, which is more susceptible to cardiovascular disorders, is driving product demand. Low-income groups tend to favor reprocessed medical devices due to their affordability, further accelerating market growth.

The COVID-19 pandemic raised safety concerns among physicians and patients regarding the reuse of medical devices, negatively impacting demand for reprocessed products.

In response to these safety concerns, regulatory authorities have made sterilization and microbial testing of reprocessed medical devices mandatory.

Read More: https://www.factmr.com/report/medical-device-reprocessing-market

Competitive Landscape

Major companies are implementing strategies such as investing in research and development, launching new market initiatives, expanding production facilities, introducing new products, securing product approvals, and obtaining patents.

In May 2019, Medtronic received U.S. FDA approval for the Select Site C304-HIS deflectable catheter system, used in His-bundle pacing (HBP) procedures. This strategic move helped the company generate additional revenue and strengthen its position in the industry.
In April 2019, 3M expanded its lineup of advanced adhesives for medical devices by adding the 3M Extended Wear Medical Transfer Adhesive, 4075, enhancing its product portfolio.
In September 2018, Vanguard announced the acquisition of Pioneer Medical Devices AG to improve its reprocessing services for medical devices, which bolstered its product offerings in the global market.

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Key Segments Covered in Medical Device Reprocessing Industry Research

By Product & Service
Reprocessing Support & Services
Reprocessing Medical Devices
By Device
Catheters
Laparoscopy Instruments
Biopsy Instruments
Endoscopy Instruments
Cables, Columns, Curves and Cutters
By Application
Cardiology
Gastroenterology, Urology, and Gynaecology
Arthroscopy and Orthopaedic Surgery
General Surgery and Anaesthesia
By Regions
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa

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