The global reprocessed medical devices market is expected to reach USD 5.0 billion by 2022, according to a new study by Grand View Research, Inc. The increasing generation of medical waste coupled with the lack of centralized support for waste disposal in the healthcare industry is expected to drive the demand for reprocessed medical devices market. Additionally, the long-term cost-efficiency associated with these devices as compared to that of the original device is the high impact rendering driver of the industry.
According to the Association of Medical Device Reprocessors (AMDR),hospitals witness up to 50% cost saving on every purchase of the reprocessed medical device, thereby spending only a limited amount, on waste disposal.
Consequentially, reprocessing has also facilitated reduction in device cost by the original equipment manufacturer in a vain to compete with the third-party reprocessors, thus exerting a positive cumulative effect on the industry growth.
Furthermore, the continuous deterioration of environmental conditions as a consequence of increasing landfills is anticipated to induce the demand for reprocessed medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of Regulated Medical Waste (RMW) from landfills every year, thereby propelling the demand for the reprocessed medical devices market.
The rising initiatives by organizations, such as Association of periOperative Registered Nurses, American Nursing Association, and Practice Greenhealth, in collaboration with governmental and intergovernmental agencies, pertinent to increasing awareness with respect to medical device reprocessing is further expected to provide lucrative growth platform to this industry in near future.
Full research report on Reprocessed medical devices market: http://www.grandviewresearch.com/industry-analysis/reprocessed-medical-devices-market
Further key findings from the study suggest:
- Cardiovascular devices dominated the product segment of the overall reprocessed medical devices market in terms of revenue share at over 55.0% in 2014,owing to a wide range of these devices approved by the U.S. FDA for diagnostics and therapeutics applications
- Diagnostic electrophysiology catheters constituted the largest share at over 24.0% of the cardiovascular sub-segment in 2014 and positioning devices are expected to be the fastest growing at market over the forecast period. This can be attributed to the third-party processors involved in the reprocessing of single-use catheters due to high-cost savings
- Hospitals held a substantial share of the end-use segment and constituted for over 40.0% of the overall market owing to increased in-house and third-party reprocessing due to the massive waste produced through resource users. The aforementioned provides lucrative opportunities for hospitals to contain the expenditure
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- As of 2014, North America dominated the overall reprocessed medical device market at over 47.0%owing to the presence of a large number of non-profit organizations, governmental, intergovernmental agencies, hospitals, donor agencies, and medical product manufacturers involved in reprocessing activities
- Asia Pacific is anticipated to be the fastest growing regional market over the forecast period due to the presence of untapped opportunities in the emerging economies and rising investments in the healthcare infrastructure by global market players. This is predicted to impel growth in Asia Pacific
- The key players in this industry are adopting collaborative strategies with public and private institutions and product approvals for business and geographical expansion. For instance, in January 2016,Centurion Medical Products Corporation acquired Nuvo-Med, Inc., a manufacturer of DisImpactor class I medical devices used for the treatment of fecal impaction in a probe to business expansion
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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