Reprocessed medical device covered under this report include, gastroenterology devices, cardiology devices, laparoscopy devices, orthopedic/arthroscopic devices, ENT devices, and others that include devices such as pulse oximetry sensor and ultrasound catheters.
Asia Pacific reprocessed medical devices market is estimated to account for US$ 376.2 Mn in terms of value by the end of 2021.
Asia Pacific Reprocessed Medical Devices Market: Drivers
Insufficient allocation of healthcare budget is expected to propel growth of Asia Pacific reprocessed medical devices market over the forecast period. For instance, in 2018-2019, the government of India allotted US$ 3,7062.7 million for the defence sector compared to US$ 7,166.2 million for the healthcare sector.
Asia Pacific Reprocessed Medical Devices Market: Opportunities
Increasing hospital uptake of commercial medical device reprocessing is expected to offer lucrative growth opportunities for players in the market. For instance, according to 20th Anniversary Report from Association of Medical Device Reprocessors, published din July 2019, hospital uptake of commercial medical device reprocessing doubled yearly for the last 20 years.
Asia Pacific Reprocessed Medical Devices Market: Recent Developments
Asia Pacific Reprocessed Medical Devices Market: Restraints
Lack of appropriate regulatory guidelines is expected to hamper growth of the market. In emerging economies such as China, India, and Singapore, there is lack of specific regulations regarding the use of reprocessed medical devices.
Covid-19 Impact Analysis:
Globally, as of 5:05pm CEST, 2 September 2021, there have been 218,205,951 confirmed cases of COVID-19, including 4,526,583 deaths, reported to WHO. As of 1 September 2021, a total of 5,289,724,918 vaccine doses have been administered. The Covid-19 pandemic has led to shortages of various medical devices in the healthcare sector. Such scenario is expected to boost demand for reprocessed medical devices, thereby aiding in growth of the market.
Asia Pacific reprocessed medical devices market was valued at US$ 330.5 Mn in 2020 and is forecast to reach a value of US$ 1,235.5 Mn by 2028 at a CAGR of 15.3% between 2021 and 2028.
The Cardiovascular devices held dominant position in the market and accounted for 56.8% share in Asia Pacific reprocessed medical devices market in 2020. The segment is expected to reach US$ 863.9 million in 2028.
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In India, the government is focused on locally producing medical devices. In this regards, in May 2018, the NITI Aayog, a policy think tank of the Government of India, discussed regarding caps on trade margins to bring down prices of medical devices.
In Australia, hospitals and third-party reprocessors of single-use medical devices are required to conform to the same regulatory standards as the original manufacturer. Moreover, hospitals and third-party reprocessors of single-use medical devices are required to demonstrate that reprocessed devices are equally safe and perform as well as the original manufactured device.
Asia Pacific Reprocessed Medical Devices Market: Competitive Landscape
Major players operating in Asia Pacific reprocessed medical devices market include, Stryker Sustainability Solutions, Inc., Medline ReNewal, Hygia Health Services, Inc., Cleanpart GmbH, ReNu Medical, Inc., SureTek Medical, and NEScientific.