PUNE, India, June 19, 2017 /PRNewswire/ --
According to a new market research report "Medical Device Reprocessing Market by Product (Reprocessed Device (Catheter, Endoscope, Laparoscopic Instruments, Biopsy, Pulse Oximeter), Service), Application (Cardiology, Gastroenterology, Arthroscopy, Orthopedic, Anesthesia) - Global Forecast to 2022", published by MarketsandMarkets™, the Medical Device Reprocessing Market is expected to reach USD 1,754 Million by 2022 from an estimated USD 823.5 Million in 2017, at a CAGR of 16.3%.
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The key factors driving the growth of this market include the low prices of reprocessed medical devices as compared to new devices and the pressure to reduce the volume of regulated medical waste (RMW) generated by various healthcare organizations. However, the risk of transmission of surgical site infections associated with the use of reprocessed medical devices may hinder the growth of this market to a certain extent.
By product and service, the reprocessing support and services segment accounted for the largest share of the market in 2016
On the basis of product and service, the Medical Device Reprocessing Market is broadly segmented into reprocessing support & services and reprocessed medical device. In 2016, reprocessing support and services accounted for the largest share of this market and expected to grow at the highest CAGR during the forecast period. This is primarily attributed to the growing preference for third-party reprocessing of medical devices, as opposed to in-house reprocessing, due to its cost-saving potential and reductions in medical waste generation.
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By type of medical device, catheters held the largest market share in 2016
Based on type of medical device, the Medical Device Reprocessing Market is further categorized into catheters; laparoscopy instruments; biopsy instruments; endoscopy instruments; cable, columns, curves, and cutters; and other reprocessed medical devices. In 2016, the catheters segment accounted for the largest share of the Medical Device Reprocessing Market and is expected to grow at the highest CAGR during the forecast period. The highest growth of this segment is mainly attributed to the increased utilization of reprocessed cardiology, electrophysiology, and diagnostic catheters in recent years.
By application, the cardiology segment held the largest market share in 2016
Based on application, the market is segmented into cardiology; gastroenterology, urology, and gynecology; arthroscopy and orthopedic surgery; and general surgery and anesthesia. In 2016, the cardiology segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. Growing geriatric population coupled with the increasing prevalence of cardiovascular disorders and increasing adoption of reprocessed cardiology and electrophysiology catheters in hospitals and other healthcare facilities are the major factors driving the growth of this segment.
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North America dominated the market in 2016
North America accounted for the largest share of the Medical Device Reprocessing Market in 2016, followed by Europe and Latin America. Factors such as its well-established healthcare industry, low price of reprocessed medical devices, the pressure to reduce the volume of regulated medical waste, rising prevalence of non-communicable and chronic diseases, and increasing volume of surgical procedures are contributing to the large share of North America. The rising prevalence of chronic diseases, increasing geriatric population, rising healthcare expenditure, increasing number of surgical procedures, and growing awareness about the usage of reprocessed medical devices are majorly contributing to the growth of the European Medical Device Reprocessing Market, which holds the second-largest market share.
The key players in the global Medical Device Reprocessing Market are Stryker Corporation (U.S.), Johnson & Johnson (U.S.), Vanguard AG (Germany), Medline ReNewal (U.S.), Medtronic plc (Ireland), SteriPro Canada, Inc., Pioneer Medical Devices AG (Germany), Vascular Solutions, Inc. (U.S.), HYGIA Health Services, Inc. (U.S.), ReNu Medical, Inc. (U.S.), SureTek Medical (U.S.), and Centurion Medical Products Corporation (U.S.).
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