Global reprocessed medical devices market may help reduce healthcare expenses
According to a research report published by Transparency Market Research, the global reprocessed medical devices market is estimated to grow at 19.3% CAGR over 2014-2020. The market had reported revenue-wise valuation of USD 898.7 million in 2015. In terms of volume, the global market is projected to rise to 56.04 million devices by 2020. The cardiovascular devices segment saw the most traction, with 13.69 million devices reprocessed or sold globally in 2015. In terms of revenue as well, the reprocessed cardiovascular devices segment held the dominant position, with a value of USD 599.3 million in the same year. Geography-wise, North America led the global reprocessed medical devices market as of 2015. The global reprocessed medical devices market is highly consolidated, with Stryker Sustainability Solutions, alone capturing around 62% of the overall market in 2013. Reprocessed medical devices could help healthcare facilities in saving big bucks. The Association of Medical Device Reprocessors has stated that any hospital could save around USD 500,000 to USD 2 million annually.