Telehealth is fastest growing segment fueling the growth of Reprocessed Medical Devices Market

Reprocessed medical devices are medical devices that are retrieved after use, cleaned, disinfected, sterilized, tested, and prepared to be reused on patients. Reprocessed medical devices provide affordable options for hospitals and clinics with less financial resources. They also help reduce medical waste.

The global Reprocessed Medical Devices Market is estimated to be valued at US$ 3,091.8 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing adoption of telehealth is a major trend driving the reprocessed medical devices market. During the pandemic, telehealth saw widespread adoption as patients switched to virtual consultations. This reduced the need for reusable medical devices like endoscopes that require in-person appointments. It also increased reliance on single-use devices that produce more medical waste. As telehealth continues to grow for convenience and increasing access to healthcare, it will lead to higher demand for reprocessed single-use devices that can be safely reused, reducing costs and waste for healthcare facilities.
Segment Analysis
The global reprocessed medical devices market is segmented by device type, application, and region. By device type, the market is divided into cardiovascular medical devices, general surgery medical devices, laparoscopic medical devices, orthopedic/arthroscopic medical devices, gastroenterology medical devices, and others. Among these, the cardiovascular medical devices segment accounted for the largest share of the market in 2023. Reprocessed cardiovascular devices such as pacemakers and stents have high demand as they are expensive to use new. By application, the market is classified into hospitals, clinics, and others. The hospitals segment dominated the market in 2023 due to bulk procurement of reprocessed medical devices to reduce cost.

Key Takeaways
The global reprocessed medical devices market is expected to witness high growth, exhibiting a CAGR of 20.% over the forecast period, due to increasing demand for affordable healthcare services. The market size for 2023 is US$ 3,091.8 Mn.

Regional analysis - North America accounted for the largest share in the global reprocessed medical devices market in 2023. This is attributed to highly developed healthcare infrastructure and favorable reimbursement policies for reprocessed medical devices in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period.

Key players - Key players operating in the reprocessed medical devices market are Stryker Corporation, Johnson & Johnson, Vanguard AG, Medline ReNewal, SteriPro Canada, Inc., Pioneer Medical Devices AG, Vascular Solutions, Inc., HYGIA Health Services, Inc., ReNu Medical, Inc., SureTek Medical, and Centurion Medical Products Corporation. Stryker Corporation accounts for the largest revenue share in the global market, owing to its strong product portfolio and global presence.