Cardiovascular Devices to Account for More Than Half of Overall Reprocessed Medical Device Sales Through 2028
NEW YORK, May 12, 2022 /PRNewswire/ -- In a recently published study, Fact.MR provides a detailed analysis on the global reprocessed medical devices highlighting governing factor such as drivers and restraints from 2021 to 2028. The report reveals upcoming trends and opportunities influencing the growth across multiple market segments including device type, and regions.
Fact.MR - A Market Research and Competitive Intelligence Provider: Sales in the global reprocessed medical devices market reached US$ 2.05 Bn in 2020 and are projected to grow at an exponential CAGR of 14.9% during the forecast period 2021-2028.
Ongoing expansion of the healthcare industry has resulted in a significant rise in medical waste which is negatively affecting the environment. Amid growing concerns regarding environmental sustainability and medical waste management, numerous healthcare institutions and government organization are undertaking promotional initiatives to promote the adoption of reusable medical devices.
Driven by this, sales of reprocessed medical devices are estimated to surpass US$ 5.9 Bn by the end of 2028, finds Fact.MR.
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Increasing emphasis on the reduction of medical waste and a paradigm shift towards adoption of reprocessing of medical devices is contributing to the growth in the market. These devices are relatively cost effective as compared to new medical devices.
Due to increasing obesity, smoking, opioid use, and changing eating habits, a significant rise in cardiovascular disease is being witnessed worldwide. According to a study by the Centers for Disease Control and Prevention, around 6.7% of the population or more than 18.2 million adults across the U.S. are suffering from coronary heart disease.
As reprocessed medical devices are extensively used in cardiovascular surgical procedures, demand is expected to increase at a considerable pace over the forecast period.
Report Attributes | Details |
Base Year Value (2020A) | US$ 2.05 Billion |
Projected Year Value (2028F) | US$ 5.9 Billion |
Global Growth Rate (2021-2028) | CAGR 14.9% |
Key Takeaways:
- Sales in the U.S. are estimated to rise at a robust pace, assisting the North America market to account for around 40% of the overall share by 2028.
- The U.K. is anticipated to account for a dominant share in the Europe market, owing to the large presence of key reprocessed medical devices companies.
- India is emerging as a highly remunerative reprocessed medical devices market, due to the growing burden of cardiovascular diseases in the country.
- China is expected to account for the maximum demand share in East Asia, driven by growing adoption of low-cost reusable cardiovascular surgery devices.
- Based on device type, cardiovascular devices are projected to remain the most sought after, accounting for more than 50% of the revenue share through 2028.
Growth Drivers:
- Growing adoption of reusable cardiovascular devices such as tourniquet cuffs and cardiac stabilizing devices in cardiovascular surgeries and treatment procedures will fuel sales.
- Rising emphasis on proper medical waste management and increasing number of third-party reprocessing services providers will augment growth in the market.
Restraints:
- High risk of serious consequences due to the reuse of single-use devices such as tissue irritation, diagnostic errors, injury, and cross-infection might limit sales.
- Presence of stringent regulatory standards and norms across North America and Europe for reprocessing of medical devices is restraining the growth in the market.
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Competitive Landscape:
Prominent players in the global reprocessed medical devices market are emphasizing on entering into partnership, collaboration, and agreement with other industry players to increase their market share. Also, some companies are adopting acquisition strategies for gain a competitive edge in the market.
For instance,
- In February 2022, DePuy Synthes, a U.S.-based franchise of orthopaedic and neurosurgery companies, announced acquiring a medical device manufacturing company, CrossRoads Extremity Systems. This will assist the company to bring CrossRoads's EcoSMART instrument portfolio and expand its reprocessing facilities.
Key Companies Profiled by Fact.MR
- 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.
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More Valuable Insights on Reprocessed Medical Devices Market
In its latest study, Fact.MR highlights crucial factors steering growth in the global reprocessed medical devices market for the forecast period of 2021 to 2028. The study also provides key insights into drivers that are expected to drive the reprocessed medical devices market through detailed segmentation as follows:
By Device Type:
- Cardiovascular Devices
- Blood Pressure Cuffs/Tourniquet Cuffs
- Cardiac Stabilization and Positioning Devices
- Compression Sleeves (DVT)
- Diagnostic Electrophysiology Catheters
- Electrophysiology Cables
- General Surgery Devices
- Balloon Inflation Devices
- Infusion Pressure Bags
- Laparoscopic Devices
- Endoscopic Trocars & Components
- Harmonic Scalpel
- Orthopedic External Fixation Devices
- Gastroenterology Biopsy Forceps
By Region:
- North America Reprocessed Medical Devices Market
- Latin America Reprocessed Medical Devices Market
- Europe Reprocessed Medical Devices Market
- East Asia Reprocessed Medical Devices Market
- South Asia & Oceania Reprocessed Medical Devices Market
- MEA Reprocessed Medical Devices Market
Key Questions Covered in the Reprocessed Medical Devices Market Report
- What is the estimated revenue of the reprocessed medical devices market during the forecast period?
- Which are the challenges faced in the reprocessed medical devices market?
- Which region is estimated to exhibit fastest growth rate in the global reprocessed medical devices market during 2021-2028?
- What was the valuation of the reprocessed medical devices market in 2021?
- Which are the factors driving the reprocessed medical devices during 2021-2028?
- What is the expected growth rate of the reprocessed medical devices market until 2028?
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