Reprocessed Medical Devices Market Boosting Due To Rising Significance Of Medical Waste Minimization Till 2022: Grand View Research, Inc.
The
global reprocessed medical devices market is expected to
reach USD 5.0 billion by 2022, according to a new study by Grand View Research,
Inc. The increasing generation of medical waste coupled with the lack of
centralized support for waste disposal in the healthcare industry is expected
to drive the demand for reprocessed medical devices market. Additionally, the
long-term cost-efficiency associated with these devices as compared to that of
the original device is the high impact rendering driver of the industry.
According
to the Association of Medical Device Reprocessors (AMDR),hospitals witness up
to 50% cost saving on every purchase of the reprocessed medical device, thereby
spending only a limited amount, on waste disposal.
Consequentially,
reprocessing has also facilitated reduction in device cost by the original
equipment manufacturer in a vain to compete with the third-party reprocessors,
thus exerting a positive cumulative effect on the industry growth.
Furthermore,
the continuous deterioration of environmental conditions as a consequence of
increasing landfills is anticipated to induce the demand for reprocessed
medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of
Regulated Medical Waste (RMW) from landfills every year, thereby propelling the
demand for the reprocessed medical devices market.
The
rising initiatives by organizations, such as Association of periOperative
Registered Nurses, American Nursing Association, and Practice Greenhealth, in
collaboration with governmental and intergovernmental agencies, pertinent to
increasing awareness with respect to medical device reprocessing is further
expected to provide lucrative growth platform to this industry in near
future.
Browse full
research report on Reprocessed Medical Devices Market:
www.grandviewresearch.com/industry-analysis/reprocessed-medical-devices-market
Further key
findings from the study suggest:
- Cardiovascular devices dominated the product
segment of the overall reprocessed medical devices market in terms of revenue
share at over 55.0% in 2014,owing to a wide range of these devices
approved by the U.S. FDA for diagnostics and therapeutics
applications
- Diagnostic electrophysiology catheters
constituted the largest share at over 24.0% of the cardiovascular sub-segment
in 2014 and positioning devices are expected to be the fastest growing at
market over the forecast period. This can be attributed to the third-party
processors involved in the reprocessing of single-use catheters due to
high-cost savings
- Hospitals held a substantial share of the
end-use segment and constituted for over 40.0% of the overall market owing
to increased in-house and third-party reprocessing due to the massive
waste produced through resource users. The aforementioned provides
lucrative opportunities for hospitals to contain the expenditure
- As of 2014, North America dominated the overall
reprocessed medical device market at over 47.0%owing to the presence of a
large number of non-profit organizations, governmental, intergovernmental
agencies, hospitals, donor agencies, and medical product manufacturers
involved in reprocessing activities
- Asia Pacific is anticipated to be the fastest
growing regional market over the forecast period due to the presence of
untapped opportunities in the emerging economies and rising investments in
the healthcare infrastructure by global market players. This is predicted
to impel growth in Asia Pacific
- The key players in this industry are adopting
collaborative strategies with public and private institutions and product
approvals for business and geographical expansion. For instance, in
January 2016,Centurion Medical Products Corporation acquired Nuvo-Med,
Inc., a manufacturer of DisImpactor class I medical devices used for the
treatment of fecal impaction in a probe to business expansion
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the reprocessed medical devices market
on the basis of product, end-use, and region:
Global reprocessed
medical devices product outlook (Revenue, USD Million, 2012 - 2022)
- Cardiovascular
- Blood
Pressure Cuffs
- Positioning
Devices
- Cardiac
Stabilization Devices
- Diagnostic
Electrophysiology Catheters
- Electrophysiology
Cables
- Deep
Vein Thrombosis Compression Sleeves
- Laparoscopic
- Harmonic
Scalpels
- Endoscopic
Trocars
- Gastroenterology
- Biopsy
Forceps
- Others
- General
Surgery Devices
- Balloon
Inflation Devices
- Pressure
Bags
- Orthopedic
Devices
Global reprocessed
medical devices end-use outlook (Revenue, USD Million, 2012 - 2022)
- Hospitals
- Home
Healthcare
- Others
Reprocessed
medical devices regional outlook (Revenue, USD Million, 2012 - 2022)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Mexico
- Brazil
- MEA
- South
Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-reprocessed-medical-devices-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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