Market Forecast
Registering a CAGR of 16.4%, the Global Medical Device Reprocessing Market is expected to reach USD 2,671.8 Million by 2025.
Medical device reprocessing is gaining popularity as it allows major cost savings and reduces hospital waste. For instance, Kaiser Permanente, a US-based integrated delivery network, saves approximately USD 11 million on an annual basis by reprocessing of medical devices. Medical waste treatment puts lots of cost pressure on hospitals; however, in countries such as the US, Japan and China, it has become a full-fledged industry. For instance, Ascent, a subsidiary of Stryker Corporation, eliminated 1,684 tons of medical waste with the help of reprocessing.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global medical device reprocessing market owing to the presence of a favorable regulatory scenario to increase the safety and efficacy of the reprocessed medical device. Additionally, increase in prevalence of chronic diseases and an increase in number of surgical procedures is boosting the market growth in the American region. For instance, approximately 340,000 Coronary Artery Bypass Grafting (CABG) procedures per year are performed in the US. Europe is expected to hold the second-largest position in the global medical device reprocessing market owing to the low cost of reprocessed medical devices and rising need to reduce the generation of medical waste. For instance, The UK generated 222.9 million tons of total waste in 2016, with England responsible for 85% of the UK total.
Asia-Pacific is anticipated to be the fastest-growing region is due to the growing interest of major key players in emerging markets and rapidly developing healthcare infrastructure in this region. The Middle East Africa has the least share of the global medical device reprocessing market. Moreover, the major market share of the region is expected to be held by the Middle East region owing to the increasing government initiatives for the healthcare sector.
Market Influencers
The changing regulatory scenario is some Asian countries such as Japan and China are positively influencing the market growth. For instance, currently, Japan does not have any regulations regarding medical device reprocessing. Therefore, regulatory authorities, such as the Ministry of Health, Labor and Welfare (MHLW) (Japan), in collaboration with the FDA (US), are focusing on the generation of new medical device reprocessing
Segmentation
The Global Medical Device Reprocessing Market has been segmented into Product Service, Type Of Medical Device, and Application.
By product service, the market has been segregated into reprocessed medical devices and reprocessing support and services. The reprocessing support and services are expected to hold the largest market share due to the rising preference of customers for reprocessing services by third-party reprocessors with reduced expenses and decreased environmental impact.
By type of Medical Device Reprocessing Companies, the market has been bifurcated into catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, and cables, columns, and cutters.
On the basis of application, the global medical device reprocessing market has been classified as general surgery, cardiology, orthopedic, gastroenterology, urology, and others. The cardiology segment is expected to hold the largest market share owing to the increasing adoption of electrophysiology catheters by hospitals clinics for various surgical procedures.
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