Rising Environmental Concerns with Rising Medical Waste to Propel Reprocessed Medical Devices Market Worldwide
Published On : Nov 15, 2018 | Category : Healthcare
The concept of reprocessing of the medical devices has been trending significantly in the last few years. The proper cleaning, disinfecting, testing, sterilizing, labelling, and packaging of a used or an undamaged medical so as to make it completely ready for the use of patient is considered as reprocessing. The method is likely to help in reducing cost substantially; however, at times it might result in compromise with the patient safety. The strict guideline for the preprocessing of medical devices has encouraged the hospitals to outsource these services to qualified third party providers.
High Need to Cut Down Medical Expenses to Encourage Market Growth
As per a market research study by TMR, in 2015, the global reprocessed medical devices market stood at US$982.7 mn and is projected to reach a value of US$3.35 bn by the end of the year 2024. The market is likely to register a strong 14.90% CAGR between 2016 and 2024.
The growing need to reduce the medical expenses in developing as well as developed economies is considered as a major factor that is projected to ensure the growth of reprocessed medical devices market in the near future. The increasing environmental concerns that are related to the increasing volumes of medical waste that is generated from the rising disposable medical devices is another important factor that is predicted to ensure the development of the market in the coming few years. On the other hand, the high risk associated with the use of reprocessed medical devices that may result in infections is estimated to restrict the growth of the reprocessed medical devices market across the globe in the near future. Nonetheless, the rising emphasis on technological developments and innovations are likely to ensure the growth of the market in the coming years.
North America to Dominate Reprocessed Medical Devices Market
The global market for reprocessed medical devices has been classified in terms of geography into five different segments, such as the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. Among these, the North America market is projected to account for a large share of the market and register a positive growth rate in the coming years. The rising use of reprocessed medical devices and the favorable regulatory policies are some of the major factors that are estimated to ensure the development of the market in the next few years. The key players in the market are expected to focus on developing nations across the globe as they offer immense growth opportunities over the next few years.
The reprocessed medical devices market is enjoying a healthy competitive environment at present, which is further expected to get intense in the coming years. The rise in the number of players which are predicted to participate and the growing focus on emerging economies are projected to support the development of the reprocessed medical devices market in the near future. In addition, the growing mergers and acquisitions are further projected to ensure market growth in the near future. Some of the leading players engaged in the reprocessed medical devices market are Hygia Health Services, Inc., ReNu Medical, Inc., Centurion Medical Products Corporation, Ethicon, Inc., MidWest Reprocessing Center, Stryker Sustainability Solutions, Inc., SureTek Medical, and Medline ReNewal.