A new report on the medical device reprocessing market projects the value of the industry at $823.5 million for 2017 and is expected to reach $1. 75 billion by 2022.
Of the 12 companies highlighted by the report as the top players in the global medical device reprocessing market, three are in the public sector, including life science giants Stryker (NYSE:SYK) Johnson & Johnson (NYSE:JNJ) Medtronic plc (NYSE:MDT).
“The changing regulatory scenario favoring medical device reprocessing in a number of countries, such as France and Japan, will open up new areas of opportunity for market players,” the report summary indicated.
The lift of regulations in the above-mentioned countries will allow an outsourcing of medical devices, will allow companies to expand their business and bring more of their medical device reprocessed products.
The global medical device reprocessing market is projected to reach $1,754.0 million by 2022 and 823.5 million this year.
The report, prepared by Markets and Markets and released in June 2017, collected data from the US Food and Drug Administration (FDA), the European Association for Medical Device Reprocessing (EAMDR), the Association of Medical Device Reprocessors (AMDR), and the Canadian Association of Medical Device Reprocessing (CAMDR).
North America and Europe will continue to be the biggest markets for the reprocessing medical device sector up to 2022, the report stated.
Europe will see the highest compound annual growth rate (CAGR) due to “the rising prevalence of chronic diseases, increasing geriatric population, rising healthcare expenditure, increasing number of surgical procedures, and growing awareness about the usage of reprocessed medical devices.”
“Based on [the] type of medical device, the catheters segment accounted for the largest share in 2016 and is expected to grow at the highest CAGR during the forecast period,” the report’s summary indicated. “The growth of this segment can be attributed to the increased utilization of reprocessed cardiac catheters, electrophysiology catheters, and diagnostic catheters in recent years.”
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.