Global Reprocessed Medical Device Industry - Market Insights, Analysis, and Forecast to 2021
Medical device reprocessing is scientific method of remanufacturing, disinfecting, testing, labeling as well as packaging of an undamaged, expired and used medical device to be put in service again at almost half price of the original equipment. Generally, reprocessed medical devices comprise non-invasive, lower-risk U.S. FDA Class I medical devices such as tourniquet cuffs, pulse oximeter sensors, and sequential compression sleeves as well as FDA Class II medium-risk minimally invasive devices such as external fixation clamps, forceps, orthopedic blades, graspers, scalpels, scissors and cardiac catheters. FDA has stringent guidelines and policies for medical device reprocessing prior approval of which reprocessed medical devices cannot be marketed. However, to date the FDA has not approved for reprocessing of higher-risk Class III single use devices. Laparoscopy devices, blood pressure cuffs, infusion pressure bags and compression sleeves are some of the types of medical devices that are commonly reprocessed in the global market.
The global reprocessed market is highly fragmented in nature with the presence of many emerging as well as established organizations spread across the major geographies of the world. Major players present within the reprocessed medical devices market on a global scale include Medline ReNewal, Centurion Medical Products Corporation, Vanguard AG, SterilMed, Inc. The reprocessed medical devices market is promoted by various collaborations and strategic acquisitions; enhancement of distribution channels and strategic tie-ups with healthcare facilities. Owing to the aggressive market competition present within the global reprocessed medical devices industry, companies are constantly struggling to strengthen their position in the global reprocessed medical devices market.
Geographically, North America has been the largest market for reprocessed medical devices due to the presence of a large number of hospitals as well as third party medical device reprocessors in the region. Additionally, growing demand for cost effective alternatives to reduce the supply cost of hospitals and healthcare facilities is one of the key drivers of growth of the industry in North American region. Furthermore, Asia Pacific is likely to witness the highest gain within the reprocessed medical devices market over the next few years on account of the overall growth of the medical industry in this region. Key factors such as increasing pressure to reduce healthcare expenditure and demand for quality products within a limited budget are expected to boost the growth of the reprocessed medical devices market in the region over the next seven years. Furthermore, developing healthcare infrastructure and government initiatives to protect the environment are expected to augment the growth of the reprocessed medical devices market in the Asia Pacific region. Reprocessed medical devices are anticipated to gain noteworthy growth owing to key factors such as cost effectiveness, easy availability and excellent product quality.
Growth of the medical device industry coupled with the increasing intensification of the global healthcare industry is expected to play a vital role in driving growth of the reprocessed medical devices industry over the next seven years. Furthermore, methodological advancement in the reprocessing of medical devices industry is likely to substitute brand new medical devices that are expensive compared to the reprocessed devices.
Reprocessed general surgical devices and reprocessed cardiovascular medical devices dominated the market accounting for more than half the global reprocessed medical devices in 2013. High demand and cost effectiveness of these devices are major factors behind the preference shift for reprocessed devices. This trend is likely to continue throughout the forecast period. Furthermore, infusion pressure bags and biopsy devices are expected to witness substantial growth within the reprocessed medical devices market owing to their increasing demand globally. Thus, the global reprocessed medical devices industry is set to witness substantial growth over the next few years