Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Medical Device Reprocessing Market and demographic challenges, showed how it could move forward in the coming years.
Medical Device Reprocessing Market Overview:
Global report with specifics of the medical device reprocessing market reveals a proper understanding of factors like the low cost of the final products, increasing demand for recycling to ensure lesser medical waste, and others can help in devising better strategies. The global market for medical device reprocessing market is slated to surpass a valuation of USD 2,671.8 million during the forecast period of 2019 to 2025 with a CAGR of 16.4% during the forecast period. Rising demand to reduce the cost of operation is expected to boost the global market growth.
However, confusion regarding sterilization, especially after the COVID-19 pandemic, may restrict market growth. It also raises questions regarding ethics.
Medical Device Reprocessing Market Competitive Landscape:
Medtronic PLC (Ireland), Stryker Corporation (US), Johnson & Johnson (US), Vanguard AG (Germany), AGITO MEDICAL A/S (Denmark), Medline Industries, Inc. (US), SteriPro (Canada), Block Imaging (US), EverX Pvt Ltd (Australia), SureTek Medical (US), ReNu Medical, Inc. (Arjo) (US), and others are some of the eminent players of the global medical device reprocessing market. Their strategic initiatives are expected to bolster the market growth and trigger trends for the coming years.
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Medical Device Reprocessing Market Segmentation:
The global report on the medical device reprocessing market includes a proper study of type of medical device, product & service, and application. These segments carry information regarding various charts, graphs, and others that would bolster the market growth.
By product & service, the study on the medical device reprocessing market has been segmented into reprocessed medical devices and reprocessing support and services. Between these two, the reprocessing support and services segment has the largest market share as customers prefer the involvement of third-party service providers to ensure reduced expenses and curbed environmental impact.
By type of medical device, the global medical device reprocessing market comprises laparoscopy instruments, catheters, endoscopy instruments, biopsy instruments, and cables, columns, and cutters.
By application, the global report on the medical device reprocessing marketincludes cardiology, orthopedic, general surgery, urology, gastroenterology, and others. The cardiology segment has the largest market share as the segment is witnessing a rise in the adoption of electrophysiology catheters in various hospitals & clinics to ensure better performance of surgical procedures.
Medical Device Reprocessing Market Regional Analysis:
The American market is the largest due to contributions made by countries like the US and Canada. Both these countries have several companies that are eager to offer their services in the field and are equipped with the technology needed to support the complex production proceedings. Europe provides impetus to the market as the region has strict rules supporting eco-friendly methods.
Medical Device Reprocessing Industry News:
In June 2020, Innovative Health released a new economic analysis that made an assessment of how markets are expected to get impacted by the underutilization of reprocessing in Atrial Fibrillation (AFib) and other catheter ablation procedures. As per their report, the electrophysiology (EP) labs are losing around USD 500 million each year. This is a concern for various sectors due to the economic impact triggered by the COVID-19 situation. Innovative Health is a reputed name in the medical device reprocessing sector and can come up with solutions to help these sectors.
However, the COVID-19 situation also raised certain questions regarding the sterilization process. If not sterilized process, tools can lead to further spreading of the disease and spur a rise again in the coming days. This is also pulling back industries from investing in such categories. But the companies are promising the inclusion of the latest technologies to ensure safety.
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