Reprocessed Medical Devices Market Projected to Witness Vigorous Expansion by 2024
The vendor landscape of the global reprocessed medical devices market is significantly consolidated with the leading few companies collectively accounting for a lion’s share in the overall market, observes Transparency Market Research in a recent report. The leading five companies in the market, namely Vanguard AG, Hygia Health Services Inc., Stryker Sustainability Solutions, Medline Industries Inc., and Ethicon (a subsidiary of Johnson & Johnson) held a nearly 94% share in the market in 2015.
To gain better growth opportunities in this highly consolidated market, which has kept small and new companies at bay owing to the vast regulations and requirements that need to be followed for ensuring that the safety and reliability of reprocessing practices is without error, established companies are exploring new regional markets with untapped growth opportunities. As such, companies are moving their focus towards regions such as Latin America and Asia Pacific where the healthcare industry is thriving and the use of a variety of complex healthcare devices has massively increased in the past few years.
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According to the report, the global market for reprocessed medical devices will expand at an impressive 14.9% CAGR over the period between 2016 and 2024, rising from a valuation of US$982.7 mn in 2015 to a revenue opportunity of US$3.35 bn by 2024.
North America Emerges as Leading Regional Market
In terms of the types of medical devices being often reprocessed, the global reprocessed medical devices market earns a large share in its overall valuation from the segment of cardiovascular devices. The high prevalence of cardiovascular conditions in developed as well as developing economies in the past few years has been at the heart of this trend. Geographically, the market in North America accounted for the dominant share in the overall market in 2016, thanks to favorable regulations and the presence of several leading companies operating in the sector.
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Environmental Concerns to Reduce Volume of Medical Waste Drives Uptake
The pressing need to bring down healthcare expenses in developed as well as developing economies remains the key driving factor for the global reprocessed medical devices market. According to the Association of Medical Device Reprocessors (AMDR), hospitals can end up saving up to US$2 mn annually with the use of reprocessed medical devices. Another key factor working in favor of the market is the environmental concern associated with the rising volumes of medical waste generated from the increased use of disposable medical devices.
The market has also gathered pace in the past few years owing to the rising focus of healthcare providers in emerging economies on delivering quality healthcare to a larger population at optimal costs. Moreover, the vast rise in industry initiatives aimed at reducing the costs of medical device reprocessing services has also catalyzed the increased uptake of reprocessed medical devices in the global market.
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Apprehension Regarding Safety of Medical Reprocessing Practices could Hinder Market Growth
Owing to the vast risks associated with the reuse of medical devices, which, especially the complex or fragile ones, may not respond well to conventional reprocessing or sterilization methods and may act as vectors for disease-causing microbes or infections, the global reprocessed medical devices market is governed by a set of stringent regulations. While large facilities with technologically advanced practices may be well-equipped to adhere to these stringent guidelines, small-scale vendors may not be. The resultant rise in apprehension regarding the use of ill-processed medical devices could hamper the growth prospects of the market to a certain extent.
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