Medical Device Reprocessing Market Opportunities and Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global Medical Device Reprocessing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The medical device reprocessing market size has grown rapidly in recent years. It will grow from $2.09 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to cost containment pressures, regulatory evolution, increased environmental awareness, demand for single-use device alternatives, hospital budget constraints.

The medical device reprocessing market size is expected to see rapid growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rising demand for sustainable practices, global healthcare spending patterns, increasing focus on value-based care, expansion in emerging markets, consumer confidence and acceptance. Major trends in the forecast period include advanced disinfection techniques, sustainable packaging and material innovation, circular economy initiatives, hybrid reprocessing models, focus on remote reprocessing technologies.

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Market Drivers and Trends:

An increase in surgical procedures is expected to propel the growth of the medical device reprocessing market going forward. Surgical procedures refer to medical treatment that involves making an incision and using tools to cure or repair disease in a living body. Reprocessing involves removing blood, tissue, and other biological waste from equipment and inactivating infectious microorganisms to ensure that it is clean and safe for the patient who will use it next. For instance, in 2022, according to the British Heart Foundation, a UK-based a cardiovascular research charity, points that in UK surgical procedures, transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI), increased from 5676 in 2019/20 to 6328 in 2020/21. Therefore, an increase in surgical procedures is driving the growth of the medical device reprocessing market.

Technological advancements are a key trend gaining popularity in the medical device reprocessing market. Major companies operating in the medical device reprocessing market are adopting new technologies to sustain their position in the market. For instance, in June 2022, Getinge, a Sweden-based medical technology company, launched an updated version of the endoscope washer-disinfector, an ED-Flow automated endoscope reprocessor. Customers of Getinge's endoscope reprocessing unit will benefit from the facility's higher level of digital connectivity and data management, increasing uptime and productivity. It uses traceability software, T-DOC, with ED-Flow. ED-Flow efficiently handles flexible endoscope leak testing, cleaning, and high-level disinfection with practical, trustworthy outcomes.

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Major Key Players of the Market:

Cardinal Health, Johnson & Johnson Services Inc., Abbott, Medtronic PLC, Danaher, Hill-Rom Holdings Inc., Fresenius Medical Care, Medline Industries Inc., Stryker Corporation, GE Healthcare, Boston Scientific, Fujifilm Medical Systems, Zimmer Biomet, Olympus Corporation, Intuitive Surgical, Hologic, STERIS Healthcare, Getinge AB, Teleflex Inc., Centurion Medical Inc., Vanguard AG, SteriPro, Medivators Inc., Hygia Healthcare LLC, Innovative Health, LUMITOS AG, SureTek Medical, 3M Health Care, ArjoHuntleigh, Northeast Scientific

Medical Device Reprocessing Market 2024 Key Insights:

• The medical device reprocessing market size is expected to see rapid growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• Surge In Surgical Procedures Fuels Growth Of Medical Device Reprocessing Market
• Technology Advancements In The Medical Device Reprocessing Market
• North America was the largest region in the medical device reprocessing market in 2023

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