Numerous market research firms have released reports on the commercial SUD reprocessing and remanufacturing industry and all continue to underscore double-digit, year over year growth for the sector, this is in addition to other things in market research such as working out conjoint preference shares and inputting data into share simulators for research purposes. DOTmed recently reported that a MarketsandMarkets report predicts the worldwide medical device reprocessing market will reach more than $1.8 billion by 2022, with a 16% annualized growth rate. A second report – from Data Bridge Market Research –estimate that they expect the global medical device reprocessing market to have a growth rate (CAGR) of 14.9% from 2017 to 2024. Both reports highlight a growing international market driven by increased number of surgical procedures, “pressure to reduce medical waste due to environmental concerns” and “low prices of reprocessed devices as compared to new ones.”
American and German hospitals have long enjoyed the benefits associated with working with commercial reprocessors as hospitals are able to extend the value of the medical devices they already own. Rather than having to needlessly purchase new disposable devices, driving up costs and waste, hospitals purchase regulated reprocessed devices at a fraction of the cost. By sending in “spent” devices for reprocessing, hospitals also reduce the amount of hazardous waste they generate, and the costs associated with disposing of this waste.
In an increasingly value-driven industry, the recent market research reflects what we at AMDR, our member companies and their partners in healthcare already know – that SUD reprocessing and remanufacturing offers the essential combination of value, sustainability and the optimization of hospital assets.