Yahoo Finance Medical Device Reprocessing Market worth $3.9 billion by 2027 – Exclusive Report by MarketsandMarkets™
Chicago, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Medical Device Reprocessing Market is projected to grow from USD 2.0 billion in 2022 to USD 3.9 billion by 2027, at a CAGR of 13.7% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth in this market is mainly driven by the rising need to reduce healthcare costs, and the increasing adoption of strategies to reduce medical waste.
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The reprocessed support and services segment accounted for the largest share in 2021
Based on type, the medical device reprocessing market is segmented into reprocessing support & services and reprocessed medical devices. In 2021, the reprocessed support & services segment accounted for the largest share of this market. The rising number of surgical procedures associated with growing prevalence of chronic diseases is expected to increase the adoption of third party reprocessing services by healthcare facilities to reduce in-house reprocessing costs.
The critical devices segment is expected to have the highest CAGR during the forecast period
Based on the device type, the medical device reprocessing market is segmented into critical devices, semi-critical devices, and non-critical devices. Critical devices segment is expected to register the highest growth during the forecast period. The growth in this market is mainly driven by the increasing cardiac and electrophysiology (EP) procedures, leading to increased utilization of reprocessed electrophysiology, diagnostic, and cardiology catheters.
The cardiology segment is expected to register the highest growth during the forecast period
Based on application, the medical device reprocessing market is segmented into cardiology, gastroenterology, gynecology, arthroscopy and orthopedic surgery, general surgery & anesthesia, and other applications (urology, non-invasive surgeries, and patient monitoring). The cardiology segment is expected to register the highest growth during the forecast period. This is mainly driven by the favorable approvals from FDA for reprocessing catheters due to rising cardiovascular diagnostic and surgical procedures across healthcare facilities.
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North America holds the largest share of the medical device reprocessing market
North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as favorable US FDA approvals on reprocessing medical devices, growth in the healthcare sector, and the presence of top medical device reprocessing service providers in the US are expected to contribute to the growth of the market in North America.
The prominent players in the medical device reprocessing market are Stryker Corporation (US), Johnson & Johnson (US), Vanguard AG (Germany), Medtronic PLC (Ireland), Steris Healthcare (US), Medline ReNewal (US), Innovative Health (US), Arjo Group (ReNu Medical, Inc.) (Sweden), SteriPro Canada, INC. (Canada), Northeast Scientific, INC. (US), Cardinal Health (Sustainable Technologies) (US), and SureTek Medical(US).
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Browse Adjacent Market: Medical Devices Market Research Reports & Consulting
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