The market for reprocessed medical devices is expected to exceed $5 billion by 2023.
Here are five things to know:
1. The market’s drivers are rising amounts of medical waste and a lack of proper disposal methods.
2. The device market size was $1.12 billion in 2015 and revenue is expected to surpass $5 million by 2023, growing at a compound annual growth rate of 20 percent over the forecast period.
3. North America’s reprocessed medical device market share accounted for over 50 percent of the global revenue generated in 2015 thanks to tangible cost savings and quality standards regarding sustainable waste disposal methods.
4. Growth restraints exist, however, as awareness rates aren’t always high and some still believe reprocessed devices are of a lower quality.
5. Regulatory guidelines are still being formulated but recent FDA developments have helped legitimize the reprocessed device transaction process.
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