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The medical device reprocessing market is projected to reach USD 3.9 billion by 2027 from USD 2.0 billion in 2022, at a CAGR of 13.7%

·4-min read
ReportLinker
ReportLinker

during the forecast period. Growth in the market is mainly driven by the growing need to minimize hospital costs and the rising geriatric population, and the favourable regulatory approvals for reuse of single-use reprocessed medical devices.

New York, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Device Reprocessing Market by Type, Device Category, Application - Global Forecast to 2027" - https://www.reportlinker.com/p04961843/?utm_source=GNW
However, the requirement to follow stringent regulatory procedures to enter the medical device reprocessing market may pose a threat to the market growth.

Based on type, the reprocessing support & services segment holds the largest market share in 2021
Based on type, the medical device reprocessing market is segmented into reprocessing support & services and reprocessed medical devices. In 2021, the reprocessing support & services segment accounted for the largest share of this market, primarily due to the growing need implement strategies to reduce medical wastes.

Based on device type , critical devices segment accounted for the largest share of the medical device reprocessing market
Based on the device type, the medical device reprocessing market is segmented into critical devices, semi-critical devices, and non-critical devices.In 2021, the critical devices segment accounted for the largest share of this market.

The growth of this segment is mainly attributed to the increased utilization of reprocessed medical devices for cardiac surgeries and electrophysiology procedures.

Based on application, cardiology segment is expected to have the highest CAGR during the forecast period
Based on application, the medical device reprocessing market is segmented into cardiology, gastroenterology, gynecology, arthroscopy and orthopedic surgery, general surgery & anesthesia, and other applications (urology, non-invasive surgeries, and patient monitoring).The cardiology segment is expected to register the highest growth during the forecast period.

This can be attributed to the increasing prevalence of cardiovascular diseases as well as the increasing number of cardiac procedures, which utilizes a large volume of reprocessed cardiology catheters and other equipments.

North America accounted for the largest share of the medical device reprocessing market in 2021
North America accounted for the largest share of the medical device reprocessing market in 2021. Factors such as the increasing need to reduce the healthcare costs in US, and the presence of top medical device reprocessing service providers in the US region are expected to contribute to the growth of the medical device reprocessing market in North America.

Break of primary participants was as mentioned below:
• By Company Type – Tier 1–35%, Tier 2–45%, and Tier 3–20%
• By Designation – C-level–35%, Director-level–25%, Others–40%
• By Region – North America–45%, Europe–30%, Asia Pacific–20%, Latin America- 3%, Middle East and Africa–2%

Key players in the Medical Device Reprocessing Market
The key players operating in the medical device reprocessing market include Stryker Corporation (US), Johnson & Johnson (US), Vanguard AG (Germany), Medtronic PLC (Ireland), Steris Healthcare (US), Medline ReNewal (US), Innovative Health (US), Arjo Group (ReNu Medical, Inc.) (Sweden), SteriPro Canada, INC. (Canada), Northeast Scientific, INC. (US), Cardinal Health (Sustainable Technologies) (US), SureTek Medical (US), Konoike Group (Japan), Avante Health Solutions (US), Medsalv (New Zealand), and Vitruvia Medical AG (Switzerland).

Research Coverage:
The report analyzes the medical device reprocessing market aims at estimating the market size and future growth potential of this market based on various segments such as type, device type, application, and region.The report also includes a service portfolio matrix of various medical device reprocessing services available in the market.

The report also provides a competitive analysis of the key players in this market, along with their company profiles, service offerings, and key market strategies.

Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.

This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on service portfolios offered by the top players in the global medical device reprocessing market. The report analyzes this market by type, device type, and application.
• Service Enhancement/FDA Approvals: Detailed insights on upcoming trends and service approvals in the global medical device reprocessing market
• Market Development: Comprehensive information on the lucrative emerging markets by type, device type, and application.
• Market Diversification: Exhaustive information about new services, growing geographies, recent developments, and investments in the global medical device reprocessing market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, service offerings, competitive leadership mapping, and capabilities of leading players in the global medical device reprocessing market.
Read the full report: https://www.reportlinker.com/p04961843/?utm_source=GNW

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