SAN FRANCISCO, March 24, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Medical Device Reprocessing – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 6; Released: March 2022
Executive Pool: 10663
Companies: 162 – Players covered include Centurion Medical Products; Johnson & Johnson (Sterilmed Inc.); Medline Renewal; Medtronic PLC; Pioneer Medical Devices AG; Renu Medical, Inc.; Steripro Canada; Stryker Corporation; SureTek Medical; Vanguard AG; Vascular Solutions, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Offering (Reprocessing Support & Services, Reprocessed Medical Devices); Application (Cardiology, Urology, Gynecology & Gastroenterology, Orthopedic Surgery & Arthroscopy, General Surgery & Anesthesia)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Medical Device Reprocessing Market to Reach US$3.3 Billion by the Year 2026
Medical devices that are reusable are gadgets that healthcare providers are able to reuse for diagnosing and treating multiple patients. Examples of such reusable devices are endoscopes, surgical forceps, and stethoscopes and when they are used on a patient, are likely to become contaminated and soiled with microorganisms. Hence, to prevent any risks of infection through contamination, the reusable device undergoes reprocessing, a multistep and detailed process for cleaning and subsequently disinfecting or sterilizing it. When the labeled instructions to reprocess are correctly and wholly followed after every device use, reprocessing leads to the safe use of a medical device multiple times on the same, or in numerous other patients as well. Medical device industry benefits significantly from the rise in spending on healthcare sector, as growth in the number of healthcare facilities and an improvement in existing infrastructure translate to a surge in demand for advanced technologies and devices. Driven by the rising spending on healthcare sector, demand for various medical devices and equipment is anticipated to post steady growth in the coming years, thus driving medical device OEMs to opt for outsourcing services.
Amid the COVID-19 crisis, the global market for Medical Device Reprocessing estimated at US$1.8 Billion in the year 2022, is projected to reach a revised size of US$3.3 Billion by 2026, growing at a CAGR of 15.7% over the analysis period. Reprocessing Support & Services, one of the segments analyzed in the report, is projected to grow at a 14.6% CAGR to reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Reprocessed Medical Devices segment is readjusted to a revised 17.4% CAGR for the next 7-year period. This segment currently accounts for a 38.7% share of the global Medical Device Reprocessing market.
The U.S. Market is Estimated at $762.8 Million in 2022, While China is Forecast to Reach $466.8 Million by 2026
The Medical Device Reprocessing market in the U.S. is estimated at US$762.8 Million in the year 2022. The country currently accounts for a 41.1% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$466.8 Million in the year 2026 trailing a CAGR of 19.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.5% and 14.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14% CAGR while Rest of European market (as defined in the study) will reach US$139.3 Million by the close of the analysis period. Rising number of patients undergoing procedures in North America, Europe, and Japan, coupled with improved diagnosis, and screening in developing countries will help spur growth in the upcoming years. More
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SOURCE Global Industry Analysts, Inc.