Cardiovascular Medical Devices Segment to Hold Largest Share of Reprocessed Medical Devices Market During 2021-2028

According to our latest study on "Reprocessed Medical Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product and End-User," and in the global market is expected to grow from US$ 2,087.36 million in 2021 to US$ 5,653.87 million by 2028; it is estimated to grow at a CAGR of 15.3% from 2021 to 2028. The increasing utilization of the less expensive reprocessed medical devices as compared to new devices and the rising number of surgical procedures across the US is contributing to the market growth.

The reprocessed medical devices market has experienced significant growth opportunities during the pandemic. The rapid spread of the COVID-19 has provided significant momentum to the reprocessed medical device industry in 2020. Following a severe shortage of medical supplies, regulatory agencies such as the Association of Medical Device Reprocessors (AMDR) promoted the reprocessing of healthcare equipment. According to AMDR, the expansion of reprocessing programmes could assist healthcare providers manage COVID-19-related costs, better regulate supply chains, and better plan for future hazards. While the COVID-19 pandemic continues to disrupt economies around the world, the growing volume of medical waste is a huge worry. This emphasizes the need of efficient reprocessing, which can not only help meet supply shortages but also enhance healthcare sustainability. However, with the onset of COVID-19 pandemic, physicians and patients became more concerned about their safety, hence, raising apprehensions about the reuse of medical devices. This negatively affected demand for reprocessed medical devices. Thus, to overcome these safety concerns, reassuring steps such as sterilization and microbial testing of reprocessed medical devices were made mandatory by various regulatory authorities in the region. Also, the risk of infection in surgeries and inappropriate sterilization of the medical devices can increase the potential outbreaks which hinders the market growth. In addition, the R&D of reprocessing services has put on hold due to diversion of professionals to satisfy the demand of pandemic related products. Thus, owing to the above-mentioned factors, the pandemic has shown negative impact on the reprocessed medical devices market.

Based on product, the reprocessed medical devices market is segmented into cardiovascular medical devices, laparoscopic medical devices, gastroenterology biopsy forceps, orthopedic external fixation devices, general surgery medical devices, non-invasive devices, and others. The cardiovascular medical devices segment held the largest share of the market in 2020 and is projected to continue its dominance during the forecast period. Advances in cardiovascular and general surgery medical devices have enabled successful surgeries for multiple diseases, such as coronary artery diseases, heart attacks, colon cancer, and others types of surgeries. Additionally, the manufacturers are bringing innovative products to the market by various collaborations. For example, in Jan 2021, STERIS and Cantel Medical Corporation announced that they signed a definitive agreement to acquire Cantel, via US subsidiary. The company signed this agreement to expand its product portfolio by marketing various equipments which includes specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, and others.

Medline Industries, LP, Arjo Medical Devices, Currie Medical Specialties, Inc., Stryker Corporation, Teleflex Incorporated, Johnson and Johnson Services, Inc., 3M, STERIS, Cardinal Health, and Vanguard AG are among the leading companies operating in the global reprocessed medical devices market.

The report segments the reprocessed medical devices market as follows:

Based on product type, the reprocessed medical devices market is segmented into cardiovascular medical devices, gastroenterology biopsy forceps, orthopedic external fixation devices, laparoscopic medical devices, general medical surgery, non-invasive devices, and others. The cardiovascular medical devices segment is further sub-segmented into blood pressure cuffs/tourniquet cuffs, cardiac stabilization and positioning devices, diagnostic electrophysiology catheters, and electrophysiology cables. The laparoscopic medical devices segment is bifurcated into endoscopic trocars and components and harmonic scalpels. The general medical surgery is bifurcated into balloon inflation devices and infusion pressure bags. The non-invasive devices segment is sub segmented into DVT garments, ECG leads, pulse oximeter probes, air-assisted transfer mats, ultrasonic clothing, extraction balloons and baskets, circuit accessories, optical lens, and other non-invasive devices. In 2021, cardiovascular medical devices held the largest market due to increasing cardiovascular devices in the region. Moreover, the same segment is expected to register faster growth owing to low-cost resulting in high adoption of the devices in the region.

By end-user, the reprocessed medical devices market is segmented into hospitals and clinics, ambulatory surgery centers, medical laboratories and others. The hospitals and clinics segment held a considerable share of the market in 2021, and it is likely to continue its dominance in the market during the forecast period.

By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SCAM). The reprocessed medical device market in North America is segmented into the US, Canada, and Mexico. The reprocessed medical device market in Europe is segmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The reprocessed medical device market in Asia Pacific (APAC) is segmented Into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The reprocessed medical device market in the Middle East & Africa (MEA) is segmented Into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. The reprocessed medical device market in South and Central America (SCAM) is segmented into Brazil, Argentina, and the Rest of South and Central America.

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