Reprocessed Medical Devices Market Is Estimated To Witness High...

Reprocessed Medical Devices Market Is Estimated To Witness High Growth Owing To Growth In Medical Tourism Industry

Posted 2023-11-22 13:35:11

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The reprocessed medical devices market is estimated to be valued at US$ 3722.53 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The reprocessed medical devices market consists of sales of reprocessed medical devices and related services by entities that remanufacture medical devices so that they can be reused safely. Reprocessing of medical devices involves dismantling used or aged medical devices, inspecting, cleaning, sterilizing, testing, repairing or replacing worn parts, and verifying functionality. Only those approved by the original equipment manufacturer (OEM) or cleared by the US Food and Drug Administration (FDA) are remarketed and distributed.

Market Dynamics:
The growth of the reprocessed medical devices market is mainly driven by the growth in medical tourism industry. Medical tourism refers to traveling abroad to obtain medical treatments. Developing countries have become destinations for medical tourists seeking high-quality but relatively low-cost medical care. As per the Medical Tourism Association, the global medical tourism market is estimated to reach US$ 168 billion by 2025. The high costs of medical treatments in developed countries have pushed patients to seek treatment in countries like India, Thailand, and Mexico, where quality healthcare is available at lower costs. This has increased the demand for cost-effective medical devices like reprocessed ones. Additionally, the demand is further supported by benefits like cost savings of up to 50–60% with reprocessed devices as compared to original devices and ease of regulatory framework around reprocessing of medical devices in various countries.

SWOT Analysis

Strength: Reprocessed medical devices provide high quality medical products at significantly lower prices compared to original devices. They help reduce medical costs for hospitals and patients. Reprocessing conforms to stringent regulatory standards ensuring product quality and safety.

Weakness: There are perceptions around the quality and longevity of reprocessed devices. Some physicians and patients prefer original equipment over reprocessed ones. Regulatory processes are complex for reprocessors.

Opportunity: Growing demand for cost-effective healthcare presents a major market opportunity. Increasing uptake in developing regions due to lower costs will drive growth. Advancements in reprocessing technologies help address quality concerns and widen applications.

Threats: Stringent regulations around reprocessing may raise operational challenges and costs. Original device manufacturers lobby against the segment to protect their business interests. Patent expiries of key products impact reprocessing volumes.

Key Takeaways

The global Reprocessed Medical Devices Market Share is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for affordable healthcare solutions. North America dominates currently due to rapid device refurbishment and favorable regulations however Asia Pacific is expected to be the fastest growing region attributable to rising medical infrastructure and demand.

Regional analysis
Asia Pacific region is expected to witness the highest CAGR over the forecast period owing to rapidly developing healthcare infrastructure and growing medical tourism industry in countries like India and China. North America currently dominates with over 35% market share due to presence of major reprocessing companies and availability of advanced remanufacturing facilities in the US.

Key players
Key players operating in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal , SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation.