According to the latest report published by Credence Research, Inc. “Reprocessed Medical Devices Market – (Device Type – Cardiovascular Medical Devices, Orthopedic Medical Devices, Gastroenterology Medical Devices, General Surgery Medical Devices, and Laparoscopic Surgery Medical Devices): Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the market was valued at USD 1,079.1 Mn in 2015, and is expected to reach USD 2,461.4 Mn by 2022, expanding at a CAGR of 10.6% from 2016 to 2022.
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Increasing pressure on medical organization to eliminate medical waste due to environmental issues are key factors driving the global market for reprocessed medical devices. North America holds the largest regional market, accounting for a market share of more than 50% in 2015, and is projected to dominate the global market for reprocessed medical devices in the 2016-2022 forecast period.
Rising pressure on hospital budget management between hospital authorities and reduced prices and improved quality of reprocessed medical devices are factors driving the market for reprocessed medical devices in the region. Asia-Pacific is expected to grow at the highest growth rate during the focus period due to the advancement of healthcare infrastructure and a decline in the cost of medical devices that drive the Asia-Pacific market.
Among the types of devices, cardiovascular medical devices are the dominant revenue segment due to their increasing integration into cardiac surgeries, which is rising worldwide. Systems such as cardiac positioning and stabilization systems, electrophysiological catheters and blood pressure cuffs are commonly used reprocessed medical devices.
The electrophysiology catheters had the largest share in the category of cardiovascular medical devices. The Laparoscopy segment held the second largest market share due to the increasing demand for minimally invasive techniques, thus providing opportunities for further reprocessing approvals, leading the growth of the laparoscopic segment during the forecast period.