WASHINGTON, March 01, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Reprocessed Medical Devices Market finds that increasing the adoption of Reprocessed Medical Devices is expediting market growth. Primarily driven by increasing cardiovascular surgeries and diagnostics, the total Global Reprocessed Medical Devices Market is estimated to reach USD 4.5 Billion by 2028.
The market stood at a revenue of USD 2.1 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 14.5%.
Furthermore, the increase in technological advancements is also anticipated to augment the growth of the Global Reprocessed Medical Devices Market, states Vantage Market Research, in a report, titled “Reprocessed Medical Devices Market by Product (Cardiovascular, Laparoscopic, Gastroenterology, General Surgery Devices), by End-Use (Hospitals, Home Healthcare, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Reprocessed Medical Devices Market:
- GE Healthcare
- Medline Industries
- Renu Medical (Arjo)
- Soma Technology
- Stryker
- Teleflex Incorporated
- Medtronic
- Innovative Health
- Vanguard AG
- Ethicon
- Sure Tek Medical
Market Dynamics:
Driver: Increasing Adoption of Reprocessed Medical Devices to Stimulate Market Growth
The increase in adoption of Reprocessed Medical Devices for surgeries is anticipated to augment the Reprocessed Medical Devices Market during the forecast period. This is attributable to the benefits associated with the use of these devices such as high-cost efficiency. The use of these devices guarantees to reduce the medical waste generated by hospitals by more than 50% every year. Additionally, these devices also help to reduce the cost between 40-60% which is less than the cost of the original device; this makes huge cost-savings for most of the hospitals and organizations. Furthermore, these devices have also been approved by FDA and it was projected that as compared to the original equipment manufacturers, the third-party re-processors are more stringently regulated by FDA which is further expected to increase the demand for these devices in the years to come.
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Driver: Increasing Cardiovascular Surgeries and Diagnostics to Drive the Market Growth
The increasing cardiovascular surgeries and diagnostics across the globe are anticipated to augment the growth of the Global Reprocessed Medical Devices Market during the forecast period. This is owing to the increasing cardiovascular surgeries due to increase in heart failure rates. The devices used in these surgeries include cardiac positioning and stabilization devices, blood pressure cuffs, blood pressure monitoring, diagnostic electrophysiology catheters and electrophysiology cables. Furthermore, the increasing cases of laparoscopy are also expected to increase the demand for the devices in the years to come. However, risk of surgical site infections and stringent regulations for medical device reprocessing practices may hamper the growth of the market in near future. Moreover, the regulatory changes favouring the adoption of medical device reprocessing will further support the growth of the market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Reprocessed Medical Devices Market highlights:
● Assessment of the market
● Premium Insights
● Competitive Landscape
● COVID Impact Analysis
● Historic Data, Estimates and Forecast
● Company Profiles
● Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Reprocessed Medical Devices Market
North America held the largest market share in 2021. The U.S. held the largest market share in North America in 2021. This is attributable to the well-established healthcare infrastructure coupled with increasing volume of surgical procedures in the region. Furthermore, the growing prevalence of chronic diseases is also likely to support the regional growth of the market. Asia Pacific is expected to grow at a significant Compound Annual Growth Rate (CAGR) in the Global Reprocessed Medical Devices Market and is likely to continue the same trend during the forecast period. This is attributable to the rising healthcare expenditure and huge patient population in emerging economies like China, and India in the region. Additionally, increasing awareness about Reprocessed Medical Devices is also expected to support the growth of the market in near future.
Browse market data Tables and Figures spread through 169 Pages and in-depth TOC on "Reprocessed Medical Devices Market by Product (Cardiovascular, Laparoscopic, Gastroenterology, General Surgery Devices), by End-Use (Hospitals, Home Healthcare, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/reprocessed-medical-devices-market-641791
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Reprocessed Medical Devices Market?
- How will the Reprocessed Medical Devices Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Reprocessed Medical Devices Market?
- What is the Reprocessed Medical Devices market drivers and restrictions?
- What will be the CAGR and size of the Reprocessed Medical Devices Market throughout the forecast period?
Recent Developments:
September, 2018: Vanguard AG announced complete acquisition of Pioneer Medical Devices AG. The acquisition was done in order to enhance reprocessing medical device services.
This market titled “Reprocessed Medical Devices Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 2.1 Billion |
| Projected Market Size in 2028 | USD 4.5 Billion |
| CAGR Growth Rate | CAGR of 14.5% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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