Reprocessed Medical Devices Market is Projected to be Worth US$3.3 bn by 2024

The global reprocessed medical devices market is consolidated to a high degree due to the dominance of Medline Industries Inc., Ethicon (Johnson & Johnson), Stryker Sustainability Solutions, Hygia Health Services Inc., and Vanguard AG. These five companies accounted for 94% of the global reprocessed medical devices market in 2015 and are likely to retain steady dominance in the market in the coming years. Strengthened distribution channels have become the top target for key players in the global reprocessed medical devices market in recent years due to the growing competitive intensity.

Emerging markets in Asia Pacific and Latin America are also vital for leading players in the global refurbished medical devices market. Several countries in these regions are set for steady economic progress in the coming years, making their healthcare sector likely to receive a steady influx of funding in the coming years. Moreover, cost-saving measures such as the refurbished medical devices market are likely to be widely popular in these regions, as they provide players with a key advantage in the increasing competitive medical devices market.

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According to Transparency Market Research (TMR), the global reprocessed medical devices market is expected to reach US$3.3 bn by the end of 2024. The market was valued at US$982.7 mn in 2015 and is projected to exhibit a robust 14.9% CAGR between 2016 and 2024.

Increasing Demand for Cost Cutting Measures Drives Reprocessed Medical Devices Market

The prime driver for the global reprocessed medical devices market is the rising demand for cost cutting measures in the healthcare sector in developed economies. Despite the rising expenditure on healthcare by consumers in developed economies, the refurbished medical devices market represents a smart economic option, as it allows for widespread adoption of advanced medical technology. While reprocessing of medical devices has always been a standard practice in the healthcare sector, the use of modern tools in the processes has made it even more important to the healthcare sector, as the safety and reliability of the devices has improved considerably.

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However, the negative perception attached to the tag of “refurbished” has continued to haunt the refurbished medical devices market. Increasingly strict regulations concerning medical device safety have also held back the refurbished medical devices market in some regions.

Cardiovascular Devices to Dominate Refurbished Medical Devices Market

By device type, the global refurbished medical devices market is segmented into orthopedic external fixation devices, general surgery medical devices, gastroenterology biopsy forceps, cardiovascular medical devices, and laparoscopic medical devices. Of these, cardiovascular devices are likely to dominate the global refurbished medical devices market in the coming years due to the growing prevalence of cardiovascular complaints in developing regions as well as their widespread prevalence in developed markets such as the U.S.

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Accordingly, North America is projected to top the global refurbished medical devices market in the coming years, due primarily to the steady demand from the rapidly advancing healthcare sector in the U.S. The regulatory framework in the U.S. has been largely supportive of the refurbished medical devices market, which is a key driver for the market in the region. North America accounted for 76.8% of the global refurbished medical devices market in 2016 and is likely to retain a similar level of dominance through the 2016-2024 forecast period.

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Reprocessed Medical Devices Market - Worldwide Market Shares, Strategies, and Forecasts 2014 to 2020

The global market for reprocessed medical devices features a markedly high level of consolidation, with Stryker Sustainability Solutions, Inc. alone holding a share of nearly 62% of the overall market in 2013, reports TMR in a recent market research report. Well-managed supply channels and a strong distribution network have allowed the company to take a coveted spot in the global reprocessed medical devices market.

Owing to the prominence of a few vendors in the market, entry barriers for new vendors are high. Along with the dominance of a very small number of companies, factors such as the requirement of a steady supply of used medical devices, regulatory control exercised by several supervisory bodies, and the necessity of strong distribution networks are challenging new vendors in the global reprocessed medical devices market. However, developing economies, with vast growth opportunities and a highly unorganized reprocessing industry could allow easy admittance to new vendors. Some more of the market’s notable participants are Hygia Health Services, Inc., Centurion Medical Products Corporation, Medline ReNewal, SterilMed, Inc., and SureTek Medical.

The global reprocessed medical devices market is expected to exhibit an exceptional 19.3% CAGR by revenue over the period between 2014 and 2020. The market had a revenue-wise valuation of US$898.7 mn in 2015. In terms of volume, the global market is expected to rise to 56.04 mn by 2020.

Rising Pressure on Reducing Medical Waste and Demand for Reducing Medical Costs Drive Market

That using reprocessed medical devices could help healthcare facilities in saving big bucks is not a difficult guess. The Association of Medical Device Reprocessors (AMDR) states that any typical hospital could save anywhere between US$500,000 to US$2 mn a year using reprocessed medical devices. What’s more, orthopedic surgery centers could save up to US$20,000 per operating room a year by employing reprocessed medical devices. Such vast savings are the chief factor that reprocessed medical devices appeal to healthcare industries across the globe, no matter how strong or weak the economy of a country.

