Fact.MR, a market research and competitive intelligence provider: On medical device reprocessing, the global market is anticipated to top US$ 3 Bn by 2031, surging at a CAGR of 16% over the coming ten years.
North America Holds 42% Share Of The Global Market For Medical Device Reprocessing.
“Rising efforts towards reducing regulated medical waste to propel demand for medical device reprocessing over coming years,” says a Fact.MR analyst.
Fact.MR, a market research and competitive intelligence provider: On medical device reprocessing, the global market is anticipated to top US$ 3 Bn by 2031, surging at a CAGR of 16% over the coming ten years.
Adoption of low-priced reprocessed medical devices is increasing at a rapid pace as compared to brand new devices. Also, elevated efforts for reducing regulated medical waste (RMW) are supporting growth of the market for medical device reprocessing. Furthermore, rising number of surgical procedures associated with growing prevalence of chronic diseases is expected to further nudge market growth in future.
Medical device reprocessing practices are regulated by various regional regulatory authorities. Changing regulatory scenario favouring medical device reprocessing in several countries such as France and Japan will open up new areas of opportunity for market players.
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Key Takeaways from Market Study
- Market for medical device reprocessing to grow 2.2X in value by 2031.
- Demand for medical device reprocessing support and services to surge at a CAGR of 15% across the forecast period.
- North America holds 42% revenue share in the global market.
- Patient preference towards low-cost reprocessed medical devices is the main factor driving this market.
- Market for medical device reprocessing in China to expand at a CAGR of 15.2% across the assessment period.
- Demand for cardiovascular reprocessed devices to remain high over next 10 years.
- Stryker Corporation and Johnson & Johnson are the top two companies providing medical device reprocessing services.
How Will Patient Preference Towards Reprocessed Medical Devices Create Growth Opportunities for Market Players?
Increasing number of hospitals with well-equipped medical devices and surgical equipment, especially in developed countries, will boost market expansion.
Availability of advanced healthcare infrastructure along with presence of skilled professionals in hospital settings will further augment the overall market revenue. Also, rising demand for reprocessed medical devices for conducting cost-efficient medical procedures to benefit patients with low-income will propel market growth.
Rising preference among healthcare professionals regarding improvised reprocessed medical devices is boosting market growth. Surging cases of cancer and other chronic disorders in the region is expected to raise demand for reprocessed medical devices.
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Winning Strategy of Key Market Players
Top companies operating in the industry are focussed on increasing the safety standards of reprocessed medical devices by adding steps such as sterilization and microbial load testing of the devices. Key companies are investing in research & development activities to further enhance product quality. Many players are also focussing on developing new techniques of remanufacturing and repackaging medical devices.
Growing efforts for reducing regulated medical waste as well as changing regulatory scenario favouring medical device reprocessing in several countries will further create growth opportunities for market players over the coming years.
Competitive Landscape
Major companies are focusing on strategies such as investments in research & development, new market initiatives, expansion of production sites and facilities, new product launches, product approvals, and patents.
- In May 2019, Medtronic announced U.S. FDA approval and launch of the Select Site C304-HIS deflectable catheter system. This system is used in processes involving His-bundle pacing (HBP). This strategic move helped the company in generating extra revenue and strengthened its position in the industry.
- In April 2019, 3M announced that it added 3M extended wear medical transfer adhesive, 4075 to its line-up of advanced adhesives for medical devices. This has enabled the company expand its product portfolio.
- In September 2018, Vanguard announced the acquisition of Pioneer Medical Devices AG to enhance reprocessing services for medical devices. This strategy assisted the company in enhancing its product portfolio in global market.
Key Segments Covered in Medical Device Reprocessing Industry Research
- By Product & Service
- Reprocessing Support & Services
- Reprocessing Medical Devices
- By Device
- Catheters
- Laparoscopy Instruments
- Biopsy Instruments
- Endoscopy Instruments
- Cables, Columns, Curves and Cutters
- By Application
- Medical Device Reprocessing for Cardiology
- Medical Device Reprocessing for Gastroenterology, Urology, and Gynaecology
- Medical Device Reprocessing for Arthroscopy and Orthopaedic Surgery
- Medical Device Reprocessing for General Surgery and Anaesthesia
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the medical device reprocessing market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product & service (reprocessing support & services and reprocessing medical devices) device (catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, cables, and columns, curves & cutters), and application (cardiology, gastroenterology, urology , gynaecology, arthroscopy, orthopaedic surgery, general surgery, and anaesthesia), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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