Reprocessed Medical Devices Market outlook with industry review and forecasts
Category: #health  By Rahul Varpe  Date: 2020-04-06
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Reprocessed Medical Devices Market outlook with industry review and forecasts

Reprocessed Medical Devices Market will reach USD 3 billion by 2025; as per a new research report.

Increasing prevalence of chronic diseases such as cancer and cardiovascular diseases worldwide will escalate the reprocessed medical devices market growth over the forecast timeframe. According to the American Heart Association statistics, in 2017, around 92 million American adults had some type of cardiovascular disease or after effects of stroke. Increasing prevalence of heart associated diseases will upsurge the demand for several medical devices including blood pressure cuffs and other non-invasive devices. Aforementioned factors will thus spur reprocessed medical device market over the forecast period.

Cost-effectiveness associated with reprocessed medical devices will serve to be another positive impact rendering factor in the business growth. Reprocessed devices offer reliable care, additional savings in hospital expenditure as well as several advantages to the environment. Healthcare industry can save billion dollars annually through reprocessing, as it saves charge in medical waste management as well as reduces expenses of buying new device. Attained reserves from reprocessing can be capitalized in new treatment, research and improved patient care. Such factors will thus increase preference towards reprocessed medical devices and foster the industry growth. However, rising cases of infections acquired at surgical site due to excessive use of reprocessed medical devices may impede business growth during the analysis period.

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Orthopedic/arthroscopic segment held around 12% revenue share in 2018 owing to rising elderly population base suffering from chronic bone disorders. Growing prevalence of osteoporosis and arthritis in developed as well as developing countries will upsurge the demand for reprocessed orthopedic devices. Furthermore, laparoscopic devices segment is projected to experience lucrative growth during the forecast timeframe. Segment growth is attributed to growing preference for laparoscopic procedures. Surge in number of patients suffering from surgical site infections should positively impact segment growth during the forthcoming years.

Hospitals segment accounted for substantial revenue share in 2018 and is poised to show more than 14% CAGR over the coming years. Rising healthcare expenditure in developed as well as developing economies coupled with developments in healthcare infrastructure has escalated the segment growth. Increasing patient preference towards hospital settings owing to presence of advanced equipment, skilled healthcare professionals and other facilities will further favor segment growth. Moreover, reduced costs of reprocessed medical devices will lower the prices of treatments that should propel the segment growth over the analysis timeframe.

India reprocessed medical devices is estimated to exceed USD 125 million by 2025 over the forecast timeframe. Large patient pool suffering from various chronic diseases and increasing disposable income in the country will spur India reprocessed medical devices industry growth. Furthermore, increasing adoption rate of these devices is attributed to lower cost of these devices and regulations enforced on medical and biomedical waste management.

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Some of the notable players in the reprocessing medical devices market GE Healthcare, Stryker, Innovative Health, Medline Industries, Soma Technology, ReNu Medical, Ethicon, SureTek Medical, Medtronic, Vanguard and Teleflex. Key industry players adopt strategic initiatives such as collaborations, new product launch and invest in R&D to maintain their market share. For instance, in May 2018, Stryker acquired Hygia Health Services to enhance Stryker's reprocessed single-use medical device portfolio, thus, rendering sustainable profits to the company.



About Author

Rahul Varpe

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Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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