The vendor landscape of the
global reprocessed medical devices market
is significantly consolidated with the leading few companies collectively
accounting for a lion’s share in the overall market, observes Transparency
Market Research in a recent report. The leading five companies in the market,
namely Vanguard AG, Hygia Health Services Inc., Stryker Sustainability
Solutions, Medline Industries Inc., and Ethicon (a subsidiary of Johnson &
Johnson) held a nearly 94% share in the market in 2015.
To gain better growth
opportunities in this highly consolidated market, which has kept small and new
companies at bay owing to the vast regulations and requirements that need to be
followed for ensuring that the safety and reliability of reprocessing practices
is without error, established companies are exploring new regional markets with
untapped growth opportunities. As such, companies are moving their focus
towards regions such as Latin America and Asia Pacific where the healthcare
industry is thriving and the use of a variety of complex healthcare devices has
massively increased in the past few years.
Request a PDF Sample
- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2064
According to the report, the
global market for reprocessed medical devices will expand at an impressive
14.9% CAGR over the period between 2016 and 2024, rising from a valuation of
US$982.7 mn in 2015 to a revenue opportunity of US$3.35 bn by 2024.
North America Emerges as Leading Regional Market
In terms of the types of medical
devices being often reprocessed, the global reprocessed medical devices market
earns a large share in its overall valuation from the segment of cardiovascular
devices. The high prevalence of cardiovascular conditions in developed as well
as developing economies in the past few years has been at the heart of this
trend. Geographically, the market in North America accounted for the dominant
share in the overall market in 2016, thanks to favorable regulations and the
presence of several leading companies operating in the sector.
Request for Analysis
of COVID19 Impact on Reprocessed Medical Devices Market - https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=2064
Environmental Concerns to Reduce Volume of Medical Waste Drives Uptake
The pressing need to bring down
healthcare expenses in developed as well as developing economies remains the
key driving factor for the global reprocessed medical devices market. According
to the Association of Medical Device Reprocessors (AMDR), hospitals can end up
saving up to US$2 mn annually with the use of reprocessed medical devices.
Another key factor working in favor of the market is the environmental concern
associated with the rising volumes of medical waste generated from the
increased use of disposable medical devices.
The market has also gathered pace
in the past few years owing to the rising focus of healthcare providers in
emerging economies on delivering quality healthcare to a larger population at
optimal costs. Moreover, the vast rise in industry initiatives aimed at
reducing the costs of medical device reprocessing services has also catalyzed
the increased uptake of reprocessed medical devices in the global market.
Purchase Reprocessed
Medical Devices Market Report - https://www.transparencymarketresearch.com/checkout.php?rep_id=2064<ype=S
Apprehension Regarding Safety of Medical Reprocessing Practices could
Hinder Market Growth
Owing to the vast risks
associated with the reuse of medical devices, which, especially the complex or
fragile ones, may not respond well to conventional reprocessing or
sterilization methods and may act as vectors for disease-causing microbes or
infections, the global reprocessed medical devices market is governed by a set
of stringent regulations. While large facilities with technologically advanced
practices may be well-equipped to adhere to these stringent guidelines,
small-scale vendors may not be. The resultant rise in apprehension regarding
the use of ill-processed medical devices could hamper the growth prospects of
the market to a certain extent.
More Trending Reports by Transparency Market Research –
Private Healthcare
Market: https://www.biospace.com/article/rise-in-number-of-elderly-people-drives-the-growth-of-global-private-healthcare-market-tmr/
Read our Case study
at https://www.transparencymarketresearch.com/casestudies/innovative-medical-device-manufacturing-start-up
About Us
Transparency Market Research is a
global market intelligence company providing global business information
reports and services. Our exclusive blend of quantitative forecasting and
trends analysis provides forward-looking insight for several decision makers.
Our experienced team of analysts, researchers, and consultants use proprietary
data sources and various tools and techniques to gather and analyze
information.
Our data repository is
continuously updated and revised by a team of research experts so that it
always reflects latest trends and information. With a broad research and
analysis capability, Transparency Market Research employs rigorous primary and
secondary research techniques in developing distinctive data sets and research
material for business reports.
Contact
Transparency Market Research,
90 Sate Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
