Growth of the market for reprocessing single-use medical devices will be fueled by hospital budget restrictions and favorable environmental effects. The rising expense of original medical equipment is putting strain on hospital budgets all across the world. With a change in administration in the United States, Obamacare and the related regulations could be repealed. Hospitals may employ cost-cutting measures like reprocessing single-use medical devices if this results in poor third-party reimbursement for hospitals. The main benefit is that hospitals can cut medical device costs to 50%, which is important when dealing with pricy items like catheters and cardiac ablation equipment. Due to environmental sustainability and significant cost savings associated with reprocessing, single-use medical device processing is expected to gain market share in small and mid-sized institutions. The FDA has established a grievance procedure for reporting adverse occurrences associated with the use of single-use devices, strengthening responsibility. The market for reprocessing single-use medical devices is still in its infancy, with a small number of businesses controlling it.
Coherent Market Insights projects that with an estimated market value of USD 1,406.03 million by 2027, up from USD 606.76 million in 2021, the Single-Use Medical Device Reprocessing Market is anticipated to grow at a CAGR of 15.55% over the forecast period (2022-2027).
Key Competitors in the Single Use Medical Device Reprocessing Industry:
1. Stryker Corporation
The company was started in 1941 and is based in Kalamazoo, Michigan, U.S. The Stryker Corporation creates, produces, and sells specialized surgical and healthcare products. The corporation announced in January 2022 that it will purchase Vocera Communications, a digital care company, for about $3 billion. Stryker announced in January 2021 that it will buy OrthoSensor, Inc., a joint replacement technology company.
2. Medline ReNewal
The company was founded in 1966 and is based in Northfield, Illinois. High-quality surgical instruments, patient care equipment, and electrophysiology items are fully operational again thanks to Medline ReNewal. The company Medline Industries Inc. produces and sells medical supplies.
3. Centurion Medical Products Corporation
The business was started in 1961 and is based in Williamston, Michigan. The business creates, produces, and markets medical goods for the healthcare sector. For the healthcare sector, the business offers medical gadgets. The company produces IV securement kits, instrument trays, and other medical products.
4. Midwest Reprocessing Center
The business was started in 1997 and is based in Michigan, United States. The organization offers cost-effective, safe, and responsible recycling assistance to businesses. Services include recycling pickups, product destruction and recycling, medical and lab equipment recycling, restaurant equipment recycling, bulk electronics purchasing, data deletion, and recycle by mail may help businesses remain secure, productive, and environmentally friendly.
5. SterilMed Inc.
The company was founded in 1997 and is based in Minnesota, United States. The business reprocesses, remanufactures, and fixes medical tools and equipment. The business sells surgical video equipment as well as forceps, catheters, endoscopic structures, camera tower structures, and pneumatic and electric equipment.
6. Vanguard AG
The company was started in 1998 and is located in California, United States. The Company's business involves offering corporate services such notaries, drafting offerings, lecture bureaus, and bondspersons. Manufacturer of sophisticated medical devices and industry leader in approved special reprocessing is VANGUARD.
7. Hygia Health Services Inc
The company was started in 1999 and is located in Birmingham, Alabama. The company Hygia Health Services, Inc. is dedicated to recycling single-use medical equipment. The company Hygia Health Services reprocesses non-critical and semi-critical disposable medical supplies on behalf of third parties.
Definition: single-use medical equipment Reprocessing is the idea of cleaning, repackaging, testing, and producing a used product. The term "single-use device" has no precise definition; it entirely depends on how the end user perceives it.
