Market Trends of Single-use Medical Device Reprocessing Industry
Sequential Compression Sleeves Segment is Expected to Hold a Significant Market Share Over the Forecast Period
- Sequential compression sleeves are designed to increase venous blood flow in patients with deep vein thrombosis and pulmonary embolism. Compression sleeves are considered reusable, as they can withstand the necessary cleaning and sterilization process. Factors such as an increase in pulmonary embolism and a rise in reprocessing of sequential compression sleeves.
- Sequential compression sleeves are used widely worldwide due to the high burden of diseases such as deep vein thrombosis and pulmonary embolism and are further expected to increase over the years. For instance, according to the June 2022 update of the Centers for Disease Control and Prevalence, deep vein thrombosis (DVT) and pulmonary embolism (PE) may afflict as many as 900,000 people annually in the United States, but the exact number of victims is unknown. Hence, due to the high number of DVT and PE cases, the demand for reprocessing of compression sleeves rises to reduce the cost of multiple purchases, which is likely to augment the segment growth over the forecast period.
- Moreover, an increase in strategic activities by the global key players is likely to fuel the market growth over the forecast period. For instance, in May 2022, Cooper began the reprocessing of its sequential compression device (SCD) sleeves in the hospital to reduce hospital waste. Furthermore, an increase in expenditure on medical devices is further expected to create a demand for reprocessing of the devices, thereby fueling the segment growth over the forecast period.
- Furthermore, as per the report published by AMDR in September 2021, reprocessing single-use devices is another way to improve sustainability through the reuse of products, minimizing waste and associated costs. It saves an estimated USD 471 million in costs in Europe, the United States, and Canada and approximately 7,000 tonnes of waste.
- Hence, owing to the high prevalence of diseases like DVT and PE and the increase in the reprocessing of sequential compression sleeves by the key players, the studied segment is likely to witness significant growth over the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
North America is Expected to Witness a Significant Growth Over the Forecast Period
- North America is expected to witness significant growth in the single-use medical device reprocessing market due to the increasing cost of reusable medical devices and the rising prevalence of cardiovascular diseases in the region. Also, a rise in surgical procedures and increased acceptance of reprocessed single-use devices are further likely to drive market growth in North America.
- The rising prevalence of chronic disease in the United States has resulted in a significant increase in surgical procedures in recent years. Hospitals and other healthcare facilities are increasingly investing in reprocessed medical devices instead of brand-new ones for surgical interventions due to cost savings. For instance, according to the article update published in January 2023 in the National Library of Medicine, more than 1,000,000 cardiac catheterization procedures are performed annually in the United States1. Thus, owing to the increase in catheterization procedures in the United States, the demand for single-use reprocessing is likely to rise in order to reduce the burden of purchasing medical devices like catheters, thereby fuelling the market growth over the forecast period.
- Furthermore, breast pump kits, ventilator circuits, and burrs (drill bits used to cut teeth or bone) are among the most used reprocessed. Single-use medical devices (SUMDs) in Canadian hospitals. SUMDs are reprocessed in-house by most healthcare facilities; since third-party reprocessing is not regulated in Canada, Canadian hospitals are outsourcing their reprocessing to FDA-approved third-party reprocessors in the United States. Health Canada does not currently regulate reprocessed single-use devices or the third-party companies that are reprocessing these devices for Canadian hospitals. Whether or not to reprocess a single-use device is determined by the territorial and provincial health ministries as well as hospital boards. Moreover, the launch of new products and strategic expansion in the region also indicates that there is a rising demand for reprocessed medical devices, which is expected to drive the market. For instance, in November 2022, Cardinal Health expanded its single-use device reprocessing facility in Riverview, Florida, with a capacity of 100,000 square feet. Thus, owing to such strategic expansions by the key players, the demand for reprocessing of single-use medical devices is likely to rise, thereby fueling the market growth over the forecast period.
- Thus, due to the increase in cardiac surgical procedures and the rise in strategic expansions, the studied market is expected to grow significantly in the North America region during the study period.
Get Analysis on Important Geographic Markets
Download Sample
