The global market of reprocessed medical device is expected to reach USD 4.95 Billion by 2021 as compared to USD 0.76 Billion in 2013 by expanding at a compound annual growth rate of 19.55% over the period 2015-2021. The rise in government initiatives around the globe is expected to promote reprocessed medical device which will further drive the growth of reprocessed medical device market with noteworthy revenue in upcoming years.
The reprocessed medical device market has been segmented into cardiovascular medical device, laparoscopic medical device, general surgery medical device, orthopedic/arthroscopic medical device and gastroenterology medical device. Among these segments, the cardiovascular medical device and general surgery medical device are expected to grow with significant market share over the forecast period. This can be attributed to rising physical diseases combined with significant rise in healthcare technology.
In the regional segment, North-America accounted for the highest market share of 51% in terms of revenue in 2014 and is expected to continue its dominance in near future. This can be attributed to rising awareness towards reprocessed medical device and advancement of technology in healthcare industry. Further, Europe is the second highest share contributor in reprocessed medical device market is expected to grow at a compound annual growth rate of 14.7% over the period 2015-2021 owing to uniform regulations for medical device reprocessing by government.
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Demand for Safe Medical Services to Boom the Market
The rising preferences by physicians towards single use reprocessed medical device in order to maintain safety measures for patients combined with low cost of clinical applications is expected to benefit the expansion of reprocessed medical device market. Further, the significant reduction in medical waste isexpected to supplement the growth of the reprocessed medical device market in upcoming years.
The report titled “Reprocessed Medical Device Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the reprocessed medical device market in terms of market segmentation by application, by operations, by sales channel and by region.
However, presence of negative perception and lack of awareness towards reprocessed medical device is likely to inhibit the growth of the reprocessed medical device market in the near future.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the reprocessed medical device market which includes company profiling of AESCULAP, Moria, Pelion Surgical, Elite Medical, Millennium Surgical, Gsource LLC, Medicon eG, Stryker Company, Sklar and Integra LifeSciences Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the reprocessed medical device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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