Global Reprocessed Medical Devices Market Size, Share, Growth Analysis, By Type(Third-party reprocessing and In-house reprocessing ), By Product(Cardiovascular, Laparoscopic) - Industry Forecast 2023-2030

Global Reprocessed Medical Devices Market size was valued at USD 2.01 billion in 2021 and is poised to grow from USD 2.3 billion in 2022 to USD 6.79 billion by 2030, growing at a CAGR of 14.5% during the forecast period (2023-2030).

The global market is driven by the growing need to reduce medical waste in healthcare settings, and reprocessed devices offer a solution to address this concern. Additionally, the cost benefits associated with using reprocessed devices and the increasing awareness of their advantages are contributing to market growth. Furthermore, the market is benefiting from factors such as the rising prevalence of cardiovascular disorders, an aging population, and improvements in healthcare infrastructure. Government initiatives aimed at promoting equipment reprocessing are also creating significant business opportunities for the market. Reprocessing medical equipment not only reduces medical waste but also helps decrease Greenhouse Gas (GHG) emissions, leading to a safer and more environmentally friendly healthcare system. For example, in 2021, the use of reprocessed medical devices diverted 20.3 million pounds of medical waste, as reported by the Association of Medical Device Reprocessors (AMDR). Major hospitals are increasingly partnering with medical device reprocessing companies as an alternative to reduce capital investments. By choosing reprocessed devices, hospitals can enjoy cost savings of 25-40% compared to new devices, while also contributing to the reduction of medical waste.

Top-down and bottom-up approaches were used to estimate and validate the size of the global Emergency Lighting Systems Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Reprocessed Medical Devices Market Segmental Analysis

Global Reprocessed Medical Devices Market is segmented by type, product, and region. Based on type, the market can be segmented into third-party reprocessing and in-house reprocessing. Based on Product, the market is segmented into cardiovascular, laparoscopic, gastroenterology, orthopaedic device and general surgery devices. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Reprocessed Medical Devices Market Dynamics

Drivers of the Global Reprocessed Medical Devices Market

Increasing Demand for Medical Supplies

The need for medical devices is increasing on a global scale. Major medical devices in the early clinical treatment include respiratory support devices such life support machines, atomizers, oxygen generators, and monitoring. The demand for medical products including personal protective equipment (masks, gloves, and eyeglasses) has increased because of COVID-19, it has been observed. Healthcare personnel now require significantly more medical supplies than they did previously. As a result, this component spurs market expansion.

Increasing Awareness and Initiatives for Reducing Medical Waste

The market is expected to increase because of rising awareness and initiatives from numerous non-governmental organizations (NGOs) seeking to decrease medical waste and expand recycling efforts. For instance, in 2022 Innovative Health, LLC was given permission to reprocess the Philips Eagle Eye Platinum digital IVUS catheter. Innovative Health has successfully entered the Cath lab market thanks to this clearance. It is a decision that will significantly boost the financial savings hospitals experience through reprocessing. As a result, this component spurs market expansion.

Restraints in the Global Reprocessed Medical Devices Market

Increasing Risk of Surgical Site Infections

The widespread use of reprocessed devices increases the risk of surgical site infection transmission, which hurts the business. Additionally, the reprocessing process is a complex technological process that, when used repeatedly, leads to many infections. As a result, this factor is limiting market expansion. This medical device reprocessing market report details recent developments, trade regulations, import-export analysis, production analysis, value chain optimisation, market share, and the impact of domestic and localised market players. It also analyses opportunities in terms of arising revenue pockets, regulatory changes, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, and product launches.

Market Trends of the Global Reprocessed Medical Devices Key

The global reprocessed medical devices market has several prospects for expansion as a result of the rising healthcare costs in emerging economies. Due to rising government spending, an increase in hospitals and procedures, as well as growing healthcare knowledge, healthcare is changing quickly in emerging nations. Because of improvements in reprocessing technologies and government funding, healthcare awareness has expanded in emerging economies. As a result, when a sickness is recognised, patients frequently choose surgery and other forms of treatment.

With the prevalence of diseases rising and the number of government and non-government programmes rising, governments in developing nations like India, China, Brazil, and Mexico are spending more on healthcare. WHO claims that the development in healthcare infrastructure is a result of the rise in overall healthcare spending. The medical device reprocessing industry can be expanded by tapping into the untapped potential of the emerging economies.