The consumption of reprocessed medical devices is expected to rise at an impressive CAGR of 14.9% from 2021 to 2028. In 2020, the global reprocessed medical devices market was worth US$ 2.05 billion, and the market is anticipated to surge to a valuation of US$ 5.9 billion by the end of 2028.
Increasing healthcare expenditure owing to the rising patient pool is expected to bolster demand for reprocessed medical devices as healthcare institutions focus on lowering operational costs. Increasing geriatric population, favorable regulatory policies, and rising focus on healthcare are anticipated to be other trends propelling the reprocessed medical devices market potential over the coming years.
Demand for reprocessed medical devices is anticipated to be high in developing economies where healthcare spending is less.
Key reprocessed medical device suppliers are focusing on launching new and innovative products to advance medical device reprocessing procedures and increase revenue potential.
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Key Takeaways from the Market Study:
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Winning Strategy:
Reprocessed medical device manufacturers are focusing on mergers and acquisitions to expand their product portfolios and increase their sales. Favorable regulatory policies are also expected to promote reprocessed medical device suppliers to advance their sales potential and increase revenue.
Reprocessed medical device companies are investing in the development of better reprocessing facilities to meet increasing demand. Favorable government initiatives to boost the adoption of reusable medical devices are also expected to be capitalized on by key reprocessed medical devices market players over the forecast period.
Key Segments Covered in Reprocessed Medical Devices Market Analysis
By Device Type
The reprocessed medical devices market is categorized into several key device types, including:
Cardiovascular Devices
General Surgery Devices
Laparoscopic Devices
Orthopedic Devices
Gastroenterology Devices
By Region
The report provides a comprehensive analysis of market trends and developments across key geographies:
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global reprocessed medical devices market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.
The study divulges essential insights on the market on the basis of device type (cardiovascular devices, general surgery devices, laparoscopic devices, orthopedic external fixation devices, gastroenterology biopsy forceps) and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Companies Profiled:
Stryker; Medline Industries Inc.; ReNu Medical; LUMITOS AG; Vanguard AG; Johnson & Johnson; Sterilmed Inc.; Hygia Health Services Inc.; Centurion Medical Products Corporation; Siemens Healthcare; Philips Healthcare; GE Healthcare; Suretech Medical Inc.
Industry News:
In February 2022, DePuy Synthes, the orthopedics company of Johnson & Johnson, announced the acquisition of CrossRoads Extremity Systems. This will bring CrossRoads’s EcoSMART instrument portfolio to DePuy Synthes and strengthen its reprocessing facilities.
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CAGR stands for Compound Annual Growth Rate. It represents the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
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