Reprocessed Medical Devices Market Size By Product (Cardiovascular Medical Devices, {Blood Pressure Cuffs/Tourniquet Cuffs, Electrophysiology Cables, Cardiac Stabilization and Positioning Devices, Diagnostic Electrophysiology Catheters, Deep Vein Compression Sleeves (DVT)} Gastroenterology and Urology, {Gastroenterology Biopsy Devices, Urology Biopsy Devices} Orthopedic/Arthroscopic, Laparoscopic, {Harmonic Scalpels, Endoscopic Trocars and Components} General Surgery Equipment {Infusion Pressure Bags, Balloon Inflation Devices}), By End-Use (Ambulatory Surgical Centers, Hospitals, Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry trends

Reprocessed Medical Devices Market size valued at USD 1.4 billion in 2019 and is expected to witness over 15.1% CAGR between 2020 and 2026. Increasing number of cardiac surgeries coupled with extensive utilization of reprocessed products in cardiovascular surgeries and diagnostics will propel the market growth.
 

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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 business due to high unmet needs. Cost of reprocessed device can be nearly half the cost of new device and opting reprocessed devices can result in huge cost savings. The healthcare industry is anticipated to save billions of dollars yearly through reprocessing.
 

However, COVID-19 has significantly impacted the medical device industry. With the ongoing pandemic, stringent regulations are laid on the usage of reprocessed medical devices owing to high chances of the COVID-19 infection spread. Moreover, with the rising focus of healthcare providers to treat COVID-19 affected people, some medical treatment procedures that involves the use of reprocessed medical devices have been postponed over the past few months. Hence, the reprocessed medical devices market will observe slightly sluggish demand in 2020.
 

Surging patient preference towards hospitals will offer lucrative reprocessed medical devices market growth opportunities

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The hospitals segment is predicted to register over 15% growth through 2026. Increasing number of hospitals with well-equipped medical devices and surgical equipment, especially in developed countries will boost the 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 level will propel the market growth.
 

Extensive utilization of reprocessed medical devices in cardiovascular surgeries

The cardiovascular reprocessed medical devices market accounted for more than 52% revenue share in 2019. The introduction of single-use cardiovascular reprocessed medical devices at low-cost have resulted in high adoption. Also, surging geriatric population base that are susceptible to cardiovascular disorders will fuel the market demand.
 

Rising cases of chronic disorders in North America region will escalate the market demand

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North America reprocessed medical devices market size accounted for around USD 708 million in 2019. Rising preference among healthcare professionals regarding improvised reprocessed medical devices will boost regional growth. Surging cases of cancer and other chronic disorders in the U.S. will raise the demand for reprocessed medical devices. As per the National Cancer Institute, new cases of cancer in the U.S. is 442.4 per 100,000 men and women every year. Also, presence of eminent market players providing reprocessed medical devices will boost the regional market growth.

Strategic initiatives undertaken by prominent market players have helped them to maintain financial stability

Some of the leading players operating in the reprocessed medical devices market include GE Healthcare, Medline Industries, Renu Medical (Arjo), Soma Technology, Stryker, Teleflex Incorporated, Medtronic, Innovative Health, Vanguard AG, Ethicon, and SureTek Medical. These companies are undertaking several growth strategies to garner higher industry share.
 

Some of the recent industry developments:

• In May 2019, Medtronic announced the U.S. FDA approval and launch of 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 revenue and strengthened its position in the industry.
   
• In September 2018, Vanguard announced the acquisition of Pioneer Medical Devices AG to enhance reprocessing services for medical device. This strategy assisted the company in enhancing its product portfolio in global market.

The reprocessed medical devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

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Market, By Product, 2015-2026 (USD Million)

• Cardiovascular medical devices
  • Blood pressure cuffs/tourniquet cuffs
  • Electrophysiology cables
  • Cardiac stabilization and positioning devices
  • Diagnostic electrophysiology catheters
  • Deep vein compression sleeves (DVT)
• Gastroenterology and urology
  • Gastroenterology biopsy devices
  • Urology biopsy devices
• Orthopedic/arthroscopic
• Laparoscopic
  • Harmonic scalpels
  • Endoscopic trocars and components
• General surgery equipment
  • Infusion pressure bags
  • Balloon inflation devices

Market, By End-use, 2015-2026 (USD Million)

• Ambulatory surgical centers
• Hospitals
• Clinics

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Poland
• Asia Pacific
  • China
  • India
  • Australia
  • Japan
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE