The Asia Pacific reprocessed medical devices market is set to exceed US$ 1 Bn by 2027, driven by demand for cost-effective solutions, with Japan, China, and Southeast Asia leading the market.
Future Market Insights’ recent report on the reprocessed medical devices market in Asia-Pacific region projects that in 2017 and beyond, Japan, China and Southeast Asia will collectively account for more than 60% share of overall market revenues. The report estimates that reprocessed medical devices market in Asia-Pacific is presently valued at US$ 236.9 Mn. In a ten-year forecast period, the market is being projected to expand at 15.7% CAGR and bring in a little over US$ 1 Bn by the end of 2027.
Rising focus of government authorities towards dumping of medical waste or biowaste is slated to promote the reprocessing of medical devices. Manufacturers of medical devices are continuously striving to control their product costs for recording greater sales. Reprocessed medical devices, thus, become the most feasible option for both, manufacturers and end-users (hospitals). Availability of reprocessed medical devices at low prices, coupled with assurance of qualitative production, has also prompted the market’s growth to a considerable extent.
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Cardiology Devices Getting Reprocessed at Higher Rate
The report reveals that in 2016, more than US$ 100 Mn worth of reprocessed medical devices turned out to be used in the field of cardiology. Demand for reprocessed cardiology devices is expected to continue surging in the years to come, registering the highest revenue CAGR of 18.4%. Reprocessing will also gain traction among laparoscopic tools & devices, revenues from which are predicted to reach US$ 111 Mn by 2027-end. Meanwhile, orthopaedic or arthroscopic devices, gastroenterology devices, ENT devices and other such medical devices will be showcasing a comparatively steady growth in terms of revenues.
Key highlights from the research findings are as follows:
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Furthermore, the report has profiled leading reprocessed medical device manufacturers partaking in the Asia-Pacific region. Companies such as Stryker Sustainability, Medline ReNewal, Hygia Health Services, Inc., CLEANPART HEALTHCARE, ReNu Medical, Inc., SureTek Medical, and NEScientific.
The key segments in this market are as follows:
By Product Type
By Classification
By Reprocessing Method
By End User
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The article discusses the growth of the reprocessed medical devices market in the Asia Pacific, projected to reach US$ 700 Mn by 2027.
The market is growing due to increased demand for cost-effective medical devices and government focus on reducing medical waste.
Cardiology devices are the most reprocessed, with a high growth rate, followed by laparoscopic tools and semi-critical devices.
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