06.02.15
Look for the global reprocessed medical devices market to grow in leaps and bounds over the next half-decade.
Market researchers valued the sector at $780 million in 2013 and predict it will grow 19.3 percent annually to reach $2.58 billion in 2020. Their forecast appears in Transparency Market Research's new report, “Reprocessed Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
Medical device reprocessing refers to the practice of inspecting, cleaning, testing, sterilizing and packaging of used and expired medical devices so the devices are usable and safe for their appropriate clinical application. Reprocessing of medical devices has been practiced for more than two decades; however, several events have changed both practitioner and regulatory views of the occasionally-maligned medical devices. Generally, there are three types of medical device reprocessing methods: third party reprocessing, non-compliant reprocessors (by health clinics) and in-house reprocessing (by laboratories and hospitals). All the reprocessed medical devices are subject to the regulatory requirements and must meet strict functionality, cleaning sterility and safety standards prior to commercialization.
The reprocessed medical devices market primarily has segmented based on the type of devices that are most commonly reprocessed. Based on types of devices, the market has been segmented into cardiovascular, general surgery, laparoscopic, orthopedic and gastroenterology devices. Cardiovascular devices have been further segmented into blood pressure cuffs/tourniquet cuffs, cardiac stabilization devices, Deep Vein Thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology cables. Laparoscopic devices have been further classified into endoscopic trocars and components as well as harmonic scalpels.
The reprocessed cardiovascular devices segment is expected to lead the market during the forecast period from 2014 to 2020, at an impressive compound annual growth rate of more than 16 percent. Factors such as reduced pricing of the products, high usage and growing pressure to reduce healthcare expenditure among hospital authorities have been attributed to the healthy growth of the reprocessed cardiovascular devices segment, the report states.
According to the Association of Medical Device Reprocessors (AMDR), more than 3,000 hospitals in the United States use reprocessed medical devices, due to which almost 13,000 tons of medical waste has been eliminated to date. Moreover, approximately $2 billion to $3 billion worth medical expenditure could be saved by using reprocessed medical devices in the United States every year, and a typical hospital could save around $500,000 to $2 million annually. Hence, huge cost savings from using reprocessed medical devices has attracted several hospitals in adopting these devices, experts claim. This factor is driving the growth of the market, especially in countries such as the United States and Canada. Moreover, the prices of reprocessed medical devices are almost half of the original equipment, which makes them affordable for procurement, thereby spurring demand.
Transparency Market Research is a global market intelligence company that provides business information reports and services.
Market researchers valued the sector at $780 million in 2013 and predict it will grow 19.3 percent annually to reach $2.58 billion in 2020. Their forecast appears in Transparency Market Research's new report, “Reprocessed Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
Medical device reprocessing refers to the practice of inspecting, cleaning, testing, sterilizing and packaging of used and expired medical devices so the devices are usable and safe for their appropriate clinical application. Reprocessing of medical devices has been practiced for more than two decades; however, several events have changed both practitioner and regulatory views of the occasionally-maligned medical devices. Generally, there are three types of medical device reprocessing methods: third party reprocessing, non-compliant reprocessors (by health clinics) and in-house reprocessing (by laboratories and hospitals). All the reprocessed medical devices are subject to the regulatory requirements and must meet strict functionality, cleaning sterility and safety standards prior to commercialization.
The reprocessed medical devices market primarily has segmented based on the type of devices that are most commonly reprocessed. Based on types of devices, the market has been segmented into cardiovascular, general surgery, laparoscopic, orthopedic and gastroenterology devices. Cardiovascular devices have been further segmented into blood pressure cuffs/tourniquet cuffs, cardiac stabilization devices, Deep Vein Thrombosis (DVT) compression sleeves, diagnostic electrophysiology catheters and electrophysiology cables. Laparoscopic devices have been further classified into endoscopic trocars and components as well as harmonic scalpels.
The reprocessed cardiovascular devices segment is expected to lead the market during the forecast period from 2014 to 2020, at an impressive compound annual growth rate of more than 16 percent. Factors such as reduced pricing of the products, high usage and growing pressure to reduce healthcare expenditure among hospital authorities have been attributed to the healthy growth of the reprocessed cardiovascular devices segment, the report states.
According to the Association of Medical Device Reprocessors (AMDR), more than 3,000 hospitals in the United States use reprocessed medical devices, due to which almost 13,000 tons of medical waste has been eliminated to date. Moreover, approximately $2 billion to $3 billion worth medical expenditure could be saved by using reprocessed medical devices in the United States every year, and a typical hospital could save around $500,000 to $2 million annually. Hence, huge cost savings from using reprocessed medical devices has attracted several hospitals in adopting these devices, experts claim. This factor is driving the growth of the market, especially in countries such as the United States and Canada. Moreover, the prices of reprocessed medical devices are almost half of the original equipment, which makes them affordable for procurement, thereby spurring demand.
Transparency Market Research is a global market intelligence company that provides business information reports and services.