Reprocessed Medical Devices Market Analysis

Reprocessed Medical Devices Market Analysis

Reprocessed cardiovascular medical devices market generated USD 1.1 billion in revenue in 2022 and is estimated to expand at notable CAGR from 2023-2032 driven by the rising prevalence of cardiovascular diseases and the surge in the number of treatment procedures. As cardiovascular procedures are expensive, several market players are taking efforts to introduce affordable reprocessed devices in healthcare facilities to reduce costs without compromising patient care. For instance, in June 2023, Vein360, a medical technology company in Ohio, received FDA 510(k) approval for reprocessing the Visions PV.035 digital intravascular ultrasound catheter (Philips).
 

The hospitals segment in the reprocessed medical devices market is estimated to grow at 17% CAGR from 2023-2032. The growth can be attributed to consistent patient care, as well as cost and environmental benefits rendered by reprocessed medical equipment.  Additionally, the growing emphasis of hospitals on various methods to save healthcare costs have compelled multiple manufacturers, distributors, and third-party companies to initiate reprocessing efforts to help with medical equipment. The growing prospects for reprocessed medical device businesses in emerging economies for significant unmet demands will enhance the segment expansion.
 

North America reprocessed medical devices market size is poised to exceed USD 4.5 billion by 2032. Several hospitals and healthcare institutions in the region are resorting to reprocessed equipment as a cost-saving solution in response to the mounting need to reduce healthcare expenses. According to a report published by the Association of Medical Device Reprocessors in 2022, the adoption of reprocessed single-use medical devices may help U.S. hospitals save up to $2.28 billion annually.  Furthermore, the higher implementation of stringent regulatory criteria by health authorities as well as the rising sustainability concerns in the healthcare sector will surge the adoption of reprocessed medical equipment throughout the region.