Reprocessed Medical Devices Market Size, Share, Growth Analysis, By Type(Third-party reprocessing and In-house reprocessing), By Product(Cardiovascular, Laparoscopic, Gastroenterology, Orthopaedic Device and General Surgery Devices), By Region - Industry Forecast 2024-2031

Reprocessed Medical Devices Market size was valued at USD 2.30 billion in 2022 and is poised to grow from USD 2.63 billion in 2023 to USD 7.78 billion by 2031, growing at a CAGR of 14.50% during the forecast period (2024-2031).

The global market is driven by the growing need to reduce medical waste in healthcare settings, and reprocessed devices offer a solution to address this concern. Additionally, the cost benefits associated with using reprocessed devices and the increasing awareness of their advantages are contributing to market growth. Furthermore, the market is benefiting from factors such as the rising prevalence of cardiovascular disorders, an aging population, and improvements in healthcare infrastructure. Government initiatives aimed at promoting equipment reprocessing are also creating significant business opportunities for the market.

Reprocessing medical equipment not only reduces medical waste but also helps decrease Greenhouse Gas (GHG) emissions, leading to a safer and more environmentally friendly healthcare system. For example, in 2021, the use of reprocessed medical devices diverted 20.3 million pounds of medical waste, as reported by the Association of Medical Device Reprocessors (AMDR). Major hospitals are increasingly partnering with medical device reprocessing companies as an alternative to reduce capital investments. By choosing reprocessed devices, hospitals can enjoy cost savings of 25-40% compared to new devices, while also contributing to the reduction of medical waste.

The market is further driven by the rising prevalence of chronic diseases, which increases the demand for reprocessed medical devices used in various surgical procedures. These devices enable healthcare facilities to achieve cost savings without compromising patient care or safety. For instance, reprocessed alternatives to coronary sinus catheters and steerable sheaths can provide significant cost reductions of around 50% compared to their new counterparts.

US Reprocessed Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.