Reprocessed Medical Devices Market Outlook, Competitive analysis, Worldwide Strategy and Forecasts By 2020
Reprocessing has always been an important part of the medical device life cycle, in both developed and emerging nations across the world. Reprocessing of medical devices is a method of cleaning, disinfecting, testing, remanufacturing, sterilizing and packaging as well as labeling of a used, expired and undamaged medical device to make it patient ready at a much-reduced cost. It has been observed that reprocessing of medical devices in emerging nations is solely aimed at reducing hospital supply costs, which often compromises with the safety of patients. Various research publications related to the medical devices market suggest that until a decade back, medical device reprocessing was mostly performed by hospital staff within a hospital setting, and without any proper regulations and guidelines. However, with the introduction of FDA reprocessing guidelines, medical device reprocessing is being adopted gradually across the globe. Hence, at present, most hospitals and healthcare facilities outsource medical device reprocessing to qualified third party service providers.
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Primary factors driving the growth of the reprocessed medical devices market are high cost savings from reprocessed devices and growing pressure to reduce medical waste combined with increasing adoption rate of these devices. According to the Association of Medical Device Reprocessors (AMDR), a typical hospital could save approximately USD 500,000 to USD 2 million a year by using reprocessed medical devices. Furthermore, increasing pressure to reduce expenditures among healthcare facilities is likely to fuel the growth of the overall market. However, low awareness and negative perception about the product quality might impede the growth of the overall reprocessed medical devices market.
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The reprocessed medical devices market has been primarily segmented based on the type of devices that are most commonly reprocessed. Based on types of devices, the market has been segmented into cardiovascular devices, general surgery devices, laparoscopic devices, orthopedic devices and gastroenterology devices. Cardiovascular devices have been further categorized into blood pressure cuffs/tourniquet cuffs, cardiac stabilization devices, Deep Vein Thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and EP cables. General surgery devices have been segmented into balloon inflation devices and infusion pressure bags. Laparoscopic devices have been further classified into endoscopic trocars and components as well as harmonic scalpels. Likewise, external fixation devices have been considered under orthopedic devices and biopsy forceps under gastroenterology devices. The cardiovascular medical devices segment is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the reduced pricing of the products, high usage and growing pressure to reduce healthcare expenditure among hospital authorities. Additionally, increased focus on protecting the environment by reducing medical waste being dumped in landfills is significantly contributing to the growth of the segment.
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North America is the largest market for reprocessed medical devices due to increasing adoption rate and encouraging regulatory policies. Moreover, reduced pricing and improved quality of reprocessed medical devices are some of the additional factors driving the growth of the market. However, negative perceptions about the safety of such equipment and relatively lesser collection of medical devices for reprocessing are some of the factors that might impede the growth of the market. Europe is expected to show an appreciable growth rate due to multiple factors such as growing demand for reprocessed medical devices and awareness about the potential savings in healthcare costs. Moreover, rising pressure to keep healthcare budgets under control is expected to fuel the growth of the reprocessed medical devices market in the region.
Centurion Medical Products Corporation, Hygia Health Services, Inc., Medline ReNewal, MidWest Reprocessing Center, ReNu Medical, Inc., SterilMed, Inc., Stryker Sustainability Solutions, Inc., SureTek Medical and Vanguard AG are major companies operating in the reprocessed medical devices market.
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