REPORT HIGHLIGHT

The reprocessed medical devices market is estimated to represent a global market of USD 2.09 billion by 2019 with growth rate of 21.3%.

Variety of single-use medical devices emerges in the market over the last few decades in order to prevent disease transmission to other patients. However, due to economic reason, the practice of reprocessing single usable medical devices is evolved among many healthcare settings in past few years. Needlessly discarding such equipment post-use, these facilities have begun to reprocess them. As per the survey conducted by the Newfoundland and Labrador Centre for Applied Health Research, in October 2010, stated that rapid growth in the healthcare industry has pressured hospital setting to reuse costly medical devices, intended for single use.

The growth of reprocessed medical devices is primarily driven by the rising pressure of government bodies to reduce the volume of regulated medical wastes by healthcare companies. For example, according to the World Health Organizations (WHO), modern hospital settings generate a large amount of solid medical waste, ranging from single-use medical devices to electronics. The organization estimated that around 15% to 25% healthcare waste contains chemical, biological or radiological hazard. This has fuelled the demand for the utilization of reprocessed medical devices, leading to the market growth.

Furthermore, the uptake of reprocessed medical devices is increasing rapidly due to its cost-effectiveness. According to the American College of Cardiology, more than half the U.S.’s hospital facilities send some of their single-use medical devices to Reprocesses. Previously, a majority of reprocessing process was carried out in hospital reprocessing centres. Nowadays, third party reprocessing industry has emerged which offers an efficient way of reprocessing needs. On another side, existing variability in end-users approach to reuse and reprocess medical devices adds ethical issues and poses a potential risk to the patient’s safety. It is noticed that medical facilities do not undertake comprehensive evaluation before reusing disposable medical equipment. These have raised concerns regarding the patient safety, environmental risk, and legal liability to utilize single-use medical devices.

COVID-19 Impact & Recovery Analysis

The proposed report from AnalystView Market Insights suggests three possible forecast scenarios (probable, optimistic, and pessimistic) considering the COVID-19 impact. Our ongoing research analysis amplifies our framework to ensure the inclusion of underlying COVID-19 crisis impact and potential paths forward. The designed report is delivering detailed insights on COVID-19 considering the changes in consumer demand, purchasing patterns, re-routing of the supply chain, and the significant interventions of governments. The updated study provides insights, and forecast, considering the COVID-19 impact on the market.

Regionally, North America captured the largest share of the global market. Increasing need for reprocessing medical devices and advancement in technologies would, in turn, drive the market growth. For example, the Canadian Agency of Drugs and Technologies in Health (CADTH) conducted a study to identify the need for reprocessing single-use medical devices. The study revealed that more than 30% of the healthcare facilities routinely reused medical equipment, intended for single-use. Developing regions such as Asia Pacific and Latin America is expected to grow with the highest growth rate owing to the rising demand for cost-effective medical devices.

Companies such as GE Healthcare, Stryker Sustainability Solutions, Sterilmed, Inc., Suretek Medical, and others are profiled in the report. Stryker Sustainability Solutions is considered to be the major participant in global market owing to extensive promotional activities, strong product portfolio, and strategic alliances. For instance, the company implements most impactful initiatives to provide reprocessing services. The company undertakes reprocessing procedures through rigorous studies such as design verification, design validation, reverse engineering, cleaning and sterilizing and performance testing. These will contribute towards the significant market share of companies during the future period.

The market size and forecast for each segment has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.

The years considered for the study are:

Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027

The proposed reports analyse and evaluates the COVID-19 impact, and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.