The healthcare IT market is experiencing rapid adoption of electronic data, with EHR databases and software providing valuable resources for precision medicine development. According to NCHS at the CDC, EHR adoption by primary care physicians in the U.S. increased from 72.1% in 2013 to 78.6% in 2014, a significant growth of 6.5%. The ability to reuse these software solutions seamlessly contributes to market enhancement. Additionally, the COVID-19 pandemic has fueled the demand for medical device connections.
According to Data Bridge Market Research the Medical Device Reprocessing Market accounted for USD 13.31 billion in 2021, and expected to reach USD 29.37 billion by 2029. The market is expected to grow with a CAGR of 10.4% in the forecast period of 2022 to 2029.
“Rising awareness and initiatives for reducing medical waste”
The market is expected to experience growth due to the efforts of non-governmental organizations (NGOs) raising awareness and implementing campaigns to reduce medical waste and promote recycling measures. In 2022, Innovative Health, LLC obtained approval to reprocess the Philips Eagle Eye Platinum digital IVUS catheter, marking their entry into the cath lab space. This milestone enables hospitals to achieve significant cost savings through reprocessing, contributing to the expansion of the market, which is expected to drive the market growth of medical device reprocessing.
What restraints the growth of the medical device reprocessing market?
“Rising risk of surgical site infections”
The widespread utilization of reprocessed devices poses a risk of transmitting surgical site infections, which hinders the market. Additionally, the complex and technological nature of the reprocessing procedure can lead to multiple infections arising from the repeated use of devices. Consequently, these factors act as obstacles to the growth of the market due to concerns regarding patient safety and infection control.
Segmentation: Medical Device Reprocessing Market
The medical device reprocessing market is segmented on the basis of type, product and service, process, devices type, application and end user.
- On the basis of type, the medical device reprocessing market is segmented into enzymatic, non-enzymatic detergent.
- On the basis of product and service, the medical device reprocessing market is segmented into reprocessing support and services, reprocessed medical devices.
- On the basis of process, the medical device reprocessing market is segmented into presoak, manual cleaning, automatic cleaning, and disinfection.
- On the basis of devices type, the medical device reprocessing market is segmented into critical devices, semi-critical devices, and non-critical devices.
- On the basis of application, the medical device reprocessing market is segmented into devices, accessories
- On the basis of end user, the medical device reprocessing market is segmented into hospitals, clinics, home healthcare, diagnostic centers, manufacturers, ambulatory surgical centers, others.
Regional Insights: North America dominates the Medical Device Reprocessing Market
North America asserts its dominance in the medical device reprocessing market, fueled by the presence of major market players and its high GDP. The region benefits from its active engagement with PDA guidelines and stays at the forefront of the latest developments in reprocessed medical devices. These factors contribute to a robust growth rate in North America's market.
Meanwhile, Asia-Pacific emerges as the fastest-growing region in the market. The region's growth is propelled by factors such as the increasing prevalence of chronic diseases, a growing elderly population, high healthcare expenditure, and disposable income. These dynamics create a favorable environment for the adoption of reprocessed medical devices and drive the market's expansion in Europe.
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Recent Developments in Medical Device Reprocessing Market
- In 2019, Medtronic made a significant announcement regarding the FDA approval and marketing of the Select Site C304-HIS deflectable catheter system. This advanced system, used in His-bundle pacing procedures, not only generated increased revenue for the company but also bolstered its position in the industry.
- In 2022, the Association of Medical Device Reprocessors launched the groundbreaking initiative titled "Global Regulatory Standards for 'Single-Use' Medical Device Reprocessing and Remanufacturing." This milestone roadmap provides comprehensive guidelines for Notified Bodies, Ministries of Health, and regulatory authorities of medical devices to leverage the global benefits of reprocessing and remanufacturing. The initiative aims to empower hospitals and health systems worldwide, marking a significant development in the field.
The Prominent Key Players Operating in the Medical Device Reprocessing Market Include:
- Stryker (U.S.)
- Cardinal Health (U.S.)
- Johnson & Johnson Private Limited (U.S.)
- Baxter (U.S.)
- 3M (U.S.)
- Cantel Medical (U.S.)
- STERIS (U.S.)
- EverX (U.S.)
- Vanguard AG (U.S.)
- Avante Health Solutions (U.S.)
- SteriPro (Canada)
- Getinge AB (Sweden)
- SureTek Medical (U.S.)
- SOMA TECH INTL (U.S.)
- Olympus Corporation (Japan)
- Medtronic (Ireland)
- Pioneer Medical Devices AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of medical device reprocessing market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Device Reprocessing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
