With the presence of a large pool of participants, the global reprocessed medical devices market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Centurion Medical Products Corp., Stryker Sustainability Solutions Inc., Vanguard AG, and Hygia Health Services Incorporation are some of the key vendors of reprocessed medical devices across the world. These players in reprocessed medical devices market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the reprocessed medical devices market study.
In a major breakthrough witnessed across reprocessed medical devices industry, in August 2018, Cantel Medical made public that it acquired Stericycle Inc.’s controlled environment solutions business for USD 17 million. Reports state that the strategic decision was based on the firm’s objective of expanding its life sciences portfolio.
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As estimated in this report, the global reprocessed medical devices market stood at US$ 1.42 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this reprocessed medical devices market is expected to reach US$ 4.02 billion by the end of the forecast period. The main products available in this reprocessed medical devices market are cardiovascular medical devices, arthroscopic medical devices, laparoscopic medical devices, and general surgery medical devices. Among them, the demand for cardiovascular medical devices is relatively higher and the trend is anticipated to remain so over the next few years, notes the reprocessed medical devices market research report.
Need For Disposing Off Medical Wastes To Boost Market Growth
“Growing requirement for medical waste disposal and favorable government policies are expected to boost the development of reprocessed medical devices market,” says the author of this study. Apart from this, mounting concerns pertaining to high volume of landfills & wastes produced across the globe is projected to favorably influence the global demand for reprocessed medical devices. High product demand from hospitals as well as home healthcare sector is likely to expand the business sphere over the next few years.
Reluctance in accepting the reprocessed products, however, can obstruct the industry growth over the ensuing years. Nevertheless, low costs of reprocessed equipment are forecast to open new vistas for reprocessed medical devices market over the coming years, normalizing the impact of hindrances on the reprocessed medical devices market, reports the study.
Government Incentives To Help North America Maintain Regional Dominance
Regionally, North America has been leading the worldwide reprocessed medical devices market and is anticipated to continue on the dominant position in the years to come, states the reprocessed medical devices market study. High product acceptance rate and favorable government initiatives supporting the production of reprocessed medical devices is the main factor behind the dominance of the North America reprocessed medical devices market. The high number of market players being headquartered in North America is another yet significant factor that is supporting this regional reprocessed medical devices market.
The global reprocessed medical devices market is segmented as follows:
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