Global Reprocessed Medical Devices Market, by Technique (Laparoscopic Devices, Gastroenterology, General Surgery, Orthopedic Devices, and Cardiovascular Devices), by Region (North America, Europe, Asia Pacific, Middle East and Africa) is estimated to be valued at US$ 1,840.6 million in 2019, and is expected to exhibit a CAGR of 20.4% over the forecast period (2019-2027).
Hospitals are the major end-user of the reprocessed medical devices industry. As, hospitals are focused on saving healthcare expenditure through various operational cost cutting. To address this cost saving concern, hospitals are preferring usage of reprocessed medical devices. The growth of reprocessed medical devices is attributed to increasing demand of reprocessed devices across hospitals, globally. The operating room is significant cost center of hospitals, which contribute around 50-60% of total operating margin of hospitals.
Increasing initiatives for environment safety by environmental organizations is another major factor that is expected to drive the growth of the reprocessed medical devices market over the forecast period. For instance, Practice Greenhealth is a non-profit organization that started “Greening the OR”, a new initiative to reduce cost, energy use, and waste generated in the hospital operating rooms. Under this initiative, hospitals receives their memberships and learn about strategies and collaborate with its stakeholders to succeed in this programme. This implementation aids hospitals in saving millions of dollars. For instance, in 2017, U.S.-based Cleveland Clinic saved US$ 4 million through adopting OR strategies and practices of this initiative.
Furthermore, increasing adoption of acquisitions and collaborations strategies by key players are expected to drive the growth of the market. For instance, in 2018, Stryker Corporation acquired the U.S.-based Hygia Health Services Inc, a company focused into reprocessing patient care single-use devices. This strategic acquisition helped Stryker Corporation to broaden its product offering and strengthen its capability to better serve its customers in the U.S.
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Moreover, in 2018, the U.S.-based Arjo acquired ReNu Medical Inc, a company that specializes in green reprocessing for single use non-invasive medical devices. Through this acquisition, Arjo has strengthened its position in the U.S. and in the global market. Furthermore, the company has broaden its product offering of reprocessed medical devices.
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