The orthopedic/arthroscopic segment in the reprocessed medical devices market is projected to grow at a CAGR of 15.2% from 2020 to 2026 due to the rising number of bone-related surgeries and treatments.
SELBYVILLE, Del., November 18, 2020 (Newswire.com) – According to the latest report “Reprocessed Medical Devices Market by Product (Cardiovascular Medical Devices, Gastroenterology and Urology, Orthopedic/Arthroscopic, Laparoscopic, General Surgery Equipment), End-Use (Ambulatory Surgical Centers, Hospitals, Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of reprocessed medical devices will cross $3.9 billion by 2026. Increasing focus and rising awareness on environment protection by reducing medical waste dumping will propel the market growth.
The increasing number of cardiac surgeries coupled with the growing usage of reprocessed devices for diagnoses will enhance the reprocessed medical devices market expansion. Similarly, blood pressure cuffs used in blood pressure monitoring are often reprocessed. Reprocessed medical devices are widely used in other treatment procedures also, such as general surgery, laparoscopic surgeries, non-invasive surgeries, etc. In recent years, use of reprocessed medical devices has emerged as a new way to save expenses. Favorable reimbursement scenario and consequent increase in Food and Drug Administration (FDA) approvals for reprocessed cardiovascular products are contributing substantially towards the market revenue due to the relentless efforts taken by market players towards promoting reprocessing techniques through strategic alliances.
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The orthopedic/arthroscopic segment in the reprocessed medical devices market is anticipated to witness around 15.2% growth rate till 2026 owing to the rising number of bone-related surgeries and treatments. The increasing prevalence of orthopedic injuries and diseases such as traumatic fractures, osteoporosis, rheumatoid arthritis, and osteoarthritis will boost the market value. Osteoporosis is mostly underdiagnosed in Asia Pacific and developing countries have limited access to healthcare services for its diagnosis and treatment. As reprocessed medical devices can save the cost associated with the treatment of these conditions.
The clinics segment exceeded USD 170 million in 2019. The growing number of clinics, especially across the emerging economies will result in higher adoption of reprocessed medical devices at clinics. Clinics provide convenient access to quality care, improves productivity as well as manage healthcare spending. The increasing prevalence of chronic disorders such as heart diseases driven by unhealthy lifestyles will drive the demand for the clinics segment growth.
Asia Pacific reprocessed medical devices market accounted for more than 17.5% of revenue share in 2019. Price sensitive market such as India with large population base increases the demand for affordable medical devices. The large patient pool in APAC coupled with growing awareness regarding reprocessed medical devices is expected to augment regional demand. Rising cases of cardiovascular disease and other chronic disorders in several countries of Asia Pacific will accelerate the regional expansion. Increasing investment in healthcare infrastructure by leading market players will create potential growth opportunities in the APAC region.
Some of the prominent companies operating in the reprocessed medical devices market include Stryker, GE Healthcare, Teleflex Incorporated, Medline Industries, Medtronic, Renu Medical (Arjo), Soma Technology, Innovative Health, Vanguard AG, SureTek Medical and Ethicon. These participants are adopting several growth strategies such as partnerships, collaborations, mergers and novel product launch, to maintain a strong foothold in industry.
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Table of Contents (ToC) of the report:
Chapter 3 Reprocessed Medical Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis, 2019
3.9 PESTEL analysis
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