The Single-Use Medical Device Reprocessing Market, Forecast to 2024 - Electrophysiological Cardiac Catheters Poised to Register Robust Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 2, 2019--The “Single-Use Medical Device Reprocessing Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The single-use medical device reprocessing market was valued at USD 1,858.2 million in 2018 and is expected to register a CAGR of about 15.24% during the forecast period, 2019-2024.
Reprocessing of single-use devices (SUDs) helps in saving costs and reducing medical waste. Reuse of single-use devices involves regulatory, ethical, medical, legal, and economic issues and has been extremely controversial for more than two decades. However, due to its cost saving nature and sustainability, single-use reprocessing of medical devices is now gaining recognition as a promising prospect. Along with cost reduction, it also results in environmental sustainability. SUD reprocessing is one of the top healthcare supply chain strategies used to reduce cost and optimize resources.
Electrophysiological Cardiac Catheters Poised to Register Robust Growth
The utilization of single-use percutaneous catheters is generally done in interventional cardiology, but there has been an increasing number of cardiac interventions and the consequent economic load demand for assessing SUDs’ reuse. When safety and efficiency are assured by SUD reprocessing, substantial saving can be achieved in interventional cardiology, both at the departmental and national level, contributing to optimizing budget allocation for the healthcare system. The American Society of Cardiac Arrhythmias issued a favorable opinion to the reprocessing of electrophysiological devices to the FDA. The FDA classifies Electrophysiological Cardiac Catheters in Class 2 surgical devices and allows its reprocessing in the United States.
The United States to Dominate the Single-Use Medical Device Reprocessing Market
The United States accounted for the largest market, accounting for around 86% of the North American market and is expected to witness a high CAGR of nearly 19% over the forecast period. The United States is followed by European countries, which is the next leading region in terms of revenue. Moreover, the single-use medical device reprocessing market is growing in Asia-Pacific, and the reuse of single-use devices in most of Asia is becoming common, particularly for injection needles. However, for the most part, there are no national regulations governing the reuse of SUDs and, thus, third-party reprocessors do not offer their services in most of the emerging economies of the Asia-Pacific region.
Globally, the major players control a significant share of the market. However, the remaining market share is heavily fragmented and several niche players operate in the local markets. The major global players include Suretek Medical, Medline Renewal, Renu Medical, Nescientific Inc., Sterilmed Inc., SteriPro, Stryker, and Vanguard AG, among others.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Savings Through Reprocessing Single-use Devices
4.2.2 Regulatory Pressure to Reduce Volume of Medical Waste
4.3 Market Restraints
4.3.1 Potential of Material Alteration and Cross Infection with Reprocessed Device
4.3.2 Preconceived Notions Regarding the Quality of Reprocessed Single-use Medical Devices (SUDs)
4.3.3 Lack of Regulations in SUD Reprocessing in Emerging Markets
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Class I Devices
126.96.36.199 Sequential Compression Sleeves
188.8.131.52 Tourniquet Cuffs
184.108.40.206 Pulse Oximeter Sensors
220.127.116.11 Other Class I Devices
5.1.2 Class II Device
18.104.22.168 Cautery Electrodes
22.214.171.124 Laparoscopic Graspers
126.96.36.199 Orthopedic Blades
188.8.131.52 Drill Bits
184.108.40.206 External Fixation Clamps
220.127.116.11 Electrophysiological Cardiac Catheters
18.104.22.168 Other Class II Devices
5.2.1 North America
5.2.4 Middle East & Africa
5.2.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Nescientific Inc.
6.1.3 ReNu Medical
6.1.4 Sterilmed Inc.
6.1.7 Suretek Medical
6.1.8 Vanguard AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/g4ygvm
View source version on businesswire.com:https://www.businesswire.com/news/home/20190502005435/en/
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Related Topics:Medical Devices
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 05/02/2019 08:10 AM/DISC: 05/02/2019 08:10 AM