Reprocessed Medical Devices Market size to grow at about 20% CAGR from 2016 to 2023
Reprocessed cardiovascular market accounted for over 58% of the overall share in 2015, as a result of growing use of products such as blood pressure cuffs, cardiac positioning and stabilization equipment and diagnostics electrophysiology catheters in numerous cardiac surgeries and blood pressure monitoring applications. The sector is forecast to grow at a CAGR of above 19% from 2016 to 2023. Among this segment, diagnostic electrophysiological catheters accounted for the largest share while positioning devices are predicted to be the fastest growing segment over the forecast timeframe.
North America reprocessed medical devices market share was over 50% of the global revenue generated in 2015. This was mainly on account of tangible cost savings and favorable regulatory landscape regarding sustainable waste disposal methods.
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Continuously increasing amount of medical wastes being generated along with the lack of proper disposal mechanisms is a major industry driver. There is increasing pressure to minimize the waste in light of environmental concerns. Benefits obtained over original equipment including initial cost savings as well as enhanced quality, coupled with favorable reprocessed medical device market price trend are also forecast to fuel revenue.
Increasing proclivity amongst medical professionals towards one time use reprocessed devices that serve as a patient safety measure owing to the reduction in risk of acquiring infections will favorably impact growth. Key growth restraint factors are the low awareness rates and the false negative perceptions about the quality of the equipment, along with low adoption. Another hindrance is the lack of appropriate regulatory guidelines.
Lower costs coupled with the strengthening network of distributors in emerging industries provide an opportunity for reprocessed medical devices market size. The European industry stood second in terms of revenue share in 2015, itis predicted to be driven by increasing awareness in healthcare savings leading to higher demand, steps taken by the government such as reduced funding, higher prices and operational costs for operative procedures for manufacturing original equipment.
The Asia Pacific reprocessed medical devices market share is predicted to witness high growth due to the increasing investment by the companies in countries like India and China in setting up manufacturing facilities along with attempts at cost reduction.
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Based on the type of product, the global reprocessed medical devices market is divided into cardiovascular (blood pressure cuffs/tourniquet cuffs, electrophysiology cables, cardiac stabilization and positioning, diagnostic electrophysiology catheters and compression sleeves), gastroenterology, orthopedic/arthroscopic, laparoscopic, and general surgery equipment.
Laparoscopic equipment accounted for the second largest share as a consequence of rapidly increasing demand for minimally invasive techniques and is predicted to follow a similar trend in the coming years.
Hospitals account for nearly 40% of the revenue as owing to the increase in third party and in-house reprocessing caused by tremendous waste production. As per a report by the Association of Medical Device Reprocessors (AMDR), hospitals can save up to 50% of their equipment costs on using these aforementioned products.
Major companies in the global medical reprocessed devices market include Centurion Medical Products Corp., GE Healthcare, Hygia Health Services, Mediline ReNewal, Midwest Reprocessing Centre, ReNu Medical Inc., Siemens Healthcare, Soma Technology, Steril Med Inc., Stryker Sustainability, SureTek Medical, and Vanguard AG.
The companies are engaged in various strategic alliances like mergers and acquisitions and product approvals as this industry is highly competitive. For example, the acquisition of Nuvo-Med which manufactures Disimpactor class I medical devices used in the treatment of fecal impaction by Centurion Medical Products Corp. in January 2016. Intalere Choice signed an agreement with HYGIA Health Services to enhance the supply of reprocessed medical devices.
Key players also engage in sustainable waste reduction programs in an endeavor to strengthen their position in the industry and establish global presence.
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