Reprocessed Medical Devices Market to Hike at 14.9% CAGR Between 2016 and 2024
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Emerging markets in Asia Pacific and Latin America are also vital for leading players in the global refurbished medical devices market. Several countries in these regions are set for steady economic progress in the coming years, making their healthcare sector likely to receive a steady influx of funding in the coming years. Moreover, cost-saving measures such as the refurbished medical devices market are likely to be widely popular in these regions, as they provide players with a key advantage in the increasing competitive medical devices market.
According to Transparency Market Research (TMR), the global reprocessed medical devices market is expected to reach US$3.3 bn by the end of 2024. The market was valued at US$982.7 mn in 2015 and is projected to exhibit a robust 14.9% CAGR between 2016 and 2024.
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Increasing Demand for Cost Cutting Measures Drives Reprocessed Medical Devices Market
The prime driver for the global reprocessed medical devices market is the rising demand for cost cutting measures in the healthcare sector in developed economies. Despite the rising expenditure on healthcare by consumers in developed economies, the refurbished medical devices market represents a smart economic option, as it allows for widespread adoption of advanced medical technology. While reprocessing of medical devices has always been a standard practice in the healthcare sector, the use of modern tools in the processes has made it even more important to the healthcare sector, as the safety and reliability of the devices has improved considerably.
However, the negative perception attached to the tag of “refurbished” has continued to haunt the refurbished medical devices market. Increasingly strict regulations concerning medical device safety have also held back the refurbished medical devices market in some regions.
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Cardiovascular Devices to Dominate Refurbished Medical Devices Market
By device type, the global refurbished medical devices market is segmented into orthopedic external fixation devices, general surgery medical devices, gastroenterology biopsy forceps, cardiovascular medical devices, and laparoscopic medical devices. Of these, cardiovascular devices are likely to dominate the global refurbished medical devices market in the coming years due to the growing prevalence of cardiovascular complaints in developing regions as well as their widespread prevalence in developed markets such as the U.S.
Accordingly, North America is projected to top the global refurbished medical devices market in the coming years, due primarily to the steady demand from the rapidly advancing healthcare sector in the U.S. The regulatory framework in the U.S. has been largely supportive of the refurbished medical devices market, which is a key driver for the market in the region. North America accounted for 76.8% of the global refurbished medical devices market in 2016 and is likely to retain a similar level of dominance through the 2016-2024 forecast period.
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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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