The medical device reprocessing market is projected to reach USD 3.9 billion by 2027 from USD 2.0 billion in 2022, at a CAGR of 13.7% during the forecast period. Growth in the market is mainly driven by the growing need to minimize hospital costs and the rising geriatric population. However, the requirement to follow stringent regulatory procedures to enter the medical device reprocessing market may pose a threat to the market growth.
The medical device reprocessing market is consolidated at the top with a large number of leading market players based in developed countries. The prominent players operating in this market include Stryker Corporation (US), Johnson & Johnson (US), Vanguard AG (Germany), Medtronic PLC (Ireland), Steris Healthcare (US), Medline ReNewal (US), Innovative Health (US), Arjo Group (ReNu Medical, Inc.) (Sweden), SteriPro Canada, INC. (Canada), Northeast Scientific, INC. (US), Cardinal Health (Sustainable Technologies) (US), SureTek Medical (US), Konoike Group (Japan), Avante Health Solutions (US), Medsalv (New Zealand), and Vitruvia Medical AG (Switzerland). The major market players are increasingly focusing on increasing their presence in the market through expanding their service portfolio by acquiring small-medium sized players in the market, and focusing on receiving FDA approvals to launch new services.
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Stryker Corporation (US) provides medical device reprocessing services and reprocessed medical devices through its Sustainability Solutions business, under the MedSurg & Neurotechnology business division. The company focuses on expanding its service portfolio and geographic reach through acquisitions. For instance, in 2018, Stryker’s Sustainability Solutions division acquired Hygia Health Services. Hygia focused exclusively on reprocessing patient care single-use devices (SUDs) in the US.
Johnson & Johnson (US) is a global manufacturer of healthcare products. The company aims to further strengthen its market position through organic growth strategies such as investment in R&D activities for innovation and enhancing its existing technology. For instance, in 2021, 2020, and 2019, the company’s R&D expenses were USD 14.71 billion, USD 12.15 billion, and USD 11.35 billion, respectively. Moreover, with its strong geographic presence, wide distribution network, and brand recognition, the company has established itself as a leader in the global market.
Cardinal Health (Sustainable Technologies): Cardinal Health is one of the leading players in the medical device reprocessing markets. Though the company has a broad range of service portfolios, a high brand value has helped it gain a competitive edge in the medical device reprocessing market and a prominent presence across the globe. In order to continue to compete effectively in the market, Cardinal Health continues to create, invest, or acquire advanced technologies, obtain regulatory approvals in a timely manner, and manufacture and successfully market its products.
Medical Device Reprocessing Market by Type (Reprocessed Medical Devices), Device Category (Critical- Devices, Semi-Critical Devices, Non-Critical Devices), Application (Cardiology, Gynecology, Gastroenterology, Anesthesia) - Global Forecast to 2027
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