Report : North America Reprocessed Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Cardiovascular Medical Devices, General Surgery Medical Devices, Laparoscopic Medical Devices, Orthopedic External Fixation Devices, Gastroenterology Biopsy Forceps, Non-Invasive Devices, and Others), and End User (Hospitals & Clinics, Ambulatory Surgery Centers, Medical Laboratories, and Others)
The cardiovascular medical devices segment by product is estimated to lead the market growth during the forecast period.
According to a new market research study of “North America Reprocessed Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product, End User and Country.” The North America reprocessed medical devices market is expected to reach US$ 2,459.25 million by 2028 from US$ 901.20 million in 2021; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028. The report highlights trends prevailing in the North America reprocessed medical devices market and the factors driving market along with those that act as hindrances.
Reprocessing is a common practice worldwide, where hospitals prefer to reprocess single-use devices to minimize medical waste. About 45% of hospitals have reprocessing agreements with third-party reprocessing medical device companies in the US. Various regional regulatory authorities regulate reprocessing practices.
According to studies, reusing medical devices are a greener initiative, as it produces less medical waste, which is beneficial to the environment. Medical waste clogs landfills and isexpensive to avail bio waste disposal services to clear out. In comparison to the disposal of conventional solid waste, regulated medical waste (RMW) costs about 5–10 times higher, resulting in an increase in expenditure. Various health care practitioners noted that reusable and single-use devices are nearly comparable and proper device reprocessing has no negative consequences for consumers. As a result, the rising hospital awareness is aiding the growth of the reprocessed medical device market.
RMW, often known as "red bag waste," is a waste expense that typically costs hospitals 6–10 times more than conventional solid waste to dispose of the waste material. With growing initiatives, 95% of the devices are reprocessed annually rather than sent to landfills at the end of their life cycle. Stainless steel, aluminum, titanium, gold, polycarbonate, and polyurethane are the other re-processable raw materials in a hospital's RMW. Some hospitals have diverted more than 8,000 pounds of RMW from landfills each year by reprocessing, while bigger systems can recycle more than 50,000 pounds.
Also, the COVID-19 pandemic increased the amount of medical waste, which needs immediate attention. According to the new WHO report, the response to the COVID-19 pandemic has put tens of thousands of tons of extra medical waste on health care waste management systems worldwide, posing a serious threat to human and environmental health and highlighting the urgent need to improve waste management practices. According to WHO, The Global Analysis of Health Care Waste in the Context of COVID-19 was based on the approximately 87,000 metric tonnes of personal protective equipment (PPE) that was procured and shipped to support countries' urgent COVID-19 response needs through a joint UN emergency initiative between March 2020 and November 2021. Therefore, the rising importance of medical waste minimization is driving the growth of the reprocessed medical devices market.
Medline Industries, Inc., Arjo Medical Devices, Stryker Corporation, Teleflex Incorporated, Innovative Health, Johnson and Johnson Services, Inc., 3M, STERIS plc., Cardinal Health Inc and Vanguard AG are among the leading companies operating in the North America reprocessed medical devices market.
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