Reprocessed Medical Device Market Size to Triple by 2022
The worldwide reprocessed medical device market is set to triple to $5 billion by 2022 as healthcare facilities look to cut costs and reduce medical waste. This forecast, from a study by Grand View Research, Inc., anticipates significant growth from the Asia Pacific region.
The global market is expected to grow at an over 20% compound annual growth rate (CAGR). Almost half (47%) of the $1.141 billion reprocessed medical device market consisted of North American business in 2014, but the report authors expect Asia Pacific to exhibit the highest growth as emerging markets in the region devote more attention to healthcare…
In the past, there was some skepticism of reprocessed single-use devices, but those concerns seem to have faded, as third-party reprocessing is now common among hospitals. The AMDR recently announced that its members work with 13 of the top 15 hospitals on U.S. News & World Report’s Honor Roll and that reprocessing is a “best clinical practice.” A study of more than 3000 devices published in the Journal of Medical Devices in December found that defect rates were actually much higher in new bipolar and ultrasound diathermy devices than in reprocessed devices.