ALBANY, New York, December 7, 2018
ALBANY, New York, December 7, 2018 /PRNewswire/ --
A report by Transparency Marker Research Prophesies that the global reprocessed medical devices market would expand at an astral CAGR of 14.9% during the period between 2016 and 2024. Furthermore, the global reprocessed medical devices market is projected to accumulate revenues worth US$3.35 bn by 2024-end, rising up from a value of US$982.7 mn in 2015. On the basis of device-type, the demand for reprocessed cardiovascular devices has been on a rise over the past decade. Based on geography, the demand graph for reprocessed medical devices in Asia Pacific has been tracing an ascending trajectory.
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Rising Incidence of Diseases to Propel Market Demand
The past decade has witnessed an abysmal rise in the incidence of chronic and non-chronic diseases, thus, necessitating the need for a robust healthcare framework across countries and regions. Furthermore, the escalating costs of medical devices coupled with the use of high-end materials in the manufacture of these devices restrain bulk manufacturing. Therefore, remanufacturing, repair, labelling, sterilization, and cleaning of medical devices have become a necessity in the contemporary scenario. Owing to the aforementioned factors, it is expected that the demand within the global market for reprocessed medical devices would scale to new heights in the years to come.
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The growing standardization in the healthcare industry has given an impetus to the growth of the global market for reprocessed medical devices. A number of medical practitioners have raised their concerns with regards to the deteriorating quality of medical devices, resulting in swift action from governments and healthcare centers. Hence, the global market for reprocessed medical devices is expected to expand at a stellar rate in the years to come.
Quality Concerns Could Hamper Market Growth
The cleaning and sterilization of medical devices requires a high level of precision and meticulousness to ensure uncompromised quality and performance. However, in a number of cases, the remanufacturing, cleaning, and labelling of medical devices has further aggravated the performance of the devices. This factor could hail as a roadblock for the growth of the global reprocessed medical devices market in the years to follow. Despite this negative toll on the market, environmental concerns have led governments to stipulate laws with regards to the reprocessing of medical devices. This factor is projected to keep reaping voluminous revenues for the growth of the global reprocessed medical devices market.
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The demand within the global market for reprocessed medical devices has been rising on account of the increasing load of patients on the healthcare sector, finds Transparency Market Research (TMR). The global market for reprocessed medical devices has witnessed the emergence of several new vendors over the past decade. These new market players have entered the global reprocessed medical devices market after identifying the pressing need for remanufacturing, testing, sterilizing, and cleaning medical devices. It is expected that the competitive landscape of the global market for reprocessed medical device will undergo progressive fragmentation as new players enter into this market over the forthcoming years.
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The strong footholds of the leading vendors in the global reprocessed medical devices market can be attributed to the early inception of these vendors. Furthermore, the leading players in the global market for reprocessed medical devices are aware of the knit and grit of consumer propensities, market dynamics, and competitive tracking. It is safe to project that the global market for reprocessed medical devices would accumulate voluminous revenues on account of the fructuous performance of the leading vendors. Some of the key market players in the global reprocessed medical devices market are Medline ReNewal, MidWest Reprocessing Center, Hygia Health Services, Inc., and Ethicon, Inc. (Johnson & Johnson).
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The review is based on TMR's report titled "Reprocessed Medical Devices Market (Devices - Cardiovascular Devices (Blood Pressure Cuffs/Tourniquet Cuffs, Cardiac Stabilization and Positioning Devices, Compression Sleeves (DVT), Diagnostic Electrophysiology Catheters, and Electrophysiology Cables) General Surgery Devices (Balloon Inflation Devices and Infusion Pressure Bags), Laparoscopic Devices (Endoscopic Trocars and Components and Harmonic Scalpels), Orthopedic External Fixation Devices, and Gastroenterology Devices) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024".
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