According to a latest report by Fact.MR, a market research and competitive intelligence provider, on medical device reprocessing, the global market is anticipated to top US$ 3 Bn by 2031, surging at a CAGR of 16% over the coming ten years.
Adoption of low-priced reprocessed medical devices is increasing at a rapid pace as compared to brand new devices. Also, elevated efforts for reducing regulated medical waste (RMW) are supporting growth of the market for medical device reprocessing. Furthermore, rising number of surgical procedures associated with growing prevalence of chronic diseases is expected to further nudge market growth in future.
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Medical device reprocessing practices are regulated by various regional regulatory authorities. Changing regulatory scenario favouring medical device reprocessing in several countries such as France and Japan will open up new areas of opportunity for market players.
Key Takeaways from Market Study
- Market for medical device reprocessing to grow 2.2X in value by 2031.
- Demand for medical device reprocessing support and services to surge at a CAGR of 15% across the forecast period.
- North America holds 42% revenue share in the global market.
- Patient preference towards low-cost reprocessed medical devices is the main factor driving this market.
- Market for medical device reprocessing in China to expand at a CAGR of 15.2% across the assessment period.
- Demand for cardiovascular reprocessed devices to remain high over next 10 years.
- Stryker Corporation and Johnson & Johnson are the top two companies providing medical device reprocessing services.
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Key Segments Covered in Medical Device Reprocessing Industry Research
By Product & Service
- Reprocessing Support & Services
- Reprocessing Medical Devices
By Device
- Catheters
- Laparoscopy Instruments
- Biopsy Instruments
- Endoscopy Instruments
- Cables, Columns, Curves and Cutters
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Winning Strategy of Key Market Players
Top companies operating in the industry are focussed on increasing the safety standards of reprocessed medical devices by adding steps such as sterilization and microbial load testing of the devices. Key companies are investing in research & development activities to further enhance product quality. Many players are also focussing on developing new techniques of remanufacturing and repackaging medical devices.
Growing efforts for reducing regulated medical waste as well as changing regulatory scenario favouring medical device reprocessing in several countries will further create growth opportunities for market players over the coming years.
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