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The North America Single-Use Medical Device Reprocessing Market is segmented by Device (Class I Devices, Class II Devices) and Geography.
The North America Single-Use Medical Device (SUD) reprocessing market is anticipated to grow at a CAGR of 5.5% over the forecast period. Rising clinical urgency to minimize the generation of medical waste in healthcare settings and hospitals is among the key factors driving market growth. Growth of the single-use medical devices is also expected to be spurred by the increase in FDA-approved critical and non-critical cardiovascular reprocessed devices, which hold a large share of the single-use devices used in healthcare.
A single hospital can divert over a ton of devices from the waste stream each year. According to the Association of Medical Device Reprocessors (AMDR), as of 2017, more than 3,000 US hospitals were purchasing reprocessed SUDs, and saving more than USD 600,000 annually, through their recycling and redistribution initiatives.
Along with cost reduction, it also results in environmental sustainability. SUD reprocessing is one of the top healthcare supply chain strategies used to reduce costs and optimize resources. The aforementioned factors are anticipated to contribute towards the development of industry in the immediate future. However, the lack of dedicated SUD reprocessing facilities in emerging markets is currently a huge opportunity for this market, while the unauthorized overuse of reprocessed SUDs in emerging markets is currently the major challenge faced by this market.
Single-use device (SUD) reprocessing includes cleaning, disinfection, and sterilization, as well as testing and restoration of the technical and functional safety of the used device. Reprocessing of SUDs makes it possible for hospitals to maintain patient care quality while saving substantial amounts of money.
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The North America Single-use Medical Device Reprocessing Market is moderately competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. The major market players include Hygia, Medline ReNewal, NEScientific, ReNu Medical, SterilMed among others. In a bid to achieve greater market penetration, the major players are resorting to various strategies such as mergers and acquisitions. For instance, in April 2020, Yale New Haven Health formed a strategic partnership with Medline.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Savings Through Reprocessing Single-use Devices
4.2.2 Regulatory Pressure to Reduce Volume of Medical Waste
4.3 Market Restraints
4.3.1 Potential of Material Alteration and Cross Infection with Reprocessed Device
4.3.2 Preconceived Notions Regarding the Quality of Reprocessed Single-use Medical Devices (SUDs)
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Class I Devices
188.8.131.52 Laparoscopic Graspers
184.108.40.206 Tourniquet Cuffs
220.127.116.11 Other Class I Devices
5.1.2 Class II Devices
18.104.22.168 Pulse Oximeter Sensors
22.214.171.124 Sequential Compression Sleeves
126.96.36.199 Catheters and Guidewires
188.8.131.52 Other Class II Devices
5.2.1 North America
184.108.40.206 United States
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Medline Industries Inc.
6.1.4 ReNu Medical (Arjo)
6.1.5 Sterilmed Inc. (Johnson & Johnson)
6.1.6 Stryker Corporation
6.1.7 SureTek Medical
7. MARKET OPPORTUNITIES AND FUTURE TRENDS