The single use medical device reprocessing market consists of reused single-use medical devices such as endoscopes, surgical instruments and orthopaedic implants. These devices are cleaned, disinfected, sterilized and packaged for reuse to reduce medical waste generation and healthcare costs.
The global single use medical device reprocessing market is estimated to be valued at US$ 645.43 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing need for cost-effectiveness in the healthcare system has been a major driver propelling the demand for single use medical device reprocessing. Reprocessed single-use devices can help reduce the costs associated with medical devices by approximately 60%. This provides significant savings for healthcare facilities amid rising costs of new medical devices. According to estimates, reprocessed medical devices can help save approximately $500 million to $1 billion annually in the U.S. alone. As healthcare spending continues to increase globally, reprocessing of single-use devices is expected to garner more attention as an effective cost-cutting measure without compromising on quality of care. This growing emphasis on cost-savings will continue to accelerate growth opportunities for players in the single use medical device reprocessing market over the forecast period.
SWOT Analysis
Strength: Single use medical devices can now be reprocessed and reused, saving significant costs for healthcare facilities. It also reduces medical waste.
Weakness: Reprocessing single use devices is complex and resource intensive. There are risks of transmission of infections if not done properly.Strict regulations and quality standards need to be followed.
Opportunity: Rising healthcare costs and shortages of certain devices provides opportunities for growth of this market. Developing countries offer major growth opportunities.
Threats: Safety concerns and perception issues around reusing single use devices act as a threat. Strong lobby from original device makers can also impact growth.
Key Takeaways
The global Single Use Medical Device Reprocessing Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be USD 645.43 Mn registering a CAGR of around 15%.
Regional analysis: North America region currently dominates the market due to favorable regulations and adoption. However, Asia Pacific region is expected to witness fastest growth due to increasing healthcare infrastructure and large patient population. Countries like India and China provide huge growth opportunities.
Key players: Key players operating in the Single Use Medical Device Reprocessing Market are Stryker Corporation, Medline ReNewal, Centurion Medical Products Corporation, Midwest Reprocessing Center, SterilMed Inc., Vanguard AG and Hygia Health Services Inc among others. These players are focusing on expanding their geographical presence and service offerings through strategic partnerships and acquisitions to gain market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
