The Reprocessing of Medical Waste and Approval by the Regulatory Bodies has raised the demand for the Reprocessed Medical Devices Market

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OVERVIEW

Reprocessed Medical Devices Market was valued at $1.78 billion in 2019 with a CAGR of 18.6% from 2020 to 2026.

Reprocessing is a detailed multistep process for cleaning, sterilizing, disinfecting, reconditioning, repairing, and refurbishing of medical devices. Reprocessing of medical devices is a vital process for protecting patient safety. Reprocessing are of three types including in-house reprocessing, third-party reprocessing, and non-compliant reprocessing. Reprocessed medical devices are used for cost reduction and lower the medical waste generated.

Increasing Regulatory approval for Reprocessed Medical Devices is driving the global reprocessed medical devices market. For instance, Northeast Scientific Inc. has received the U.S. Food and Drug Administration clearance for reprocessing the “.014 Digital IVUS catheter”. 014P digital IVUS catheter evaluates vascular morphology in blood vessels and provides cross-sectional imaging of vessels. The company has reprocessed over 650,000 devices. Additionally, Innovative Health, the single-use cardiology medical device reprocessing company, has received the Food and Drug Administration (FDA) for reprocessing the PENTARAY Nav eco High-Density mapping catheter represents both a technological and healthcare cost reduction milestone. Further, the pressure to reduce the volume of medical waste are key driving factors of the market. In U.S. hospitals, more than 5.9 million tons of medical waste is produced. To overcome the medical waste, the government bodies and companies are reprocessing medical waste to new medical devices. According to the United States Government Accountability Office, the facilities using reprocessed devices saved around $200,000 to $1 million annually, on average.

Catheters, Endoscopy Instruments, Laparoscopy Instruments, Cables, Columns, Curves, and Cutters, Biopsy Instruments, and Others is the type segment of the market scope. By end-user, the market is divided into Hospitals, Clinics, and Ambulatory Surgical Centers. The report covers value of the global market by type and end-user.

Catheters showed significant growth in 2019, owing to the commercialization of reprocessed medical devices, strategic partnership between companies to develop and commercialize reprocessed medical devices, and regulatory approval of reprocessed catheters devices.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global reprocessed medical devices value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global reprocessed medical devices market in 2019, due to the growing medical device reprocessing industry in the U.S has emerged from hospitals’ drive to manage costs. According to the Association of Medical Device Reprocessors, in the U.S some hospitals save more than $1 million a year through FDA-cleared reprocessing of medical devices, and millions of pounds of medical waste. Moreover, the strategic acquisition between companies to expand their business in reprocessed medical devices industry.

Major players operating in the reprocessed medical devices industry include Stryker Corporation, Medtronic PLC, Johnson & Johnson, Medline Renewal, Vanguard AG, Steripro Canada Inc., Renu Medical, Inc., Vascular Solutions, Inc., Pioneer Medical Devices AG, Suretek Medical.

The commercialization of regulatory approved reprocessed medical devices, increasing R&D activities regarding reprocessed medical devices, strategic acquisition, and the collaboration between companies to expand their business for reprocessed medical devices are some of the strategies adopted by the major companies.