Reprocessed Medical Devices Market to Reach $3.35 Billion by 2024

The global reprocessed medical devices market exhibits a consolidated vendor landscape with the top five players accounting for nearly 94 percent of the overall market in 2015, according to Transparency Market Research (TMR), a U.S.-based provider of syndicated research, customized research and consulting services. These companies are Stryker Sustainability Solutions, Ethicon (Johnson & Johnson), Medline Industries, Inc., Hygia Health Services, Inc., and VANGUARD AG. Despite the high level of consolidation, the global reprocessed medical devices market is witnessing the prevalence of fierce competition among the key players, finds TMR in a new study. To emerge dominant, leading companies are currently focusing on strengthening their distribution channel. Such strategies are likely to intensify the rivalry among key market players further. 
   
According to TMR, the global reprocessed medical devices market, which stood at $982.7 million in 2015, is forecast to reach $3.35 billion by the end of 2024. If the figures hold true, the global reprocessed medical devices market will exhibit a CAGR of 14.9 percent between 2016 and 2024. Based on device type, the market was led by the cardiovascular medical devices segment, which held a share of 61.2 percent in the 2016. Regionally, North America held the leading share of 76.8 percent in the overall market in 2016.

Studies have revealed that a typical hospital can save a few million every year by using reprocessed medical devices. As per a few market researches, more than 70 million reprocessed medical devices as per industry standards are used in North America alone. "While developed economies are currently at the fore of adopting reprocessed medical devices, developing nations will soon catch up to the trend, thus bolstering opportunities for the global reprocessed medical devices market," said a TMR analyst.

Besides this, the market is gaining from the mounting pressure to reduce hospital costs. The rising costs of supply chain and quality healthcare are pressurizing hospitals to curb expenditures in order to maintain profit margin. This has subsequently encouraged hospitals to opt for reprocessed medical devices. Besides this, the implementation of novel regulations ascertaining high standard in reprocessed medical devices is expected to boost the market. These regulations ensure the safety of reusable medical devices and enforces various measures facilitating easy and efficient cleaning, disinfection, and sterilization of reprocessed medical devices.

On the downside, the absence of appropriate regulatory guidelines is creating obstacles for the market players. Compliance with regulations associated with clinical trials and approvals, commercialization, and product development are major concerns among ablation device manufacturers. "The presence of stringent regulations often extend approval process of medical devices, thereby delaying the product launch and hamper prospects for companies," observed the TMR report's author. Besides this, the market is reeling under negative perception about product quality. Reluctance in uptake of reprocessed medical devices also restricts the growth of the overall industry.

Leading companies are currently focusing on expanding their regional footprint to gain better traction. With developing nations exhibiting high funding toward the development of the healthcare infrastructure, the global reprocessed medical devices market finds an environment conducive to their growth. Besides this, the reduced product pricing of reprocessed medical devices is also expected to fuel their demand in the coming years.

This review is based on a TMR study, titled "Reprocessed Medical Devices Market (Devices - Cardiovascular Devices (Blood Pressure Cuffs/Tourniquet Cuffs, Cardiac Stabilization and Positioning Devices, Compression Sleeves (DVT), Diagnostic Electrophysiology Catheters, and Electrophysiology Cables) General Surgery Devices (Balloon Inflation Devices and Infusion Pressure Bags), Laparoscopic Devices (Endoscopic Trocars and Components and Harmonic Scalpels), Orthopedic External Fixation Devices, and Gastroenterology Devices) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."

Source: Transparency Market Research (TMR)