In terms of revenue, the Global Reprocessed Medical Devices Market is expected to reach USD 4.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 14.40% from 2022 to 2028. The increasing exploitation of low-priced Reprocessed Medical Devices over new ones is the key parameter that bolsters the growth of the Reprocessed Medical Devices Market in coming years. In addition, the growing number of surgical procedures, increasing prevalence of chronic diseases, and rising efforts for reducing regulated medical waste (RMW) are accelerated the growth of Reprocessed Medical Devices Market over the projected time period.
- The hospital's end-use segment is expected to witness substantial growth of Reprocessed Medical Devices Market in 2021. This growth is attributed to the availability of a large number of hospitals with well-equipped surgical instruments and medical devices.
- The cardiovascular Reprocessed Medical Devices sub-segment of product & services segment is accounted maximum growth of Reprocessed Medical Devices Market in 2021. Factors such as high adoption of cardiovascular Reprocessed Medical Devices, rising geriatric population, and increasing cardiovascular disorders are accelerating the segmental growth of Reprocessed Medical Devices Market.
- North America is predicted to mention maximum growth of Reprocessed Medical Devices market during the forecast period. Factors such as, increasing investment for providing good healthcare facilities and the presence of emerging economies are augmenting the growth of Reprocessed Medical Devices Market in this region.
Some of key players in Reprocessed Medical Devices Market include, 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..
Reprocessed Medical Devices is used by health care providers to diagnose and treat multiple patients. These devices include various steps such as treatment at point, cleaning, packaging, high-level sterilization and disinfection, and some other steps. These devices provide high-cost efficiency features, thus, it increases the demand for reusable medical devices in the upcoming market. The manufacturing cost of medical devices is more compared with reprocessing costs. Thus, low priced Reprocessed Medical Devices over new ones is augmenting the growth of Reprocessed Medical Devices Market over the projected timespan. In addition, the rising number of third-party manufacturers and increasing adoption in reprocessing methodology are expected to bolster the growth of the Reprocessed Medical Devices Market in the next few years.
Asia Pacific is projected fastest-growing region for Reprocessed Medical Devices Market in 2021. Rising waste landfills to manage potential damage and waste generation to the environment is augmenting the growth of Reprocessed Medical Devices Market in this region. In addition, growing healthcare expenditure to organize waste disposal and related government initiative by conducting awareness programs on reprocessing of equipment are accelerating the high growth of Reprocessed Medical Devices Market in this region. Furthermore, availability stringent regulatory norms to maintain patient safety is driving the market demand.