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As per the TMR report, the global reprocessed medical devices market is likely to rise at a robust 14.9% CAGR between 2016 and 2024, for the market to touch a valuation of US$3.35 bn by the end of 2024. The demand in the market translated into a revenue of $982.7 million in 2015. By device type, cardiovascular medical devices lead among other segments. The vast demand of cardiovascular devices is mainly because of increasing incidence of cardiovascular diseases in both developing and developed countries. Geography-wise, North America held the top spot with leading share in the overall market in 2016. Favorable regulatory scenario for uptake for duly tested and certified reprocessed medical devices makes North America the leading region.
Environmental Concerns to Reduce Volume of Medical Waste Drives Uptake
First and foremost, the pressing need to bring down healthcare expenditure in both developing and developed countries is a key factor behind the growth of reprocessed medical devices market. Environmental concerns necessitating to reduce the volume of medical waste from disposal of medical devices is also providing a sustained impetus to the growth of this market.
Emerging economies display substantial demand for reprocessed medical devices as healthcare providers are focused to deliver quality healthcare at optimal cost to price-sensitive consumers.
Industry initiatives to reduce the price of reprocessed medical devices is also acting in favor of the reprocessed medical devices market. Furthermore, buildup of pressure on healthcare providers to keep a check on healthcare budgets has also catalyzed the adoption of reprocessed medical devices.
Regulations to Monitor Required Device Reprocessing and Quality Check Fuels Growth
Stringent regulations in place laid down by accredited agencies such as the U.S. Food and Drug Administration requires adequate processing and quality check of reprocessed medical equipment to minimize incidence of hospital-acquired infections (HAIs). This has helped the reprocessed medical devices market attain solid growth.
However, apprehensions among patients about the safety and efficacy of reprocessed medical devices is slowing their widespread adoption. Nevertheless, increasing acceptance of cost-saving objectives of these devices combined with thrust on quality certifications are boosting patient confidence for these devices. The adoption of improved cleaning, disinfecting, and sterilizing methods have also catalyzed the growth of this market.
The global reprocessed medical devices market is characterized by a largely consolidated vendor landscape with lion's share of the market held by a handful of established players, finds Transparency Market Research (TMR) in a new report. The top five players, namely Hygia Health Services Inc., Vanguard AG, Ethicon (a subsidiary of Johnson & Johnson), Stryker Sustainability Solutions, and Medline Industries Inc. held a whopping 94.0% share of the overall market in 2015. Adoption of growth strategies such as consolidation of distribution channels will aid leading companies to further cement their position in this market.
Small players seeking to establish themselves in the reprocessed medical devices market are vying to tap opportunities in countries of Asia Pacific and Latin America. As the healthcare sector in emerging economies of these regions witnesses expansion, it displays vast appetite for the uptake of reprocessed medical devices due to budget constraints.
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.