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BANGALORE, India , Aug. 26, 2022 /PRNewswire/ -- Medical Device Reprocessing Market is segmented by Type - Catheter, Endoscope, Laparoscopic Instruments, Biopsy, Pulse Oximeter, by Application - Cardiology, Gastroenterology, Arthroscopy, Orthopedic, Anesthesia, Other. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the  Chemicals Industry Category.

The global Medical Device Reprocessing market size is estimated to be worth USD 1495.3 million in 2022 and is forecast to a readjusted size of USD 3253 million by 2028 with a CAGR of 13.8% during the forecast period 2022-2028.

Major Factors Driving The Growth Of The Medical Device Reprocessing Market are

The rising demand for reprocessed medical devices due to their lower cost, increasing prevalence of chronic disorders, and extensive R&D activities will propel the growth rate of the market during the forecast period.

The need for proper medical waste disposal and covid 19 impact will boost market opportunities in the coming years.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL MEDICAL DEVICE REPROCESSING MARKET

Remanufactured medical devices are less expensive than the original product. They are available at low rates and save a significant amount of money for healthcare organizations along with providing environmental benefits. The devices offer reliable patient care in turn fueling the growth of the medical device reprocessing market in the forthcoming years. Hospitals around the globe are finding ways to reduce their medical expenses. Several distributors, third-party firms, and product manufacturers provide wholesome reprocessing programs. The demand is growing rapidly in developing economies.

The increasing geriatric population has led to the rising prevalence of chronic disorders. Reprocessed products are used in cardiac surgeries, cardiovascular catheters, blood pressure monitoring devices, orthopedic blades, endoscopic devices, electrophysiological catheters, endotracheal tubes, and ophthalmic knives. The growing number of surgical procedures will drive the growth of the medical device reprocessing market.

Reprocessing activities are being outsourced to streamline and optimize the entire workflow. Emerging markets will provide lucrative opportunities due to rising R&D initiatives. The entire process involves the cleaning of visible debris, sterilization of the device, and repackaging. This will surge the growth of the global medical device reprocessing market. Hospitals and clinics are seeking out reprocessing for substantial cost savings.

Government authorities around the globe are enacting a stringent regulatory landscape for sustainable medical waste disposal. The large scale preference for reprocessing is due to the need for proper waste management. This will bolster the demand for the medical device reprocessing market during the forecast period. Single-use devices like catheters and surgical drills are disposed of in large chunks into the oceans. Reprocessing is a viable option as it promotes sustainable solutions and improves the circular economy.

Covid 19 led to a massive surge in medical supplies for treating the infected population such as oxygen generators, masks, gloves, life support machines, atomizers, and protective eyeglasses. Healthcare professionals and the civil population are demanding these devices as precautionary measures. This will fuel the growth of the medical device reprocessing market. Key manufacturers are capitalizing on this demand for ensuring a continuous and smooth supply of medical equipment.

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MEDICAL DEVICE REPROCESSING MARKET SHARE ANALYSIS

Based on type,  the catheter segment will grow the highest in the medical device reprocessing market share due to rising reprocessing for use in cardiac surgeries and other cardiovascular tests.

Based on application, the cardiology segment is expected to dominate in the medical device reprocessing market share due to large scale prevalence of cardiac diseases requiring the need for diagnostic and cardiac procedures. Reprocessed medical devices decrease costs and do away with the need for buying a new device for every procedure.

Based on region, Asia-Pacific will be the most lucrative during the forecast period due to rapid economic growth, rising need for reducing healthcare expenditure and increasing cases of chronic diseases.

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