Global Reprocessed Medical Devices Market: Snapshot
Reprocessing has always been an important part of the medical device life cycle, in both developed and emerging nations across the world. Reprocessing of medical devices is a method of cleaning, disinfecting, testing, remanufacturing, sterilizing and packaging as well as labeling of a used, expired and undamaged medical device to make it patient-ready at a much-reduced cost. It has been observed that reprocessing of medical devices in emerging nations is solely aimed at reducing hospital supply costs, which often compromise with the safety of patients.
Various research publications related to the medical devices market suggest that until a decade back, medical device reprocessing was mostly performed by hospital staffs within a hospital setting, and without any proper regulations and guidelines. However, with the introduction of FDA reprocessing guidelines, medical device reprocessing is being adopted gradually across the globe. Hence, at present, most hospitals and healthcare facilities outsource medical device reprocessing to qualified third party service providers.
Spurred by these factors, the global reprocessed medical devices market is projected to exhibit a CAGR of 14.9% between 2016 and 2024. At this pace, the market’s valuation is expected to reach US$3.35 bn by the end of 2024, from US$982.7 mn in 2015.
Cardiovascular Medical Devices Segment to Remain Dominant through Forecast Period
Based on device type, the reprocessed medical devices market can be segmented into gastroenterology biopsy forceps, orthopedic external fixation devices, laparoscopic medical devices, general surgery medical devices, and cardiovascular medical devices. Of these, the reprocessed cardiovascular medical devices segment held the dominant share of 61.2% in the overall market in 2016. Growth witnessed in this segment can be attributed to the reduced pricing of the products, high usage and growing pressure to reduce healthcare expenditure among hospital authorities. Additionally, increased focus on protecting the environment by reducing medical waste being dumped in landfills is significantly contributing to the growth of the segment.
The cardiovascular devices segment has been further categorized into blood pressure cuffs/tourniquet cuffs, cardiac stabilization and positioning devices, Deep Vein Thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology (EP) cables. Likewise, the general surgery devices segment comprises balloon inflation devices and infusion pressure bags. The laparoscopic devices segment has been further classified into endoscopic trocars and components as well as harmonic scalpels. Similarly, the external fixation devices segment has been considered under orthopedic devices and biopsy forceps under gastroenterology devices.
Favorable Policies Seal North America’s Dominance in Global Market
Regionally, North America emerged as the largest market for reprocessed medical devices in the world in 2016. In this year, North America held the dominant share of 76.8% in the global reprocessed medical devices market. Encouraging regulatory policies and the increased use of reprocessed medical devices across the healthcare sector are likely to seal North America’s dominance in the global frontier through the forecast period. Moreover, reduced pricing and improved quality of reprocessed medical devices are some of the additional factors driving the growth of the market.
However, negative perceptions about the safety of such equipment and relatively lesser collection of medical devices for reprocessing are some of the factors that might impede the growth of the market. Europe is expected to show an appreciable growth rate due to multiple factors such as the growing demand for reprocessed medical devices and awareness about the potential savings in healthcare costs. Moreover, the rising pressure to keep healthcare budgets under control is expected to fuel the growth of the reprocessed medical devices market in the region.
Centurion Medical Products Corporation, Hygia Health Services, Inc., Medline ReNewal, MidWest Reprocessing Center, ReNu Medical, Inc., Ethicon, Inc. (Johnson & Johnson), Stryker Sustainability Solutions, Inc., SureTek Medical and Vanguard AG are major companies operating in the reprocessed medical devices market.
Reprocessed Medical Devices Market: Overview
Reprocessing of medical devices refers to the process of inspecting, cleaning, testing, sterilizing and packaging of used and expired medical devices, such that the devices remain effective and safe for suitable clinical application. This study provides the market analysis for various classes and sub-classes of medical devices used for reprocessing. The stakeholders of this report include original equipment manufacturing companies and companies involved in medical device reprocessing and distribution of reprocessed devices as well as new entrants.
The market overview section of the report analyzes the market dynamics and trends such as drivers, restraints and opportunities that would affect the current and future scenario of the reprocessed medical devices market. Porter’s five forces analysis is included in this study to provide thorough analysis about the competitive status of the current reprocessing industry, and market attractiveness analysis has been added to describe the market outlook in different geographies. Value chain analysis of the market is discussed in this section to recognize value-creating activities from a number of processes, which would provide an overall understanding of the science of medical device reprocessing.
Reprocessed Medical Devices Market: Key Segments
This market study on reprocessed medical devices has been classified based on various types of devices, which are generally used for reprocessing such as cardiovascular devices, general surgery devices, laparoscopic devices, orthopedic devices and gastroenterology devices. Furthermore, for estimating the overall reprocessed medical devices market, each of the major classes mentioned above have been categorized into several sub-classes of reprocessable medical devices. Cardiovascular devices have been segmented into blood pressure cuffs/tourniquet cuffs, diagnostic electrophysiology catheters, electrophysiology cables, cardiac stabilization and positioning devices. General surgery devices have been segmented into balloon inflation devices and infusion pressure bags. Likewise, laparoscopic devices have been segmented into endoscopic trocars and components as well as harmonic scalpel.
Orthopedic external fixation devices have been considered for estimating the market of reprocessed orthopedic devices and biopsy forceps have been considered under gastroenterology devices. Market revenue for reprocessed medical devices as well as total devices has been provided in the report for the period 2014 to 2024 in terms of US$ million, along with CAGR for the forecast period 2016 to 2024, considering 2015 as the base year. In addition, volume data for each of these devices is provided in the report from 2014 to 2024, with a forecast period from 2016 to 2024.
Reprocessed Medical Devices Market: Regional Outlook
From the geographical perspective, the global reprocessed medical devices market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. The market revenue of reprocessed medical devices for each geographical market for 2014 and 2024 along with forecast from 2016 to 2024 in respective regions in terms of US$ million, value share and volume (number of units), respectively has been explained in the geography section of the report.
Companies Mentioned in Report
The report provides company profiles of major players operating in the reprocessed medical devices market. Additionally, detailed market share analysis of the leading players has been provided which includes companies such as Centurion Medical Products Corporation, Hygia Health Services, Inc., Medline Industries, Inc., MidWest Reprocessing Center, ReNu Medical, Inc., Ethicon, Inc. (SterilMed, Inc.), Stryker Sustainability Solutions, Inc., SureTek Medical, VANGUARD AG., Pioneer Medical Devices AG, The elaborated market share analysis of the companies involved in the market would help new business participants to identify product portfolio of the established companies and understand the business strategies followed by major companies for sustaining in the market.
The global reprocessed medical devices market is segmented as follows:
- Reprocessed Medical Devices Market, by Type of Devices
- Cardiovascular Medical Devices
- Blood Pressure Cuffs/Tourniquet Cuffs
- Cardiac Stabilization And Positioning Devices
- Compression Sleeves (DVT)
- Diagnostic Electrophysiology Catheters
- Electrophysiology Cables
- General Surgery Medical Devices
- Balloon Inflation Devices
- Infusion Pressure Bags
- Laparoscopic Medical Devices
- Endoscopic Trocars And Components
- Harmonic Scalpels
- Orthopaedic External Fixation Devices
- Gastroenterology Biopsy Forceps
- Cardiovascular Medical Devices
- Reprocessed Medical Devices Market, by Geography
- North America
- United States
- Rest of Europe
- Australia & NZ
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America