Reprocessed Medical Devices Market Worth $5 Billion By 2022
The global reprocessed medical devices market is expected to reach USD 5.0 billion by 2022, according to a new study by Grand View Research, Inc. The increasing generation of medical waste coupled with the lack of centralized support for waste disposal in the healthcare industry is expected to drive the demand for reprocessed medical devices market. Additionally, the longterm cost-efficiency associated with these devices as compared to that of the original device is the high impact rendering driver of the industry. According to the Association of Medical Device Reprocessors (AMDR),hospitals witness up to 50% cost saving on every purchase of the reprocessed medical device, thereby spending only a limited amount, on waste disposal. Consequentially, reprocessing has also facilitated reduction in device cost by the original equipment manufacturer in a vain to compete with the third-party reprocessors, thus exerting a positive cumulative effect on the industry growth. Furthermore, the continuous deterioration of environmental conditions as a consequence of increasing landfills is anticipated to induce the demand for reprocessed medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of Regulated Medical Waste (RMW) from landfills every year, thereby propelling the demand for the reprocessed medical devices market.