Growth of the retired medical devices market in new research and knowledge of its major growth drivers by key companies
The vendor landscape of the global retired medical devices market is significantly consolidated, with the top few companies collectively accounting for the lion’s share of the overall market, observes Transparency Market Research in a recent report. The top 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 almost 94% of the market in 2015.
To gain better growth opportunities in this highly consolidated market, which has kept small and new businesses at bay due to the broad regulations and requirements that must be followed to ensure that the safety and reliability of reprocessing practices are error-free, established companies explore new regional markets with untapped growth opportunities. As such, the companies focus on regions such as Latin America and Asia-Pacific, where the healthcare industry is flourishing and the use of a variety of complex healthcare devices has dramatically increased. increased in recent years.
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According to the report, the global retired medical devices market will grow at an impressive CAGR of 14.9% between 2016 and 2024, growing from a valuation of US $ 982.7 million in 2015 to a revenue opportunity of 3.35. billion US dollars by 2024.
North America emerges as the main regional market
In terms of types of medical devices that are often reprocessed, the global reprocessed medical device market is gaining a significant share of its overall valuation from the cardiovascular device segment. The high prevalence of cardiovascular disease in developed and developing economies in recent years has been at the heart of this trend. Geographically, the North American market represented the dominant share of the overall market in 2016, thanks to favorable regulations and the presence of several leading companies operating in the sector.
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Environmental concerns to reduce volume of medical waste are driving adoption
The urgent need to reduce healthcare spending in both developed and developing economies remains the key driver of the global retired medical device market. According to the Association of Medical Device Reprocessors (AMDR), hospitals can save up to $ 2 million per year through the use of retired medical devices. Another key factor in favor of the market is the environmental concern associated with the increasing volumes of medical waste generated by the increased use of disposable medical devices.
The market has also accelerated in recent years due to the increasing attention of healthcare providers in emerging economies to provide quality healthcare to a wider population at optimal costs. In addition, the vast increase in industry initiatives to reduce the costs of medical device reprocessing services has also catalyzed the increase in the adoption of reprocessed medical devices in the global market.
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Concerns about the safety of medical reprocessing practices could hamper market growth
Due to the vast risks associated with the reuse of medical devices, which, especially the more complex or fragile ones, may not respond well to conventional methods of reprocessing or sterilization and may act as vectors of pathogens or infections, The world’s retired medical devices market is governed by a strict set of regulations. While large facilities with technologically advanced practices may be well equipped to adhere to these strict guidelines, small-scale suppliers may not be. The resulting heightened apprehension regarding the use of improperly treated medical devices could dampen the growth prospects of the market to some extent.
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