Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Reprocessed Medical Devices Market – Insights
Increasing hospital expenditures on medical devices and high amount of medical wastage produced in day to day practices is a major burden globally. To address this problem, medical devices industry and healthcare provider are focused on reprocessing medical devices as an alternative solutions to address both the challenges. Increasing reprocessed medical devices is attributed to various factors such as hospital cost savings, low cost availability of reprocessed devices, and environmental benefits by reducing medical wastages.
Significant economic and environmental benefits associated with reprocessed medical devices are expected to fuel growth of the market over the forecast period. For instance, in 2017, according to a study conducted by National Institute for Health and Care Excellence (NICE), analyzed medical wastage and expenditure on such products. The study was conducted at Department of Plastic Surgery at Portsmouth’s Queen Alexandra Hospital for five days of time period and collected data of products such as dressings, sutures and surgical instruments that were opened but remain unused. The cost accounted around US$ 8,915.92 per week and this value extrapolated to one year. Through the study, it was estimated that around US$ 461,368.07 per year was wasted on such medical products. The reprocessing of medical devices will help hospitals to save such additional costs of wastage medical materials.
The global reprocessed medical devices market is estimated to be US$ 1,840.6 million in 2019, and is expected to exhibit a CAGR of 20.4% over the forecast period (2020-2027).
Global Reprocessed Medical Devices Market Share (%) Analysis, By Technique, 2019
Source: Coherent Market Insights Analysis (2019)
Cost effectiveness, equivalent performance to the original devices, warranty and availability of sources are expected to drive growth of the reprocessed medical devices market. For instance, according to USITC (United States International Trade Commission) statistics, the production of reprocessed devices increased by 12% during 2009-2011. This is also attributed to production capacity expansion by a large number of medical device remanufacturers during this period. The 2008-2009 recession was the supportive factor behind this growth, as during this period, various patients lost their medical insurance and this have affected the reimbursement of devices also, which in turn led to uptake of cost-effective devices.
Moreover, cardiovascular devices segment is expected to hold dominant position in the market over the forecast period, owing to reduction in product price, increasing pressure to reduce expenditure of healthcare among hospital authorities, and increasing focus on protection of environment by reducing medical waste dumping.
Increased focus on protecting the environment by reducing medical waste that was dumped in landfills is expected to drive growth of the reprocessed medical devices market. Over 90% of potentially infectious medical waste was incinerated before 1997. In August 1997, the U.S. Environmental Protection Agency (EPA) promulgated regulations creating stringent emission standards for medical waste incinerators due to significant concerns over detrimental air quality affecting human health. EPA’s Office of Air Quality Planning and Standards continues to review and revise the hospital medical infectious waste incinerator (HMIWI) standards as required most recently in May 2013.
The growth in reprocessed medical devices market is also favored by the rising awareness about the adverse environmental effects of dumping medical wastes in landfills. The widespread use of plastics and other non-biodegradable artificial polymers in medical devices are expected to fuel growth of the global reprocessed medical devices market, as adoption of biodegradable materials in medical devices has still not been widely incorporated. For instance, according to the World Health Organization (WHO) 2015, every year around 16 billion injections are administered worldwide, but not all the needles and syringes are properly disposed after its use.
Global Reprocessed Medical Devices Market, Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Reprocessed Medical Devices Market - Competitive Landscape
Major players operating in the global reprocessed medical devices market include 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, Centurion Medical Products Corporation, and Vanguard AG.