Medical Device Reprocessing Market

Market Snapshot

As per the latest industry analysis on medical device reprocessing, the market was valued at US$ 1.4 Bn in 2020, and is expected to accelerate at a CAGR of 16% to top US$ 3 Bn by 2031. Demand for reprocessing support and services to surge at a CAGR of 15% across the assessment period of 2021 to 2031.

Key Points Covered in Medical Device Reprocessing Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Demand for Medical Device Reprocessing and How to Navigate
• Recommendation on Key Winning Strategies

Revenue Analysis of Medical Device Reprocessing from 2016 to 2020 Vs Demand Outlook for 2021 to 2031

As per Fact.MR – a market research and competitive intelligence provider, the global medical device reprocessing market expanded 1.75X over the past 5 years to reach a valuation of US$ 1.4 Bn in 2020.

 Key factors driving growth of this market include low prices of reprocessed devices as compared to new ones and pressure to reduce the volume of medical waste generated.

Reprocessed medical devices offer reliable patient care, with additional savings in hospital expenditure as well as advantages to environment. As several hospitals globally find ways to reduce healthcare expenditure, there are several third-party firms, distributors as well as product manufacturers, providing reprocessing programs suited for some medical devices. This network is strengthening in developing economies as they provide more opportunities for reprocessed medical devices businesses due to high unmet needs.

Cost of reprocessed devices can be nearly half that of new devices, and, as such, opting for reprocessed devices can result in huge cost savings. The healthcare industry is anticipated to save billions of dollars yearly through reprocessing.

Hence, demand for medical device reprocessing has fairly increased over the past few years and is expected to maintain the upward trend across the assessment period surging at a CAGR of 16%.

How Will Patient Preference Towards Reprocessed Medical Devices Create Growth Opportunities for Market Players?

Increasing number of hospitals with well-equipped medical devices and surgical equipment, especially in developed countries, will boost market expansion.

Availability of advanced healthcare infrastructure along with presence of skilled professionals in hospital settings will further augment the overall market revenue. Also, rising demand for reprocessed medical devices for conducting cost-efficient medical procedures to benefit patients with low-income will propel market growth.

Many patients with low-income prefer reprocessed medical devices over single use devices as this reduces overall hospital expenditure to almost half the original amount.

Which Region is Expected to Offer the Most Lucrative Opportunities to Medical Device Reprocessing Service Providers?

North America holds 42% share of the global market for medical device reprocessing.

Rising preference among healthcare professionals regarding improvised reprocessed medical devices is boosting market growth. Surging cases of cancer and other chronic disorders in the region is expected to raise demand for reprocessed medical devices.

The European region is also expected to witness high demand for reprocessed medical devices during the forecast period. This is on the back of 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.

Country-wise Analysis

Will FDA Regulations for Medical Device Reprocessing in the U.S. Aid Regional Market Growth?

In the U.S., the market for medical device reprocessing reached a valuation of US$ 323 Mn in 2020. The U.S. Food and Drug Administration (FDA) requires third-party reprocessors to meet the same standards as originally manufactured single-use devices.

Reprocessing is a common practice in the U.S. where hospitals prefer to reprocess single-use devices. Around 45% of hospitals have agreements with third-party reprocessing companies in the U.S. for reprocessing of medical devices. Thus, making treatment of chronic diseases more affordable for the low-income patients.

How is Changing Regulatory Scenario Favouring Medical Device Reprocessing in Different Economies?

Reprocessing practices are regulated by various regional regulatory authorities. Changing regulatory scenario favouring medical device reprocessing in a number of countries such as France and Japan is expected to propel growth of this market.

For example, till 2016, outsourcing of medical device reprocessing was prohibited in France; however, the European Union (EU) Regulations (Article 17), released on April 5, 2017, mandated the use of third-party reprocessing services by all French hospitals. These regulations are expected to be implemented in France for 2021 and beyond.

Similarly, Japan does not currently have any regulations for the reprocessing of single-use medical devices. Therefore, regulatory authorities, such as the Ministry of Health, Labor and Welfare (MHLW) (Japan), in collaboration with the FDA (U.S.), are focusing on generating new medical device reprocessing guidelines for Japan. This will favour and regulate the reprocessing of medical devices in the country.

Category-wise Analysis

Why are Reprocessed Medical Devices Extensively used in Cardiovascular Surgeries?

Revenue from cardiovascular reprocessed medical devices accounts for more than 52% market share. Introduction of cardiovascular reprocessed medical devices at low-cost have resulted in high adoption across the globe.

Also, the surging geriatric population base that is susceptible to cardiovascular disorders will fuel product demand. Low-income groups are inclined towards reprocessed medical devices given their affordable cost, which, in turn, is acting as an accelerant for market growth.

How Has COVID-19 Impacted Demand for Medical Device Reprocessing?

With the outbreak of COVID-19, physicians and patients became more concerned about their safety, hence, raising concerns about the reuse of medical devices. This negatively impacted demand for reprocessed medical devices.

To overcome these safety concerns, reassuring steps such as sterilization and microbial testing of reprocessed medical devices were made mandatory by various regulatory authorities.

Competitive Landscape

Major companies are focusing on strategies such as investments in research & development, new market initiatives, expansion of production sites and facilities, new product launches, product approvals, and patents.

• In May 2019, Medtronic announced U.S. FDA approval and launch of the Select Site C304-HIS deflectable catheter system. This system is used in processes involving His-bundle pacing (HBP). This strategic move helped the company in generating extra revenue and strengthened its position in the industry.
• In April 2019, 3M announced that it added 3M extended wear medical transfer adhesive, 4075 to its line-up of advanced adhesives for medical devices. This has enabled the company expand its product portfolio.
• In September 2018, Vanguard announced the acquisition of Pioneer Medical Devices AG to enhance reprocessing services for medical devices. This strategy assisted the company in enhancing its product portfolio in global market.

Medical Device Reprocessing Market Report Scope

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

• By Application

  • Medical Device Reprocessing for Cardiology
  • Medical Device Reprocessing for Gastroenterology, Urology, and Gynaecology
  • Medical Device Reprocessing for Arthroscopy and Orthopaedic Surgery
  • Medical Device Reprocessing for General Surgery and Anaesthesia

Medical Device Reprocessing Market- Scope of Report

A recent study by Fact.MR on the medical device reprocessing market offers a 10-year forecast for 2021 to 2031. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering medical device reprocessing.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies providing medical device reprocessing, along with their product portfolios, key strategies, and SWOT Analysis, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including revenue growth, and revenue generation across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue of medical device reprocessing market during the forecast period.

Key Questions Answered in Report

• Which are the most lucrative markets for medical device reprocessing?
• Which factors will impact the growth of medical device reprocessing market?
• How will changing trends impact the strategies of market players?
• How can market players capture the low-hanging opportunities across regions?
• Which companies are leading the medical device reprocessing industry?
• What are the winning strategies of stakeholders in the market?

Market Size Evaluation

The market has been analysed for each market segment in terms of volume (`000units), and value (US$ Mn).

Market estimates at global and regional levels for medical device reprocessing are available in terms of “US$ Mn” for value and in ‘’’000 units for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the revenue perspective in the global medical device reprocessing market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.

Country-specific valuation on revenue for medical device reprocessing have been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for key countries has also been included in the report.

Competition Analysis

The report sheds light on leading providers of medical device reprocessing, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering medical device reprocessing have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take pre-emptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the medical device reprocessing market.