REPROCESSED MEDICAL DEVICES MARKET ANALYSIS

Reprocessed Medical Devices Market Size and Trends

The reprocessed medical devices market is estimated to be valued at USD 3.04 Bn in 2024 and is expected to reach USD 8.18 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031.

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The reprocessed medical devices market is driven by the rising demand to lower healthcare costs. As medical devices are expensive, reprocessing helps reduce costs for patients and providers. The trend of improved reprocessing technologies is also supporting the market growth. Advancements in inspection and reconditioning techniques ensure that reprocessed devices meet high standards of safety and performance. Additionally, as the population ages and the burden of chronic diseases grows, more procedures will utilize these cost-efficient reprocessed alternatives to new medical devices. The market opportunity is substantial given the large replacement market for devices that are retrieved after use.

Increasing levels of supply chain cost savings in healthcare facilities due to reprocessing of medical devices

Increasing level of supply chain cost savings in healthcare facilities due to the reprocessing of medical devices are expected to drive growth of the reprocessed medical devices market. For instance, according to the data published in May 2022 by Healthcare Facilities Management, which is the maintenance and oversight of a healthcare facilities' development, maintenance, security, and operations, reprocessing of medical devices saved U.S. hospitals USD 372 million in 2020, as using reprocessed devices costs 25 to 40% less and the reduction in medical waste offers further savings.

The increasing prevalence of chronic disorders is expected to drive the growth of the market during the forecast period. The forecast period's market dynamics are impacted by the increasing prevalence of chronic diseases. The market for medical device reprocessing is growing as a result of an increase in the prevalence of chronic diseases and surgical operations. For instance, according to data published in June 2020 by the National Library of Medicine (NIH), globally, approximately 310 million major surgeries are performed each year.