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The global singleuse medical device reprocessing market has been estimated at USD 1625.9 million in 2017. The market is expected to register a CAGR of 14% during the forecast period, 2018 to 2023. North America accounted for the largest market, while Europe is the next to North America in the singleuse medical device reprocessing.
Cost Savings through Reprocessing SingleUse Devices
In 2002, the Food and Drug Administration established statutory requirements for reprocessing of singleuse devices SUD by approved reprocessors to save costs and reduce medical waste. Reprocessed singleuse medical devices are as safe and effective as original medical equipment, but with greater affordability. The use of reprocessed SUDs also results in reduction of costs associated with special handling and waste management of devices. Healthcare facilities not only save 50% for every reprocessed SUD they purchase and spend less on medical disposal, but they also save money when original equipment manufacturers OEMs lower their prices to compete with thirdparty reprocessors, thus lowering the overall cost of healthcare. Along with the cost reduction it also results in environmental sustainability.
Quality of Reprocessed Single Use Medical Devices SUD'S
In 2008 United States GOA published a report on Reprocessed singleuse medical device and looked into each complaint made on the use of single use medical device SUD. They found that of the over 320,000 adverse events filed with FDA between 2000 and 2006, only 65 adverse events actually involved, or were suspected to involve a reprocessed SUD and that the reprocessed SUD was one of several possible causal factors in adverse events. In reviewing these type of reports, FDA found that the types of adverse events reported to be associated with the use of reprocessed SUDs were the same types of events that were reported for new devices. These report has established the safety, but have not been able to clear the preconceived notion regarding the quality of reprocessed SUDs. Quality of healthcare facilities, quality of device material, and regulations of single use medical devices are the primary concerns of every payer and these are limiting the market's growth.
North America to Dominate the Market Growth
North America accounted for the largest market, accounting for around 42% of the global market share and is expected to witness a high CAGR of 19% over the forecast period. Along with the North America region, Europe is the next leading region growing at a CAGR of 6.11% in the global molecular diagnostics market. AsiaPacific is growing for singleuse medical device reprocessing market and the reuse of SingleUse Devices in much of Asia is common, particularly for injection needles. For the most part, there are no national regulations governing reuse of SUDs and, thus, thirdparty reprocessors do not offer their services in Asia.
Key Developments in the Market
January 2017: Ethicon EndoSurgery, Inc. has acquired the Megadyne Medical Products, Inc.
August 2017: Medline Industries purchased the Aplicare skin antisepsis business from the Clorox Company.
Major Key Players: STRYKER SUSTAINABILITY SOLUTIONS, STERILMED INC. ACQUIRED BY ETHICONENDO SURGERY INC., PART OF THE JOHNSON JOHNSON FAMILY OF COMPANIES, MEDLINE RENEWAL, VANGUARD AG, HYGIA HEALTH SERVICES INC., SURETEK MEDICAL, RENU MEDICAL, NESCIENTIFIC INC.
Reasons to Purchase this Report
Current and future singleuse medical device reprocessing market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
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