by Lauren Dubinsky
, Senior Reporter | September 01, 2017
The global medical device reprocessing market is expected to almost double over the next five years, according to a new MarketsandMarkets report.
It’s currently worth approximately $824 million and is set to grow at a 16 percent annualized rate through 2022 and reach over $1.8 billion.
The major drivers are the affordability of reprocessed medical devices, as opposed to new devices, and the pressure on health care organizations to reduce regulated medical waste. But the ongoing risk of surgical site infections may hamper growth.
The market is segmented into medical device categories including catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, cable, columns, curves and cutters, as well as other reprocessed devices. Reprocessed cardiology, electrophysiology and diagnostic catheters have become more popular in recent years, making the catheters the leading segment.
The cardiology segment generated the most revenue in 2016 and is expected to grow at the highest annualized rate during the forecast period. It will surpass the gastroenterology, urology and gynecology, arthroscopy and orthopedic surgery, and general surgery and anesthesia segments.
Cardiology is growing due to the rising elderly population, higher prevalence of cardiovascular disorders and increasing adoption of reprocessed cardiology and electrophysiology catheters among health care facilities.
The market is divided into reprocessing support and services and reprocessed medical devices. Last year, the reprocessing support and services segment led the market, and that is expected to continue through 2022.
That’s primarily due to the fact that more health care organizations are opting for third-party reprocessing versus in-house reprocessing. They’re under pressure to cut costs and the third-party option is cheaper, and is also associated with less medical waste.
North America held the largest share of the market in 2016, due to its well-established health care industry, the low price of reprocessed medical devices, pressure to reduce regulated medical waste, high rate of non-communicable and chronic diseases, and rising volume of surgical procedures.
Europe accounted for the second largest share of the market, followed by Latin America. The European medical device reprocessing market is also driven by the rise in chronic diseases and surgical procedures, as well as the increasing geriatric population, rise in health care expenditure and a greater awareness of these devices.
The main players in the market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal, Medtronic plc, SteriPro Canada Inc., Pioneer Medical Devices AG, Vascular Solutions Inc., HYGIA Health Services Inc., ReNu Medical Inc., SureTek Medical, and Centurion Medical Products Corporation.