AUSTRALIA REPROCESSED MEDICAL DEVICES MARKET ANALYSIS

Australia Reprocessed Medical Devices MarketSize and Trends

The Australia reprocessed medical devices market is estimated to be valued at US$ 422.2 Mn in 2023 and is expected to exhibit a CAGR of 7.1% during the forecast period (2023-2030).

Increasing partnerships, mergers, and collaborations are a major factor leading to the high demand for Australia Reprocessed medical devices market. For instance, in September 2022, Innovative Health, a reprocessing company focused on Electrophysiology devices, and Medline ReNewal, a biopharmaceutical company, announced that they had entered into a five-year agreement to continue their collaboration on a single-use device reprocessing program for hospitals. The joint reprocessing initiative aims to improve the performance of medical device reprocessing programs, which often do not provide optimal savings results for the hospital.

The increasing product launch activities to invent newer reprocessing devices or its accessories can drive growth of the Australia reprocessed medical devices market. For instance, June, 2020, NEScientific, Inc., a company that provides real-time simulation technologies that are used to support physicians in better targeting tissues during a variety of minimally invasive, announced that it had received FDA clearance for reprocessing the 014 Digital IVUS catheter.

Figure 2. Australia Reprocessed Medical Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2018-2030

Australia Reprocessed Medical Devices Market - Driver

Partnerships, Mergers and Collaboration Scenarios

Australia Reprocessed Medical Devices Market - Key Trends

Increasing product launch by market players

The introduction of quality management systems for medical devices is also expected to aid in growth of Australia reprocessed medical devices market. For instance, in April 2020, Cleanpart GmbH a industrial services company introduced a quality management system for medical devices according to DIN EN ISO 13485:2016.

The expansion of new research and development centers globally is expected to propel growth of Australia reprocessed medical devices market. In June 2022, Stryker, a global medical technology company, announced the opening of its new research and development facility in Gurgaon, India. This will help accelerate innovation in India and globally and further support the company’s mission to make healthcare better.