Reprocessed Medical Devices Market Size To Be Worth Approx. USD $8.350B By 2027
The global reprocessed medical devices market is currently valued at 2.833 billion in USD, and is even expected to reach $8.350Bn by 2027 with a CAGR of 16.7 throughout the forecast period.
Contributing factors to the growth of the global reprocessed medical devices market include an increase in the number of hospitals which are well stocked with medical equipment and surgical devices, a rise in FDA (Food And Drug Administration) approvals for reprocessed cardiovascular products, and a rise in the preference of medical professionals towards reprocessed devices designed for single use. Within this industry, the largest share is held by the hospital market, which is due to increasing pressure for cost reduction and waste generation control. The presence of in house reprocessing units, as well as a rise in the number of collaborations with third party reprocessors are also going to contribute to the augmentation of growth over the coming years.
The cardiovascular segment is holding the greatest possible share of the total market, as a result of the extensive use of cardiovascular surgical products, as well as tools used for diagnostics, and these often include stabilisation devices, blood pressure cuffs, and devices for cardiac positioning.
There is likely to be a continuous level of growth in the global reprocessed medical devices market over the coming years, in part due to the urgency to reduce medical waste generation within hospitals, as well as other healthcare settings. The high pressure to increase this adoption of the reprocessed medical devices is due to the benefits associated with it, such as high-cost efficiency, which will have a large impact on the growth of the market. This factor can be attributed to the lower cost of reprocessing compared to the production cost which is involved in manufacturing the original equipment, as well as the increased need for expenditure curbing in the medical waste disposal department.
The cost of the regulated medical waste is going to be a lot higher when compared to regular solid waste disposal, therefore increasing demand for the market overall. Furthermore, the methodological advancements in reprocessing, as well as the increase of the number of third party reprocessors, is expected to present the industry with many lucrative opportunities for growth. These aforementioned factors are expected to continue to contribute towards the development of the healthcare industry.