Reprocessed Medical Devices Market - Global Industry Analysis 2014 - 2020

The global medical devices reprocessing market is growing at a CAGR of 19.3% between 2014 and 2020. The global medical devices reprocessing market was recorded at US$0.78 bn in 2013 and is expected to reach US$2.58 bn by 2020, according to a market research report released by Transparency Market Research, titled “Reprocessed Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”.According to the report, the global medical devices reprocessing market is primarily driven by the high level of cost savings generated by reprocessing devices instead of disposing them. Another market driver is the increasing pressure on medical organizations to reduce the medical waste created due to environmental concerns. Other factors that promote the growth of the global medical devices reprocessing market, especially in North America, are the improvements in the quality of reprocessed medical goods.

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Data cited by the report includes that from AMDR, which states that a typical hospital could possibly save anywhere between US$500,000 and US$2 mn every year by introducing medical reprocessing tools in its system.The major restraints on the global medical devices reprocessing market as discussed in the report include an extremely low rate of awareness and a false negative perception regarding the quality of devices created after preprocessing.The report divides the global medical devices reprocessing market based on the type of devices reprocessed. Among the various devices in the global medical devices reprocessing market, the cardiovascular devices segment is expected to grow at the fastest CAGR in the report’s forecast period. The report explains that the segment is growing at a rapid rate due to the reduction in product pricings, an increase in the rate of use, along with a growing pressure to reduce waste material generated by medical bodies.

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The report also states that there is a greater focus now on the safeguarding of the environment through the reduction of medical waste that is mixed and dumped into landfills.Geographically speaking, the global medical devices reprocessing market is dominated by North America, owing to a high rate of adoption and regulatory policies and government incentives that encourage the use of medical reprocessing devices.The global medical devices reprocessing market is also set to benefit from the growing interest and awareness for it in Europe. One of the major growth drivers of the global medical devices reprocessing market in Europe is the high pressure to maintain steady and low budgets to control the skyrocketing costs of operations.

The top competitors in the global medical devices reprocessing market are Vanguard AG, SureTek Medical, Stryker Sustainability, SterilMed, Inc., ReNu Medical, Inc., MidWest Reprocessing Center, Medline ReNewal, Hygia Health Services, Inc., and Centurion Medical Products Corp.

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.