Single-Use Medical Device Reprocessing Market — Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
Request Sample Copy of the Business Report: www.coherentmarketinsights.com/insight/request-sample/364
Single-use medical device reprocessing is gaining popularity as it helps to reduce hospital waste and allows for major cost savings. For instance, Kaiser Permanente, which is an integrated delivery network based in U.S., saved US$ 11 million on an annual basis by reprocessing of single-use devices. Reprocessing enables the hospitals to purchase the same device at a lower price in comparison to the cost of original equipment, which eventually leads to cost savings. Practice Green Health, an NGO providing environmental solutions to the healthcare sector, quoted that single-use medical device reprocessing prevented the entry of 10,000 tons of medical waste during 1997–2007, by processing an estimated 50 million devices. Single-use medical device reprocessing market is poised to grow significantly, as hospitals realize potential cost savings and its ability to reduce environmental hazards.
Cost constraints for Hospitals and positive environmental impact will drive growth of the single-use medical device reprocessing market
Hospitals across the globe are facing cost pressures due to rise in price of original medical equipment. In the U.S., Obamacare and its associated guidelines might get repealed with the change in government. This could lead to low third-party reimbursement for hospitals, in turn influencing them to adopt cost saving initiatives such as single-use medical device reprocessing. The biggest advantage is that hospitals can reduce the cost associated with medical device to 50%, which becomes a crucial factor when dealing with expensive devices such as catheter and cardiac ablation devices. At present, 250 medical devices are already being processed with 10% of medical devices eligible for single-use medical device reprocessing. In terms of environmental protection, hospitals are able to reduce the medical waste to an estimated 50% by the use of single-use medical device reprocessing. Medical waste treatment not only puts enormous cost pressure on hospitals, but in countries such as U.S., China and Japan, it has become a full-fledged industry. For instance, Ascent, a subsidiary of Stryker Corporation, was able to eliminate 1,684 tons of medical waste from landfills during 2007, with the help of reprocessing. The market penetration for single-use medical device processing is poised to increase in small and mid-sized hospitals due to environmental sustainability and immense cost savings related to reprocessing.
North America is estimated to be the growth pocket for single-use medical device reprocessing market
U.S. has the biggest healthcare system in the world with government spending an estimated 30% of annual budget on healthcare. U.S. is also home to large-sized hospitals such as Cleveland Clinic, Mount Sinai Hospital, Beth Israel Deaconess Medical Centre and Johns Hopkins Hospital. These hospitals are subject to meeting sustainability goals and contain costs at the back of recession. For instance, in 2007, 45% of U.S. hospitals entered into an agreement with third-party processing companies and this number increased to 70% in 2008 due to severe economic crisis. Single-use medical device reprocessing is subject to FDA and required third-party processing companies to maintain quality standards in accordance with the original equipment. FDA formulated stringent regulation to create standardization and avoid infections related to the reuse of single-use devices. FDA has set up a grievance mechanism for reporting of adverse events related to use of single-use device which in turn reinforces accountability.
In regions such as Asia Pacific, Europe and South America, there is a lack of regulatory standards is a restraining factor for the growth of single-use medical device reprocessing market. European Union has not mandated guidelines regarding the reprocessing. Individual countries such as Spain, England and France are not in favor of reprocessing. With respect to Asia Pacific, the reuse of single-use medical devices is prevalent with no set of regulations. In countries such as India, Japan and South Korea, there are no government regulations pertaining to single-use medical device reprocessing.
Single-use medical device reprocessing market is in nascent stage with few players dominating the market
The key players in the single-use medical device reprocessing market are Stryker Corporation, Medline ReNewal, Centurion Medical Products Corporation, Midwest Reprocessing Center, SterilMed Inc., Vanguard AG and Hygia Health Services Inc, among others. These players have successfully demonstrated the impact of single-use medical device reprocessing on cost savings and environmental protection. These companies will benefit in a large manner as the regulatory scenario becomes established in Europe and Asia Pacific.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Single-Use Medical Device Reprocessing Market — Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024 here
News-ID: 616986 • Views: 480
More Releases from Single-Use Medical Device Reprocessing Market
Single-Use Medical Device Reprocessing Market — Global Industry Insights, Tren …
Single-use medical device reprocessing is the concept of sterilizing, repackaging, testing, and manufacturing a used product. There is no clear definition for the term single-use device and it is entirely based upon the end user perception. Reprocessing of single-use device is acceptable, if the device is properly sterilized while keeping its physical and technological functionalities intact. Single-use medical device reprocessing is done in two ways: third party processing and in-hospital
More Releases for Hospital
Hospital-based EMR Market
Electronic medical record (EMR) is a digital version of a paper chart, which contains a patient's medical history. This system is designed to share information with other healthcare providers such as laboratories and specialists. It helps to reduce operational cost such as transcription services and overtime labor expenses. Get Sample PDF of Report@ https://www.alliedmarketresearch.com/request-toc-and-sample/3219 Increase in demand for advanced health monitoring systems drives the growth of the market. In addition, rise in
Hospital Logistics Robots Market 2018
Hospital logistics robots comprise autonomous guided vehicles (AGVs) and mobile robot platforms. These are used for managing the flow of goods such as laboratory samples, food, pharmaceuticals, environmental waste, and laundry inside hospital premises. Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-hospital-logistics-robots-2018-2023-863 This report focuses on the Hospital Logistics Robots in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based
Hospital Privacy Screens
Business NEWS 2018 : Hospital Privacy screens are designed to provide privacy and protection and create more pleasant environment for patients in private clinics, hospitals, nursing homes, and specialty care centers. It is one of the best alternatives to the curtains, which is the source of infection that cannot be cleaned regularly, as its hard surface can be wiped and disinfected regularly, thus eliminating the need to remove, launder, and
Lotus Eye Care Hospital
Lotus Eye Care Hospital Lotus Eye Care Hospital- Company Profile & Financial Analysis” contains in depth information and data about the company and its operations. You will find information on the business structure, areas of operation, products and services offered by the company. It also comprises SWOT analysis, key ratios, historical financial data and insider’s view on financial stability and industrial ranking with financial forecasts for two- year period. This report is
Neuromed hospital grows
Mitsubishi Electric Hydronics & IT Cooling Systems, with its brand Climaveneta, provided air conditioning units to the new clinic belonging to Neuromed Institute in Italy, after having successfully supplied other units to the same hospital in the past years. Five years after laying the first stone, the new clinic of the Neurology Institute was inaugurated on October 27th. The Hospital boasts a high degree of specialization in Neurosurgery, Neurology, and all
The Hospital undergoing surgery
Gustavo Frickle Hospital is a new 92,000 sqm building in Viña del mar, Chile. This modern 11-storey structure with 554 rooms, clinical wards and an heliport, will be inaugurated in March 2017. Providing patients and medical personnel with ideal temperature and humidity conditions as well as huge amount of sanitary hot water, achieving these with reduced acoustic emissions and highest efficiency, are the key challenges for the HVAC system of the