Here are six key trends:
1. The market was valued at $1.079 billion last year and is expected to reach $2.4 billion by 2022. The market is expanding at a 10.6 percent compound annual growth rate through 2022.
2. The main factors driving the market growth include:
• Pressure to reduce medical waste for environmental concerns
• Managing hospital expenditure
• Improved quality of reprocessed medical devices
3. The North American market is the largest regional market and accounts for more than 50 percent of the market share in 2015. North America is expected to continue dominating the market over the next six years.
4. The Asia Pacific market is expected to have the highest growth in the market through 2022 due to the country’s developing infrastructure and the cost reduction in medical devices.
5. Cardiovascular medical devices are topping the segment in terms of revenue, with reprocessed devices on the rise among cardiac surgeries worldwide. The devices include cardiac positioning and stabilization devices, electorphsiology catheters and blood pressure cuffs.
6. Laparoscopy has the second largest share of the market due to an increasing demand in minimally invasive techniques.
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