Why are Biopsy Instruments Reprocessing Extensively used in Cardiovascular Surgeries: Latest Fact.MR’s Study
According to a latest report by Fact.MR, a market research and competitive intelligence provider, on medical device reprocessing, the global market is anticipated to top US$ 3 Bn by 2031, surging at a CAGR of 16% over the coming ten years.
Adoption of low-priced reprocessed medical devices is increasing at a rapid pace as compared to brand new devices. Also, elevated efforts for reducing regulated medical waste (RMW) are supporting growth of the market for medical device reprocessing. Furthermore, rising number of surgical procedures associated with growing prevalence of chronic diseases is expected to further nudge market growth in future.
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Medical device reprocessing practices are regulated by various regional regulatory authorities. Changing regulatory scenario favouring medical device reprocessing in several countries such as France and Japan will open up new areas of opportunity for market players.
“Rising efforts towards reducing regulated medical waste to propel demand for medical device reprocessing over coming years,” says a Fact.MR analyst.
Key Segments Covered in Medical Device Reprocessing Industry Research
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By Product & Service
- Reprocessing Support & Services
- Reprocessing Medical Devices
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By Device
- Catheters
- Laparoscopy Instruments
- Biopsy Instruments
- Endoscopy Instruments
- Cables, Columns, Curves and Cutters
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By Application
- Medical Device Reprocessing for Cardiology
- Medical Device Reprocessing for Gastroenterology, Urology, and Gynaecology
- Medical Device Reprocessing for Arthroscopy and Orthopaedic Surgery
- Medical Device Reprocessing for General Surgery and Anaesthesia
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Key Takeaways from Market Study
- Market for medical device reprocessing to grow 2.2X in value by 2031.
- Demand for medical device reprocessing support and services to surge at a CAGR of 15% across the forecast period.
- North America holds 42% revenue share in the global market.
- Patient preference towards low-cost reprocessed medical devices is the main factor driving this market.
- Market for medical device reprocessing in China to expand at a CAGR of 15.2% across the assessment period.
- Demand for cardiovascular reprocessed devices to remain high over next 10 years.
- Stryker Corporation and Johnson & Johnson are the top two companies providing medical device reprocessing services.
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Winning Strategy of Key Market Players
Top companies operating in the industry are focussed on increasing the safety standards of reprocessed medical devices by adding steps such as sterilization and microbial load testing of the devices. Key companies are investing in research & development activities to further enhance product quality. Many players are also focussing on developing new techniques of remanufacturing and repackaging medical devices.
- Stryker Corporation
- Johnson & Johnson
- Vanguard AG
- Medline ReNewal
- Medtronic plc
- SteriPro
- Pioneer Medical Devices AG
- Vascular Solutions
- HYGIA Health Services
- ReNu Medical
- SureTek Medical
- Centurion Medical Products Corporation.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the medical device reprocessing market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product & service (reprocessing support & services and reprocessing medical devices) device (catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, cables, and columns, curves & cutters), and application (cardiology, gastroenterology, urology , gynaecology, arthroscopy, orthopaedic surgery, general surgery, and anaesthesia), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
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