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Albany, New York, March 22, 2019 (GLOBE NEWSWIRE) -- According to experts from TMR, the global reprocessed medical devices market is expected to gain revenue worth US$3.35bn by the end of 2024. The market stood at US$982.7 mn in 2015. Experts project this growth to occur at a stellar CAGR of 14.9% during the forecast period from 2016 to 2024.
Among the various types of medical devices in the market, demand for cardiovascular devices is expected to boost the global reprocessed medical devices market during the forecast period. This is because a high prevalence of cardiovascular diseases exists in developing as well as developed economies. Region wise, North America is expected to account for a dominant share in the global reprocessed medical devices market in the coming years. This is attributed to a flourishing healthcare industry and favorable regulations, and also to the presence of several leading companies in the region.
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Increasing Incidence of Chronic Conditions Worldwide Stokes Demand in Market
Reprocessed medical devices are utilized for performing certain validated processes such as sterilization and disinfection. Reprocessing is crucial for the life cycle of medical device. Many expired and used medical devices go through a few processes such as cleaning, disinfecting, testing, remanufacturing, packaging, sterilizing, and labelling for making it patient-ready again. The costs of reprocessed medical device can be nearly half of the cost of new device. Thus, opting reprocessed medical devices is highly cost-effective, thereby resulting in cost reserves for healthcare which is driving the global reprocessed medical devices market.
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Furthermore, rising number of cardiac surgeries worldwide, and increasing cases of chronic conditions are up-surging the adoption rate of various types of surgical procedures. Such factors are fueling demand in the global reprocessed medical devices market. Apart from this, growing environmental concerns with rising volumes of medical waste, which is generated from an increased use of disposable devices is also boosting the global reprocessed medical devices market.
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Apprehension about Use of ill-Processed Medical Devices May Hinder Market’s Growth
A major challenge hindering the growth of the global reprocessed medical devices market is the vast risk associated with the reuse of medical devices, and governments’ stringent regulations on acquiring technologically advanced sterilization processes. Nonetheless, the sluggish growth rate of the market is compensated by persistent demand for reprocessed cardiovascular devices for performing cardiac surgeries. Such factors are believed to help overcome this challenge in the near future.
The global reprocessed medical devices market bears a highly consolidated vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is solely because of the existence of a few leading players in the market. Hygia Health Services, Vanguard AG, Stryker Sustainability Solutions, Ethicon, and Medline Industries Inc. are the leading five companies in the global reprocessed medical devices market.
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In this highly consolidated market, small companies are trying to adopt some strategic alliances to gain better growth opportunities. These players are following vast regulations and requirements for ensuring reliability and safety of reprocessing practices without error. Medium-sized vendors in the global reprocessed medical devices market are looking out for opportunities to collaborate with larger players for improving their revenue indexes. Established companies are focusing hard on exploring new regional markets with untapped growth opportunities. The competition is further getting intensified with the entry of several new players who are focusing hard on delivering quality services.
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