In developed economies, the rising demand to bring down healthcare expenses along with the several regulations requiring proper disposal or reuse of medical devices with a view of reducing the volumes of medical waste are working in favor of the medical devices reprocessing industry. In developing and under-developed economies, on the other hand, the potential of reprocessed medical devices in bridging the gap between the vast demands for healthcare facilities and their absence, especially in remote areas, could allow the global reprocessed medical devices market achieve traction.

Reluctance in Adopting Used Products in Developed Economies and Preference for In-house Reprocessing in Emerging Ones Hinder Market’s Growth

In certain developed countries such as the U.K. and France, healthcare providers and surgical centers are highly reluctant regarding the use of reprocessed medical devices. The lack of awareness and negative perception about the safety, product quality, and efficacy of reprocessed medical devices are key to the low adoption of reprocessed medical devices in such regions.

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In developing countries, such as India, China, Singapore, and many other countries in the Middle East, Africa, and Asia Pacific, the large-scale adoption of professionally reprocessed medical devices is hindered due to the high preference for in-house reprocessing.

The lack of specific regulatory guidelines governing the process of medical device reprocessing has helped flourish the intake of easily and economically reprocessed medical devices recovered through in-house processing. This factor is expected to emerge as a key challenge to the overall development of the global reprocessed medical devices market in emerging economies in the next few years.

Cardiovascular Devices Take the Lead

The segment of cardiovascular devices saw the most traction, with 13.69 mn devices reprocessed and/or sold globally in 2015. In terms of revenue as well, the segment of reprocessed cardiovascular devices held the dominant position, with a valuation of US$599.3 mn in the same year. Geography-wise, North America emerged as the clear leader in the global reprocessed medical devices market as of 2015.

This review is based on a recent report published by Transparency Market Research, titled “Reprocessed Medical Devices Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”

Growing Trends in Reprocessed Medical Devices Market

The global reprocessed medical devices market is expected to be valued at US$2.58 bn by the end of 2020. The market was recorded at US$0.78 bn in 2013 and is shown to be progressing at a CAGR of 19.30% within a forecast period of 2014 to 2020. The statistical details are provided in a research report released by Transparency Market Research, titled “Reprocessed Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 -2020.” The report provides a clear description of this market in terms of growth prospects as well as inhibitors, along with a competitive landscape replete with the most recent data on the top players of the market.

According to the report, the primary factor driving the reprocessed medical devices market’s growth is the increasing demand for the employment of cost-saving measures in the medical devices industry. A large number of healthcare organizations are already pushing for higher levels of recycling and reprocessing medical devices in an attempt to save on medical costs and expenditures. At the same time, these bodies are also acting in response to the growing pressure exerted by governments regarding the amount of medical waste currently generated. There is a marked increase in the number of initiatives taken by government organizations in the field of waste management, and support for the global reprocessed medical devices market is one of them.

Other significant factors promoting the global reprocessed medical devices market include the advancements in technologies that allow a better quality of reprocessed devices. This driver is applicable especially to North America.

According to the Association of Medical Device Reprocessors, a standard hospital or healthcare organization in the world can manage to generate savings of at least US$500,000 and up to US$2 mn annually, with the help of reprocessed medical devices.

The report also signals users of the various restraints that might affect the market’s growth in the near future. Of these, the most prominent inhibitor is the significantly lower level of awareness of quality reprocessed medical devices. Another hindrance to the global reprocessed medical devices market is the negative perception of patients as well as medical organizations toward reprocessing.

In terms of devices, the global reprocessed medical devices market is largely propelled by the cardiovascular devices segment, which is showing the fastest growth rate among all device types, for the given forecast period. This segment owes its growth rate to a higher rate of use and the improving quality of cardiovascular reprocessed devices.

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North America dominated the global reprocessed medical devices market in 2013, due to early implementation of favorable policies and government incentives. Similar features can be seen in the European reprocessed medical devices market. Both developed regions are facing major constraints due to the rapidly increasing cost of administering medical attention.

The key players in the reprocessed medical devices market are ReNu Medical, Inc., Centurion Medical Products Corp., Hygia Health Services, Inc., MidWest Reprocessing Center, SterilMed, Inc., Medline ReNewal, SureTek Medical, Stryker Sustainability, and Vanguard AG.