Asia-Pacific
Reprocessed Medical Devices Market Will Hit at a CAGR of 15.7% by 2017 to 2027
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. According to
recent report by ‘Future Market Insights’ 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. It 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. 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.
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, orthopedic or arthroscopic devices, gastroenterology
devices, ENT devices and other such medical devices will be showcasing a
comparatively steady growth in terms of revenues.
By the end of 2027, one of every
two reprocessed medical devices sold in Asia-Pacific will be classified under
semi critical medical devices. This indicates that demand for reprocessing is
higher for semi-critical medical devices, as opposed to critical or non-critical
medical devices. The most prominent method of reprocessing medical devices,
observed across Asia-Pacific, is likely to be third-party reprocessing. Third
parties assisting drug makers in reprocessing businesses is serving as a
consolidator for Asia-Pacific’s reprocessed medical devices market.
The hospitals are identified as
the largest end-user of reprocessed medical devices in Asia-Pacific. Similarly,
diagnostic centers and ASC’s will also contribute significantly, by exhibiting
revenues growth at more than 11% CAGR. Furthermore, the leading reprocessed
medical device manufacturers partaking in the Asia-Pacific region are companies
such as Stryker Sustainability, Medline ReNewal, Hygia Health Services, Inc.,
CLEANPART HEALTHCARE, ReNu Medical, Inc., SureTek Medical, and NEScientific.
(Ref.:
http://www.crossroadstoday.com/story/35077832/asiapacific-reprocessed-medical-devices-market-will-hit-at-acagr-of-157-by-2017-to-2027)
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