The global reprocessed medical devices market is expected
to reach USD 5.0 billion by 2022, according to a new study by Grand View
Research, Inc. The increasing generation of medical waste coupled with the lack
of centralized support for waste disposal in the healthcare industry is
expected to drive the demand for reprocessed medical devices market.
Additionally, the long-term cost-efficiency associated with these devices as
compared to that of the original device is the high impact rendering driver of
the industry.
According to
the Association of Medical Device Reprocessors (AMDR),hospitals witness up to
50% cost saving on every purchase of the reprocessed medical device, thereby
spending only a limited amount, on waste disposal.
Consequentially,
reprocessing has also facilitated reduction in device cost by the original
equipment manufacturer in a vain to compete with the third-party reprocessors,
thus exerting a positive cumulative effect on the industry growth.
Furthermore,
the continuous deterioration of environmental conditions as a consequence of
increasing landfills is anticipated to induce the demand for reprocessed
medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of
Regulated Medical Waste (RMW) from landfills every year, thereby propelling the
demand for the reprocessed medical devices market.
The rising
initiatives by organizations, such as Association of periOperative Registered
Nurses, American Nursing Association, and Practice Greenhealth, in
collaboration with governmental and intergovernmental agencies, pertinent to
increasing awareness with respect to medical device reprocessing is further
expected to provide lucrative growth platform to this industry in near future.
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Further key findings from the study suggest:
- Cardiovascular devices dominated the product segment of the overall reprocessed medical devices market in terms of revenue share at over 55.0% in 2014,owing to a wide range of these devices approved by the U.S. FDA for diagnostics and therapeutics applications
- Diagnostic electrophysiology catheters constituted the largest share at over 24.0% of the cardiovascular sub-segment in 2014 and positioning devices are expected to be the fastest growing at market over the forecast period. This can be attributed to the third-party processors involved in the reprocessing of single-use catheters due to high-cost savings
- Hospitals held a substantial share of the end-use segment and constituted for over 40.0% of the overall market owing to increased in-house and third-party reprocessing due to the massive waste produced through resource users. The aforementioned provides lucrative opportunities for hospitals to contain the expenditure
- As of 2014, North America dominated the overall reprocessed medical device market at over 47.0%owing to the presence of a large number of non-profit organizations, governmental, intergovernmental agencies, hospitals, donor agencies, and medical product manufacturers involved in reprocessing activities
- Asia Pacific is anticipated to be the fastest growing regional market over the forecast period due to the presence of untapped opportunities in the emerging economies and rising investments in the healthcare infrastructure by global market players. This is predicted to impel growth in Asia Pacific
- The key players in this industry are adopting collaborative strategies with public and private institutions and product approvals for business and geographical expansion. For instance, in January 2016,Centurion Medical Products Corporation acquired Nuvo-Med, Inc., a manufacturer of DisImpactor class I medical devices used for the treatment of fecal impaction in a probe to business expansion
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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