Reprocessed medical devices refer to medical devices that have been retrieved after use, sanitized, and reprocessed to be reused again in medical procedures. Reprocessed medical devices offer a cost-effective option for hospitals and clinics as they can help reduce medical costs significantly without compromising on quality. The growing need to reduce healthcare costs is driving the demand for reprocessed cardiac, laparoscopic, and orthopedic devices.
The global Reprocessed Medical Devices Market is estimated to be valued at US$ 3,091.08 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for affordable healthcare solutions is one of the major drivers of the reprocessed medical devices market. Population aging and increasing healthcare costs have compelled governments and healthcare providers to look for cost-effective alternatives that can reduce costs without impacting quality. Reprocessed medical devices are estimated to be 30% cheaper than their original counterparts, thus offering significant savings. They are recertified to the highest standards and quality checks to ensure patient safety. Moreover, reprocessing involves disinfecting, inspecting, and repairing the devices to give them a ‘like-new’ performance. Strict regulations regarding reprocessing further maintain the quality and reliability of these devices. This has increased acceptance among healthcare facilities and is expected to propel the demand over the forecast period.
SWOT Analysis
Strength: Reprocessed medical devices offer significant cost savings compared to new devices for hospitals and healthcare facilities as they are 30-40% cheaper.
Weakness: Risk of device failure and complications involved in reprocessing single-use devices may impact patient safety and outcome.
Opportunity: Growing healthcare expenditure and demand for cost-effective solutions especially in developing countries present a huge market opportunity.
Threats: Stringent regulations in some regions and negative perception around reuse of single-use devices poses threats.
Key Takeaways
The global reprocessed medical devices market is expected to witness high growth over the forecast period. The cost benefits offered compared to new devices is a key factor driving its adoption.
Regional analysis: North America dominates currently due to presence of major players and developed healthcare infrastructure. However, Asia Pacific is expected to be the fastest growing market led by countries like India, China and others due to increase in healthcare expenditure and large patient population.
Key players: Key players operating in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal, SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation. These players are focusing on expanding their product portfolio and presence across different regions to strengthen their market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
