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Reprocessed Medical Devices Market to Hit $3 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., Oct. 10, 2019 /PRNewswire/ -- The global Reprocessed Medical Devices Market is projected to cross USD 3 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing usage of reprocessed products in various cardiac surgeries coupled with growing blood pressure monitoring applications should propel medical device reprocessing market growth. Blood pressure cuffs are extensively used in blood pressure monitoring, as it can be reprocessed again for monitoring. Moreover, usage of blood pressure cuffs in hospitals and ambulatory surgical centers proves beneficial for the business growth of the reprocessed medical device market. However, increasing surgical site infections (SSI) due to improper sterilization may restrict reprocessed medical devices market growth over the coming years.
Favorable regulatory scenario for minimizing the risk of infection from reusable devices drives reprocessed medical device demand. Reusable devices get contaminated and soiled with microorganisms, thus can cause serious infections leading to death. As a result of several such factors and to reduce Health Care-Associated Infections (HAIs), the FDA has undertaken various initiatives for effective patient management. Additionally, the FDA raises awareness of public health concerns and promotes collaboration among manufacturers and health care facilities. Thus, the above mentioned aspects augment the reprocessed medical devices business growth.
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The cardiovascular medical devices segment was valued at over 700 million in 2018 and will witness momentous growth during the forthcoming years. The rising prevalence of cardiovascular diseases and relatively affordable costs of cardiovascular reprocessed medical devices boosts segmental growth. Advancements and availability in electrophysiology cables, diagnostic electrophysiology catheters, cardiac stabilization and positioning devices further accelerate the business growth of the reprocessed medical device market.
Reprocessed medical devices Market Statistics, By Products
1.1. Key segment trends
1.2. Cardiovascular medical devices
1.2.1. Market size, by region, 2014 – 2025 (USD Million)
1.2.2. Blood pressure cuffs/tourniquet cuffs
220.127.116.11. Market size, by region, 2014-2025 (USD Million)
1.2.3. Electrophysiology cables
18.104.22.168. Market size, by region, 2014-2025 (USD Million)
1.2.4. Cardiac stabilization and positioning devices
22.214.171.124. Market size, by region, 2014-2025 (USD Million)
1.2.5. Diagnostic electrophysiology catheters
126.96.36.199. Market size, by region, 2014-2025 (USD Million)
1.2.6. Deep vein compression sleeves (DVT)
188.8.131.52. Market size, by region, 2014-2025 (USD Million)
1.3. Gastroenterology and urology
1.3.1. Market size, by region, 2014 – 2025 (USD Million)
1.3.2. Gastroenterology biopsy devices
184.108.40.206. Market size, by region, 2014-2025 (USD Million)
1.3.3. Urology biopsy devices
220.127.116.11. Market size, by region, 2014-2025 (USD Million)
1.4.1. Market size, by region, 2014 – 2025 (USD Million)
1.5.1. Market size, by region, 2014 – 2025 (USD Million)
1.5.2. Harmonic scalpels
18.104.22.168. Market size, by region, 2014-2025 (USD Million)
1.5.3. Endoscopic trocars and components
22.214.171.124. Market size, by region, 2014-2025 (USD Million)
1.6. General surgery equipment
1.6.1. Market size, by region, 2014 – 2025 (USD Million)
1.6.2. Infusion pressure bags
126.96.36.199. Market size, by region, 2014-2025 (USD Million)
1.6.3. Balloon inflation devices
188.8.131.52. Market size, by region, 2014-2025 (USD Million)
Browse key industry insights spread across 160 pages with 175 market data tables & 7 figures & charts from the report, "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 (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Argentina, Brazil, Mexico, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
The hospitals segment accounted for around 63% revenue share in 2018 and will show substantial CAGR by 2025. Well-developed healthcare infrastructure and accessibility of wide-ranging services coupled with reimbursement policies stimulate segmental growth. Moreover, government implements certain initiatives and provides funds to hospitals that are covered under the public sector for better patient outcomes that will upsurge business growth of the medical device reprocessing market. Also, reprocessed devices provide reliable patient care. With additional savings in hospital expenditure and advantages to the environment, this further drives the business growth for reprocessed medical devices.
The North America reprocessed medical devices market was valued at more than USD 600 million in 2018. The increasing need to lessen potential damage and waste generation in the environment owing to rising waste landfills should drive regional growth. Developments and improvement in reprocessed medical devices fosters business growth. Moreover, key industry players inculcate advanced technology, resulting in the superior quality of reprocessed devices that reduces the chance of surgical site infections, and is expected to favor regional growth.
Some of the prominent business players working in the reprocessed medical devices market include Stryker, GE Healthcare, Medline Industries, Innovative Health, Ethicon, ReNu Medical, SureTek Medical, Vanguard, Medtronic, Teleflex and Soma Technology. Numerous initiatives undertaken by manufacturers including collaborations and mergers should propel industry growth. For instance, in April 2018, Medline opened a plant in Texas, specialized in producing custom surgical procedural trays. It will enable hospitals and ambulatory surgery centers in optimizing operating room inventory, improve efficiency & drive improved patient outcomes. Furthermore, in March 2017, Ethicon completed the acquisition of Torax Medical, a privately held company. This acquisition provided Ethicon with expanded opportunities for minimally invasive products. The strategy was aimed at enhancing the company's existing product portfolio as well as strengthening its market position.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Reprocessed Medical Devices Market Statistics 2025
The reprocessed medical devices market is projected to register above 15% CAGR from 2019 to 2025, driven by favorable regulatory scenario for effective patient management.
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SOURCE Global Market Insights, Inc.