Growing at a healthy CAGR of 19.3% between 2014 and 2020, the global reprocessed medical devices market is anticipated to reach a market value worth US$2.58 billion by 2020 from US$0.78 billion in 2013.
Greater focus on reducing hospital costs, medical waste minimization, and high cost of savings from reprocessed devices, fuel the global reprocessed medical devices market. This market is segmented on the basis of device and geography. Of these, the segment for cardiovascular medical devices is anticipated to grow robustly during the forecast period. This segment is fuelled by greater focus on decreasing healthcare expenditure and low prices of the products. Absence of suitable regulatory guidelines, negative perceptions about product quality, and the unwillingness to adopt reprocessed medical devices will inhibit the growth of the reprocessed medical devices market in the years to come.
Geographically, the global reprocessed medical devices market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Strong regulatory policies and widespread adoption rate make North America a market leader. The Europe reprocessed medical devices market is anticipated to expand at a favorable rate of growth in the forecasting horizon owing to high demand and greater awareness about the savings via healthcare cost cuts. High pressure on maintaining healthcare budgets will fuel the reprocessed medical devices market in the forthcoming years. Medline ReNewal, ReNu Medical, and Stryker Sustainability Solutions Inc., are the key companies in this market.