According to the latest report published by Credence Research, Inc. “Reprocessed Medical Devices Market – (Device Type – Cardiovascular Medical Devices, Orthopedic Medical Devices, Gastroenterology Medical Devices, General Surgery Medical Devices, and Laparoscopic Surgery Medical Devices): Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the market was valued at USD 1,079.1 Mn in 2015, and is expected to reach USD 2,461.4 Mn by 2022, expanding at a CAGR of 10.6% from 2016 to 2022.
Increasing pressure to reduce medical waste on medical organization due to environmental concerns are the major factors driving the global reprocessed medical devices market. North America held the largest regional market, accounting for the market share of over 50% in 2015, and is expected to dominate the global reprocessed medical devices market during the forecast period of 2016 to 2022.
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Rising pressure of managing hospital expenditure among hospital authorities and reduced pricing and improved quality of reprocessed medical devices are the factors driving the reprocessed medical devices market in the region. Asia Pacific is expected to grow at a highest growth rate during the focus period, due to developing healthcare infrastructure, and reduction in the cost of the medical device which is driving the market in Asia Pacific.
Among the device types, cardiovascular medical devices are the dominating segment in terms of revenue due to its rising incorporation in the cardiac surgeries which is rising worldwide. Devices such as cardiac positioning and stabilization devices, electrophysiology catheters and blood pressure cuffs are the widely used reprocessed medical devices. The electrophysiology catheters held the largest share in the cardiovascular medical device segment. Laparoscopy segment held the second largest share of the market due to the rising demand for minimally invasive techniques, thus presenting opportunities for more reprocessing approvals, spearheading the growth for the laparoscopic segment during the forecast period.
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