A new report by Global Market Insights forecasts that revenue from the reprocessed medical device market will increase by 20% CAGR by 2023, growing from $1.12 billion to over $5 billion.
“Based on the type of product, the global reprocessed medical devices market is divided into cardiovascular (blood pressure cuffs/tourniquet cuffs, electrophysiology cables, cardiac stabilization and positioning, diagnostic electrophysiology catheters and compression sleeves), gastroenterology, orthopedic/arthroscopic, laparoscopic, and general surgery equipment.
Laparoscopic equipment accounted for the second largest share as a consequence of rapidly increasing demand for minimally invasive techniques and is predicted to follow a similar trend in the coming years. Hospitals account for nearly 40% of the revenue as owing to the increase in third party and in-house reprocessing caused by tremendous waste production. As per a report by the Association of Medical Device Reprocessors (AMDR), hospitals can save up to 50% of their equipment costs on using these aforementioned products.
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