Published Date : 15 / 12 / 17 | Report Format: PDF
The global reprocess medical device industry is primarily driven by the rising burden of medical waste globally. An epidemiological study stated that the medical waste may increase the risk for various chronic disease conditions such as cancer. One of the studies in the UK found that children living near incinerators are highly susceptible to develop the risk of cancer, leukemia, and solid tumors.
According to the Medical Waste Management Association, reprocessing of medical equipment decrease the production cost by more than 50%. Thereby, rising demand for cost-effective medical devices coupled with favorable government initiatives augments the industry growth significantly. In addition, technological advancements support the industrial development to some extent. For instance, in April 2016, Sharps Compliance Corporation introduced an advanced recycling process named as the Single-Use Medical Device (SUDs) recycle system. This system is intended to save operational costs and address safety issues related to device reprocessing for healthcare facilities. On another side, reprocessing medical devices often raise the risk to provoke toxic responses or to develop life-threatening diseases. These have raised concerns regarding the patient safety, environmental risk, and legal liability to utilize single-use medical devices, hampering the market growth.
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- In terms of disease conditions, the market is categorized as Cardiovascular, Laparoscopic, Orthopedic, Gastroenterology, and others. Of these, cardiovascular segment captured more than 55% share of the global market.
- This segment covers market estimation for reprocessing devices such as Positioning Devices, Blood Pressure Cuffs, Cardiac Stabilization Devices, and Diagnostic Electrophysiology Catheters.
- Growing availability of a wide range of reprocessed cardiovascular devices coupled with the increasing involvement of third parties such as Group Purchasing Organization (GPO) with hospitals and surgery centers support the market growth.
- Laparoscopy devices are projected to grow with lucrative CAGR over the forecast period. It includes Harmonic Scalpels and Endoscopic Trocars.
- Based on the end-user segment, hospital settings accounted for the highest (over 40%) revenue share in 2017
- Geographically, North America captured USD 889.5 million in 2017, amounted to the largest share of the global market. Rising need for reprocessing medical devices coupled with the advancement in technologies would, in turn, drive the market growth.
- Developing regions such as the Asia Pacific and Latin America is expected to grow with the highest growth rate owing to the rising demand for cost-effective single-use medical devices.
- According to the International Journal of Hygiene and Environmental Health, in 2010, approximately 80-90% of hospitals incorporated single-use reprocessed medical devices. Furthermore, the advancing healthcare infrastructure and supportive government initiatives aimed towards patient safety are anticipated to augment the growth in developing regions.
- Companies such as Stryker Sustainability Solutions, GE Healthcare, Suretek Medical, and others are profiled in the report. Stryker Sustainability Solutions is the leading player in the global market owing to its extensive promotional activities, strong product portfolio, and strategic alliances.
- Key players are actively engaged in mergers and acquisitions to expand their presence in this industry. For example, in November 2014, Phillips Healthcare opened an imaging system refurbishment facility in the Netherlands, which helps in business expansion in reprocessed medical device segment.
KEY BENEFITS OF THE REPORT:
- The report presents macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
- Thorough analysis of relevant statistical data to estimate the market paradigms
- Exceptional understanding of region and country specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts segmentations, and growth specific to the countries.
- Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY DISEASE CONDITIONS
MARKET, BY END USE
- Home Facility
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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