(PharmaNewsWire.Com, February 14, 2019 ) According to the new market research report “Medical Device Reprocessing Market by Product (Reprocessed Dev ice (Catheter, Endoscope, Laparoscopic Instruments, Biopsy, Pulse Oximeter), Service), Application (Cardiology, Gastroenterology, Arthroscopy, Orthopedic, Anesthesia) - Global Forecast to 2022", published by MarketsandMarkets™, The medical device reprocessing market is expected to reach USD 1,754 Million by 2022 from an estimated USD 823.5 Million in 2017, at a CAGR of 16.3%.
The global medical device reprocessing market is projected to reach USD 1,754.0 million by 2022 from USD 823.5 million in 2017, at a CAGR of 16.3% during the forecast period. The medical device reprocessing market is emerging and fragmented in nature with various regional and national players. In 2016, Stryker Corporation (U.S.) and Johnson & Johnson (U.S.) dominated the medical device reprocessing market and accounted for approximately 80% to 85% share of the North American medical device reprocessing market.
Stryker Corporation (U.S.) dominated the global medical device reprocessing market in 2016. The company offers a comprehensive range of standards and services for reprocessing of various medical devices used in different application areas. It offers its services and reprocessed medical devices through the Sustainability Business segment; also known as Stryker’s Sustainability Solutions (SSS). To maintain its leading position and increase its customer base in the medical device reprocessing market, the company mainly focuses on strategic partnerships with hospitals and other healthcare organizations. Currently, the company has partnered with around 3,000 hospitals in the U.S. for reprocessing of medical devices.
The report analyzes the medical device reprocessing market by product & service, type of medical device, application, and region. On the basis of product & service, the reprocessing support and services segment accounted for the largest share in 2016, owing to the increased adoption of third-party reprocessing services over in-house reprocessing services by hospitals, clinics, surgical centers, clinical pathologies, and other healthcare organizations.
Some of the other players competing in this market are Vanguard AG (Germany), Medline ReNewal (U.S.), Medtronic plc (Ireland), SteriPro Canada, Inc., Pioneer Medical Devices AG (Germany), Vascular Solutions, Inc. (U.S.), HYGIA Health Services, Inc. (U.S.), ReNu Medical, Inc. (U.S.), SureTek Medical (U.S.), and Centurion Medical Products Corporation (U.S.).
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