Reprocessed Medical Devices Market to Gain Popularity This Decade

The worldwide reprocessed medical devices market is expected to skyrocket this decade, thanks to operational savings measures at hospitals and increasing demand for such products.

Coherent Market Insights forecasts the global reprocessed medical devices market to grow 20.4 percent annually through the start of 2028. 

Growing initiatives for environmental safety is expected to propel the global reprocessed medical devices market growth over the forecast period. For instance, Practice Greenhealth is a non-profit organization that started “Greening the OR,” a new initiative to reduce cost, energy use, and waste generated in the hospital operating rooms. Under this initiative, hospitals receives their memberships and learn about strategies and collaborate with its stakeholders to succeed in this program. This implementation aids hospitals in saving millions of dollars. For instance, in 2017, U.S.-based Cleveland Clinic saved $4 million through adopting OR strategies and practices of this initiative.
 
Moreover, growing adoption of inorganic growth strategies such as mergers and acquisitions is expected to propel the market growth in the near future. For instance, in 2018, Stryker Corporation acquired the U.S.-based Hygia Health Services Inc., a company focused into reprocessing patient care single-use devices. This strategic acquisition helped Stryker Corporation to broaden its product offering and strengthen its capability to better serve its customers in the United States.
 
Furthermore, in 2018, the U.S.-based Arjo acquired ReNu Medical Inc., a company that specializes in green reprocessing for single use non-invasive medical devices. Through this acquisition, Arjo has strengthened its position in the U.S. and in the global market. The company has also broadened its product offering of reprocessed medical devices.
 
Among techniques, cardiovascular devices segment is expected to hold a dominant position in the global reprocessed medical devices market, owing to reduction in product price, increasing pressure to reduce expenditure of healthcare among hospital authorities, and increasing focus on protection of environment by reducing medical waste dumping.