Global Reprocessing and Reuse of Single Use Medical Devices Market, by Product Type (Class I (Tourniquet Cuffs, Pulse Oximeters Sensors, Sequential Compression Sleeves, and Others), and Class II (Endoscope, Diagnostic Ultrasound Catheter, Laparoscope, Trocar, and Others)), by Application (Cardiology, Gastroenterology, Orthopedic, General Surgery, and Others), by End User (Hospitals/Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,843.4 million in 2021, and is expected to exhibit a CAGR of 10.2% during the forecast period (2021-2028).
Companies operating in the global reprocessing and reuse of single use medical devices market are focusing on obtaining approvals from regulatory authorities such as the U.S. Food and Drug Administration (FDA) for reprocessing single use medical devices, which is expected to propel the market growth over the forecast period. For instance, in July 2020, Innovative Health received approval from the U.S. Food and Drug Administration (FDA) to reprocess the BRK Trans septal Needle and the Baylis Medical NRG Transseptal Needle, manufactured by St. Jude Medical, Inc., a global medical device company.
Similarly, in 2018, NEScientific, Inc., a medical device remanufacturer company, received 510(K) U.S. FDA clearance to reprocess RF Stylet device. RF Stylet is manufactured by Covidien, a division of Medtronic.
Global Reprocessing and Reuse of Single Use Medical Devices Market - Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic is boosting the demand for reprocessed medical devices such as blood pressure cuffs, pulse oximeters, ventilators, and others. According to Journal of Biomedical Engineering and Medical Devices report published in 2020, the demand for reprocessed single use medical devices is increasing due to its need during the COVID-19 pandemic, though the demand for medical devices is irregular among different countries such as the U.S, India, China, and others. According to the same source, due to the COVID-19 pandemic, the medical device manufacturers will rapidly experience demand for various medical devices such as pulse oximeters, personal protection equipment (PPE) and others.
Browse 42 Market Data Tables and 24 Figures spread through 419 Pages and in-depth TOC on Global Reprocessing and Reuse of Single Use Medical Devices Market, by Product Type (Class I (Tourniquet Cuffs, Pulse Oximeters Sensors, Sequential Compression Sleeves, and Others), and Class II (Endoscope, Diagnostic Ultrasound Catheter, Laparoscope, Trocar, and Others)), by Application (Cardiology, Gastroenterology, Orthopedic, General Surgery, and Others), by End User (Hospitals/Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global reprocessing and reuse of single use medical devices market, click the link below:
Market players are focusing on obtaining patents for its newly developed technologies in order to increase the advance discipline of reprocessing single-use cardiology medical devices is expected to drive the growth of global reprocessing and reuse of single use medical devices market over the forecast. For instance, in December 2020, Innovative Health received the U.S. Patent for its microlumen reprocessing technology. The patent covers a novel method to identify subvisible occluding particles in microlumens of medical devices.
Key Takeaways of the Global Reprocessing and Reuse of Single Use Medical Devices Market:
- The global reprocessing and reuse of single use medical devices market is expected to exhibit a CAGR of 10.2% over the forecast period (2021-2028). North America is expected to account for major market share over the forecast period (2021-2028), owing to increasing mergers and acquisitions by market players. For instance, in October 2017, Stryker’s Sustainability Solutions Inc., a subsidiary of Stryker Corporation, entered into an agreement with Royal Philips, a health technology company, to allow health systems engaged in single-use device (SUD) reprocessing with Stryker to drive down device costs, and lower environmental footprint.
- Among product type, class II segment is expected to witness fastest growth in the global reprocessing and reuse of single use medical devices market over the forecast period. The growth of the segment is attributed to increasing number of surgeries during the forecast period. For instance, in August 2019, Innovative Health received approval from the U.S. Food and Drug Administration (FDA) to reprocess Webster Duo-Decapolar Diagnostic EP Catheter. The 20-electrode EP catheter is used in electrophysiological mapping of cardiac structures, such as in atrial fibrillation procedures.
- Some of the major players operating in the global reprocessing and reuse of single use medical devices market include Stryker Corporation, Medline Industries, Inc., Suretek Medical, Renu Medical Inc., Johnson & Johnson, Northeast Scientific Inc., Medtronic Plc, Steripro Canada, Vanguard AG, Innovative Health, Verathon Inc., and Hogy Medical Co., Ltd.
