The cardiovascular medical devices segment by product is estimated to lead the market growth during the forecast period.
According to The Insight Partners market research study of “Asia Pacific Reprocessed Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product, End User and Country.” The Asia Pacific reprocessed medical devices market is expected to reach US$ 1,283.05 million by 2028 from US$ 429.76 million in 2021; it is estimated to grow at a CAGR of 16.9% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific reprocessed medical devices market and the factors driving market along with those that act as hindrances.
The key players are undergoing organic and inorganic activities to grow the reprocessed medical device market. For instance, in July 2021, Medline Industries announced its Medline ReNewal medical device reprocessing division representing that they reached a new milestone after successfully collecting 5.3 million devices for reprocessing in 2020. It diverted more than one million pounds of waste from the landfills and prevented nearly 1,500 metric tonnes of carbon dioxide from being released into the atmosphere. These initiatives helped the country to minimize its medical waste efficiently.
Many companies partnered or acquired with other companies for cost management with the quality enhancement of medical device reprocessing services. For instance, in October 2019, Innovative Health partnered with Acutus Medical to present advanced electrophysiology (EP) technology to improve patient outcomes cost-effectively. Both companies formed the partnership to offer healthcare providers a complete range of EP products, including a broad portfolio of reprocessed single-use EP devices from various manufacturers. Similarly, in September 2018, Vanguard declared the acquisition of Pioneer Medical Devices AG to enhance medical device reprocessing services, which aided the corporation in expanding its product portfolio.
Based on the above factors, the reprocessed medical devices market is likely to grow during the forecast period, thereby providing numerous opportunities to the market players.
The Asia Pacific reprocessed medical devices market, based on product, has been segmented into cardiovascular medical devices, gastroenterology biopsy forceps, orthopedic external fixation devices, laparoscopic medical devices, general surgery medical devices, non-invasive devices, and others. The Asia Pacific reprocessed medical devices market, based on end user was segmented into hospitals and clinics, ambulatory surgical centers, medical laboratories, and others. Geographically, Asia Pacific reprocessed medical devices market can be divided into India, Australia, South Korea, China, Japan and Rest of Asia Pacific.
Medline Industries, Inc., Arjo Medical Devices, Stryker Corporation, Teleflex Incorporated, Johnson and Johnson Services, Inc., 3M, STERIS plc., Cardinal Health Inc and Vanguard AG are among the leading companies operating in the Asia Pacific reprocessed medical devices market.
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