The Reprocessed Medical Devices Market is estimated to be valued at US$ 3722.53 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Reprocessed medical devices are products that have been recovered, remanufactured, and tested to meet the performance specifications of original products. They include hospital medical devices like surgical instruments, external defibrillators, and orthopedic implants that are reprocessed by OEMs and third-party companies. Reprocessing is an effective way to provide affordable healthcare as it saves up to 50-70% cost of original devices.

Market key trends:
The rising demand for affordable healthcare all over the world is a key driver for the reprocessed medical devices market. With the increasing healthcare costs, several governments and healthcare systems are promoting reprocessing of medical devices to reduce costs. As per the estimates of FDA, using reprocessed medical devices can reduce a hospital’s device costs by 30%–65% for any given device. With increasing acceptance and regulatory approvals, more hospitals are opting for reprocessed orthopedic implants, instruments, and other cardiac and gastroenterology devices that offer significant cost reduction without compromising on quality. This rising demand for affordable care is expected to propel the growth of reprocessed medical devices market over the forecast period.

Porter's Analysis

Threat of new entrants: The regulatory compliance for entering the reprocessed medical devices market is stringent, reducing threat from new entrants. Bargaining power of buyers: Large group purchasing organizations have high bargaining power over suppliers since they acquire devices in bulk. Bargaining power of suppliers: A few dominant suppliers control this market creating high supplier bargaining power. Threat of new substitutes: No major substitute products have emerged, threat from substitutes is low. Competitive rivalry: Intense competition exists among existing players to gain market share.

SWOT Analysis

Strengths: Regulatory compliances and established quality standards ensure patient safety. Weaknesses: Perceived risk associated with reused medical devices limits market growth. Opportunity: Increasing healthcare costs drive demand for cost-effective solutions. Threats: Stringent regulations can increase entry barriers for small players.

Key Takeaways

The global Reprocessed Medical Devices Market Share is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing healthcare cost containment efforts. Regionally, North America dominates the market currently due to presence of major players and favorable reimbursement policies. However, Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period owing to rising medical tourism and improvements in healthcare infrastructure.

Key players operating in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal , SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation. Stryker Corporation leads the market with wide product portfolio and global presence.

Read More,

https://www.newsstatix.com/reprocessed-medical-devices-market-trends-size-and-share-analysis/