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Reprocessed Medical Devices Market
Hospitals are major end user of the reprocessed medical devices and are focusing on saving healthcare expenditure through different operational cost cutting.
SEATTLE, WASHINGTON, UNITED STATES, January 5, 2022 /EINPresswire.com / -- The Reprocessed Medical Devices Market report presents the Reprocessed Medical Devices sales and revenue by companies, regions, type and application and forecast to 2028. This report also studies the global market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porter's Five Forces Analysis.
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Hospitals are major end user of the reprocessed medical devices and are focusing on saving healthcare expenditure through different operational cost cutting. The growth of reprocessed medical devices is due to increasing demand of reprocessed devices across hospitals, globally. The operating room is significant cost center of hospitals, which contribute around 50-60% of total operating margin of hospitals.
Growing initiatives for environmental safety is expected to propel the global reprocessed medical devices market growth over the forecast period. For instance, Practice Greenhealth is a non-profit organization that started“Greening the OR”, a new initiative to reduce cost, energy use, and waste generated in the hospital operating rooms. Under this initiative, hospitals receives their memberships and learn about strategies and collaborate with its stakeholders to succeed in this programme. This implementation aids hospitals in saving millions of dollars. For instance, in 2017, U.S.-based Cleveland Clinic saved US$ 4 million through adopting OR strategies and practices of this initiative.
𝗕𝘂𝘆 𝗡𝗼𝘄 𝗔𝗻𝗱 𝗚𝗲𝘁 𝗙𝗹𝗮𝘁 𝟯𝟬% 𝗢𝗳𝗳
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Moreover, growing adoption of inorganic growth strategies such as mergers and acquisitions is expected to propel the market growth in the near future. For instance, in 2018, Stryker Corporation acquired the U.S.-based Hygia Health Services Inc., a company focused into reprocessing patient care single-use devices. This strategic acquisition helped Stryker Corporation to broaden its product offering and strengthen its capability to better serve its customers in the U.S.
Furthermore, in 2018, the U.S.-based Arjo acquired ReNu Medical Inc., a company that specializes in green reprocessing for single use non-invasive medical devices. Through this acquisition, Arjo has strengthened its position in the U.S. and in the global market. Furthermore, the company has broaden its product offering of reprocessed medical devices.
Key Takeaways
The global reprocessed medical devices market is expected to register a CAGR of 20.4% over the forecast period (2019-2027). This is owing to rising concerns of healthcare providers pertaining saving of operational cost of hospitals.
Among techniques, Cardiovascular devices segment is expected to hold dominant position in the global reprocessed medical devices market, owing to reduction in product price, increasing pressure to reduce expenditure of healthcare among hospital authorities, and increasing focus on protection of environment by reducing medical waste dumping.
𝐌𝐚𝐣𝐨𝐫 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
‣Stryker Corporation
‣Johnson & Johnson
‣Vanguard AG)
‣Medline ReNewal
‣SteriPro Canada
‣Inc.
‣Pioneer Medical Devices AG
‣Vascular Solutions
‣Inc.
‣HYGIA Health Services
‣Inc.
‣ReNu Medical
‣Inc.
‣SureTek Medical
‣Centurion Medical Products Corporation
‣and Vanguard AG.
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
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