Australia Reprocessed Medical Devices Market, by Device (Gastroenterology Devices, Cardiology Devices, Laparoscopy Devices, Orthopedic/ Arthroscopic Devices, ENT Devices, Others), by Classification (Critical, Semi - Critical, Non - Critical), by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers) is estimated to be valued at US$ 422.2 Million in 2023 and is expected to exhibit a CAGR of 7.1 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The initiatives by key market players to invest in projects regarding medical device reprocessing can drive the growth of the Australia reprocessed medical devices market over the forecast period. For instance, on November 23, 2022, Cardinal Health, multinational health care services company having offices in America, Asia, Australia and Europe, Middle East & Africa, opened its expanded single-use device reprocessing facility in Florida, U.S.
Australia Reprocessed Medical Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the Australia reprocessed medical devices market. Key manufacturers were focusing on developing innovative solutions to combat the spread of coronavirus. For example, in April 2020, the FDA approved the use of Steris, maX2, and maX low-V-PRO 1 Plus temperature sterilization equipment in hospitals treating COVID-19 patients to decontaminate roughly 750,000 N95 respirators and comparable masks every day. Therefore, the market increased during the forecast period due to the rising demand for improved healthcare systems, the rising prevalence of chronic diseases, and technological advancements.
Australia Reprocessed Medical Devices Market: Key Developments
Key players in Australia reprocessed medical devices market are focusing on M&A (Mergers and Acquisitions) strategies to expand their product portfolio.
For instance, on 25 April 2023, a reimagining solutions company, received Medical Device Regulation (MDR) certification for Carillon Mitral Contour System. Carillon Mitral Contour System, is a groundbreaking, non-surgical, minimally invasive device developed to treat patients with mitral valve insufficiency.
Browse 34 Market Data Tables and 19 Figures spread through 120 Pages and in-depth TOC on “Australia Reprocessed Medical Devices Market, by Device (Gastroenterology Devices, Cardiology Devices, Laparoscopy Devices, Orthopedic/ Arthroscopic Devices, ENT Devices, Others), by Classification (Critical, Semi - Critical, Non - Critical), by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers)
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Key Takeaways of the Australia Reprocessed Medical Devices Market:
- The Australia reprocessed medical devices market is expected to exhibit a CAGR of 7.1% during the forecast period. According to the Australian Institute of Health And Family Welfare, Australia spent an estimated $220,900.0 Mn on health goods and services in 2020–2021. This number indicated an average of approximately $8,617 per person. The real growth (adjusted for inflation) in total health spending (recurrent and capital) was 7.1% higher than in 2019–2020.
- Among device type, cardiology segment is expected to grow in the Australia reprocessed medical devices market over the forecast period. This is because of the growing prevalence of cardiovascular diseases in the region. In April 2022, According to the data published by Medical Journal of Australia, a peer-reviewed medical journal, Those people suffering from hypertension in Australia only 32% have under control.
- Major players operating in the Australia reprocessed medical devices market include Stryker, Medline Industries, LP, Hygia Healthcare, Cleanpart Gmb (A subsidiary of Mitsubishi Chemical Group), ReNu Medical, Inc., SureTek Medical and NEScientific, Inc.
