Reprocessed Medical Device Market Size to Triple by 2022

According to a study by Grand View Research, Inc., the worldwide reprocessed medical device market is set to triple to $5 billion by 2022 as healthcare facilities look to cut costs and reduce waste.

The study finds that the global market is expected to grow at an over 20% compound annual growth rate. And, although 47% of the market consisted of North American business in 2014, the Asia Pacific region exhibits the highest growth due to their emerging economies. The study also reports that cardiovascular devices made up 55% of market revenue in 2014, followed by laparoscopy devices which made up the second largest segment of market share.

Hospitals were reported as the major consumers of reprocessed devices, at 46% of end users in 2014, because they can save up to 50% on each reprocessed device they purchase. Additionally, the report notes reprocessing has kept 8,000 pounds of medical waste out of landfills annually.

Read the original article at mddionline.com…