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(Health-NewsWire.Net, September 09, 2020 ) The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used medical devices for its reuse to diagnose and treat multiple patients.
[145 Pages Report] The global medical device reprocessing market is projected to be valued at USD 823.5 Million in 2017 and is expected to grow at a CAGR of 16.3% during the forecast period to reach to USD 1,754 Million by 2022. Base year considered for the report is 2016.
The key factors driving the growth of this market include the low prices of reprocessed devices as compared to new ones and the pressure to reduce the volume of medical waste generated.
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The report analyzes the market by product & service, type of medical device, application, and region. On the basis of product & service, the reprocessing support and services segment accounted for the largest share in 2016, owing to the increased adoption of third-party reprocessing services over in-house reprocessing services by hospitals, clinics, surgical centers, clinical pathologies, and other healthcare organizations.
Based on type of medical device, the catheters segment accounted for the largest share in 2016 and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased utilization of reprocessed cardiac catheters, electrophysiology catheters, and diagnostic catheters in recent years.
Based on application, the market is further categorized into cardiology; gastroenterology, urology, and gynecology; arthroscopy and orthopedic surgery; and general surgery and anesthesia. In 2016, the cardiology segment accounted for the largest share of the market; this is primarily attributed to the increasing number of cardiology surgeries associated with the growing prevalence of cardiovascular diseases (CVD) across the globe.
Geographical growth scenario of Medical Device Reprocessing Market :
Geographically, the global medical device reprocessing market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America dominated the market, and this is primarily attributed to its well-established healthcare industry, growing prevalence of chronic diseases, and increasing volume of surgical procedures. The European region is expected to witness the highest CAGR during the forecast period, owing to the rising prevalence of chronic diseases, increasing geriatric population, rising healthcare expenditure, increasing number of surgical procedures, and growing awareness about the usage of reprocessed medical devices.
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Key Market Players :
In 2016, Stryker Corporation (U.S.) and Johnson & Johnson (U.S.) dominated the global medical device reprocessing market. Some of the other players competing in this market are Vanguard AG (Germany), Medline ReNewal (U.S.), Medtronic plc (Ireland), SteriPro Canada, Inc. (Canada), Pioneer Medical Devices AG (Germany), Vascular Solutions, Inc. (U.S.), HYGIA Health Services, Inc. (U.S.), ReNu Medical, Inc. (U.S.), SureTek Medical (U.S.), and Centurion Medical Products Corporation (U.S.).
MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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