Reprocessed Medical Devices Market Exhibits a Revenue CAGR of 12.8% and Expected to Hit US$ 6.8 Billion by 2031 | Growth Plus Reports

Newark, New Castle, USA, April 28, 2023 (GLOBE NEWSWIRE) — As per the report by Growth Plus Reports, the global reprocessed medical devices market size is valued at US$ 2.31 billion and is expected to reach US$ 6.8 billion in 2031, at a CAGR of 12.8% during the forecast period, 2023-2031

The global reprocessed medical devices market was valued and expected to rise during the forecast period with a significant revenue share. Reprocessed medical devices are reusable devices that have undergone treatments like cleaning, disinfection, and refurbishing to reduce medical waste and maintain environmental sustainability. 

Recent Development in the Market: 

• In February 2023, Northeast Scientific Inc. announced the approval of FDA 510(k) clearance for reprocessing the Philips IVUS Eagle Eye Platinum RX Digital catheter. This significantly reduces the cost for Office-Based Labs and Hospital Cath Labs globally.

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                 Reprocessed Medical Devices Market Scope

Key Takeaways: 

• The latest cost-saving and environmentally friendly technology are driving the demand.
• The rising demand in emerging economies is boosting market revenue growth. 
• Several government initiatives and population awareness are expanding market revenue.  

Market Drivers and Restraints: 

The market revenue growth is being driven by technological advancements and rising environmental sustainability awareness. Furthermore, the rising demand for cost-efficient and safe-to-use products is expanding the demand for reprocessed medical devices in hospitals and healthcare sectors. 

However, the lack of awareness of reprocessed medical devices, safety concerns, and frequent changes in the regulatory requirements are impeding the market revenue growth. 

Market Segmentation: 

Segmentation By Type

Based on types, the global reprocessed medical devices market is segmented into reprocessing support & services and reprocessing medical devices. The reprocessing support & services segment accounts for the largest market revenue share due to services such as sterilization, consulting, and training programs. This segment provides a contamination-free product with detailed knowledge and in-house facilities. 

Segmentation By Device Category

Based on the device categories, the global reprocessed medical devices market is segmented into critical, semi-critical, and non-critical devices. The critical devices segment accounts for the largest revenue share in the global market. This large revenue share is attributed to the complex process and strict regulatory guidelines for sterilizing critical surgical instruments like scalpels, forceps, biopsy tools, catheters, and implants.  

Segmentation By Application

Based on the application, the global reprocessed medical devices market is segmented into cardiovascular, laparoscopic, gynecology, gastroenterology, and orthopedic. The cardiology segment accounts for the largest revenue share in the global market. This large revenue share is attributed to the rising prevalence of heart risks, cardiovascular disorders, and growing demand for minimally invasive procedures and reprocessing cardiovascular stents.  

Regional Growth Dynamics

Based on the region, the global reprocessed medical devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounts for the largest revenue share in the global market due to its excellent regulatory framework, large investments by market players, and favorable government initiatives. 

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Competitive Landscape

A list of the market player operating in the global reprocessed medical devices market are: 

• Stryker Corporation
• Sterilmed Inc. (Johnson & Johnson)
• GE Healthcare
• Philips Healthcare

Report Coverage 

The report analyzes the basic market fundamentals and dynamics, market strategies, key investment areas, regional growth analytics, revenue forecast, significant market players, and their collaborations. Additionally, the study provides a comprehensive discussion of the future of reprocessed medical devices market globally. 

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
   3. Regulatory Landscape
   4. Reimbursements
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL REPROCESSED MEDICAL DEVICES MARKET – ANALYSIS & FORECAST, BY TYPE
   1. Reprocessing Support and Services
   2. Reprocessing Medical Devices
6. GLOBAL REPROCESSED MEDICAL DEVICES MARKET – ANALYSIS & FORECAST, BY DEVICE CATEGORY
   1. Critical Devices
   2. Semi-Critical Devices
   3. Non-Critical Devices
7. GLOBAL REPROCESSED MEDICAL DEVICES MARKET – ANALYSIS & FORECAST, BY APPLICATION
   1. Cardiovascular
   2. Gynecology
   3. Laparoscopic
   4. Gastroenterology
   5. Orthopedic
   6. Other Applications

REPROCESSED MEDICAL DEVICES MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

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• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• ‘Business Profile’ of Key Players

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