Reports And Data

Product launches and research for advanced reprocessed medical devices

NEW YORK, NY, UNITED STATES, December 31, 2021 /EINPresswire.com/ -- According to the current analysis of Reports and Data, the global reprocessed medical devices market was valued at USD 0.84 Billion in 2018 and is expected to reach USD 2.91 Billion by year 2026, at a CAGR of 16.4 %. The market is one of the fast growing markets across the world. There has been a tremendous rise in healthcare technology in the past few years to provide effective and affordable equipment. The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used ones so that they can be reused for diagnosis and treatment of multiple patients. These healthcare equipment must be reprocessed using validated methods for them to be used again. Efficacy, life cycle, prospective danger to patient and parts used to make the equipment are some factors taken into consideration. With rising healthcare costs and elevated prices of these equipment, demand for reprocessed medical devices over the forecast period is anticipated to experience significant development. Increasing incidences of chronic conditions that increase the rate of implementation of surgical procedures show important development in the market for reprocessed medical devices. The reprocessed medical device market is divided into cardiovascular medical devices, gastroenterology and urology, orthopedic/arthroscopic, laparoscopic, general surgery equipment and others. Due to the comprehensive use of these goods in cardiac surgery and diagnostics, the cardiovascular segment retained the biggest share of the complete market. Blood pressure cuffs, equipment for cardiac placement and stability, tracking of blood pressure, electrophysiology wires and catheters for diagnostic electrophysiology are the instruments used. It is expected to grasp a dominant share in the worldwide reprocessed medical devices market in coming years.

The entire world 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. Companies are also targeting regions where a variety of complex healthcare machines has massively increased in recent years. Europe is expected to witness highest CAGR during forecast period due to rising prevalence of chronic diseases, rising healthcare expenditure, increasing geriatric population and growing awareness about use of reprocessed healthcare equipment. Adoption rate of surgical procedures is high due to increasing incidences of chronic conditions; thereby reprocessed medical devices market can show significant growth. However, reluctance in accepting the reprocessed products can hinder the industry growth over the coming years.

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Market Overview:

The pharmaceutical and healthcare sector is rapidly expanding in terms of revenue in the recent years and is expected to register robust CAGR over the forecast period of 2028. Factors such as rapid advancements in the pharma and healthcare sector, adoption of latest technologies, tools and equipment, emergence of various new diseases and improvements in healthcare facilities and infrastructure. In addition, rising healthcare expenditure, increasing per capita income in the developing countries and favorable reimbursement policies are fueling market growth. Increasing funds by various public and private sectors and increasing investments to develop enhanced products and devices are also boosting market growth. Moreover, increasing preference for ambulatory services and point of care services, and increasing funds for research centers and hospitals for drug discovery is expected to fuel market growth going ahead.

Competitive Landscape:

The report provides details about competitive landscape of global Reprocessed Medical Devices market focusing on every market player, its global position, revenue generation product portfolio, company overview, financial planning and business expansion plans. The global Reprocessed Medical Devices market is quite competitive and comprises various key players at global and regional levels. Key players are investing in research and development activities, and strategizing various plans such as mergers and acquisitions, partnerships, joint ventures, new product launches, to enhance their product base and strengthen their market position.

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Further key findings from the report suggest

• The target market is growing at a CAGR of 17% in Europe followed by North America and Asia Pacific, with 5 % and 6.3% CAGR, respectively. Increased adoption of reprocessed medical devices is expected to drive the market growth in these regions.

• Unceasing increase in medicinal wastes along with lack of support for waste disposal in healthcare industry tends to raise the burden on environment, which further leads to deterioration of environmental conditions ultimately leading in environmental hazards and further raise the health concerns.

• In 2016, dominance in the market was seen, mainly due to its well-developed healthcare industry, rising incidence of chronic diseases, and increasing volume of surgical procedures.

• The target market is expected to witness robust progress over the forecast timeframe. Rising number of cardiac surgeries coupled with numerous blood pressure monitoring applications are foremost factors being the main reason of industry growth.

• Laparoscopy segment is accounted for the second largest share of the industry on the basis of products. Increasing demand for minimally invasive procedures is anticipated to offer opportunities for more reprocessing approvals pertaining to laparoscopy and thus contributing to the growth of this segment.

• Increase in number of cardiovascular surgeries & treatments are bolstering the need for cost-efficient alternatives thereby driving the demand for the segment.

• Risk of acquiring infection associated with the reprocessed medicinal devices is relatively lower as compared to reusable medicinal devices.

• Costs of reprocessed tool can be nearly half the cost of new ones. So opting reprocessed devices is economical. Also the pressure to reduce the volume of waste materials is one of the key factors for growth of the market

• However, the risk of surgical site infections is restraining factor for reprocessed medical devices industry growth.

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For the purpose of this report, Reports and Data has segmented the Reprocessed medical devices market on the basis of product type, type of medical device, end use, and region:

Product Type (Revenue, USD Million; 2016–2026)

• Cardiovascular medical devices
• Gastroenterology and urology
• Orthopedic
• Laparoscopic
• General surgery equipment

Type of Medical Device (Revenue, USD Million; 2016–2026)

• Catheters
• Laparoscopy Instruments
• Cables, Columns, Curves and Cutters
• Biopsy Instruments
• Endoscopy Instruments
• Others

End Use (Revenue, USD Million; 2016–2026)

• Ambulatory Surgical centers
• Hospital
• Clinic
• Others

Regional Outlook:

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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