In a significant new analysis from Future Market Insights (FMI), the Asia Pacific reprocessed medical devices market is expected to experience robust growth, boasting a Compound Annual Growth Rate (CAGR) of 14.4% through the forecast period. This rapid growth underscores the increasing shift towards sustainability and cost efficiency in healthcare practices across the region.
According to the report, the market, which stood at USD 428.4 million in 2023, is on a fast track to expansion. This growth is set to continue vigorously over the next decade, with the market projected to reach a staggering USD 1,639.4 million by the year 2033. This progression points to a heightened adoption and acceptance of reprocessed medical devices in Asia Pacific healthcare sectors, driven by the dual benefits of reducing medical waste and lowering healthcare costs.
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Reprocessed medical devices, which include a range of products from cardiovascular devices to laparoscopic instruments, are thoroughly cleaned, sterilized, and tested to meet stringent safety and efficacy standards before being reintroduced to the medical field. This process not only supports environmental sustainability but also allows healthcare facilities to allocate resources more effectively.
Japan, having historically secured the largest market share, is poised to maintain its leadership position in the Asia Pacific market for reprocessed medical devices. This dominance is attributed to the escalating usage of these devices and the substantial unmet medical needs prevalent in Japan, a trend expected to persist throughout the projection period.
One of the key drivers for the burgeoning market in the Asia Pacific region is the escalating emphasis on reducing medical waste. The report underscores the pressing need for waste reduction initiatives, citing data from the National Bureau of Estimates of China, revealing that over two million tonnes of medical waste were generated in China in 2018 alone.
Commenting on the findings, Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) stated, “The significant growth anticipated in the Asia Pacific reprocessed medical devices industry underscores the increasing awareness and commitment towards sustainable healthcare practices. As the market leader, we are poised to play a pivotal role in meeting this demand and contributing to the broader objectives of reducing medical waste in the region.”
The report sheds light on the evolving landscape of the reprocessed medical devices industry and presents valuable insights for stakeholders, investors, and industry players looking to capitalize on emerging opportunities.
Top Highlights from the FMI’s Analysis of the Asia Pacific Reprocessed Medical Devices Market:
- Japan acquired a 29.4% market share of the Asia Pacific reprocessed medical devices in 2022. The country is projected to account for 11.9% CAGR over the forecast period.
- China follows Japan as the leader in the Asia Pacific market for reprocessed medical devices in 2022, by acquiring an 18.9% value share in 2022.
- South East Asia gained a 15.3% value share in 2022. South East Asia is projected to register CAGR of 14.8% in the forecast period.
- India had the piece of 12.5% market share in the Asia Pacific reprocessed medical devices in the year 2022.
- Australia had an 11.7% market share in 2022. The country is expected to expand at a CAGR of 14.2% over the upcoming years.
- New Zealand had a 2.8% value share in 2022. The country is projected to thrive at 12.9% CAGR over the forecast period.
- China and India are enjoying the most amount of growth in the market, expanding at 18.8% and 18% CAGRs, respectively.
- Based on devices, cardiology devices gained a market share of 59.2% value share in 2022.
- Based on the classification, the semi-critical segment acquired 46.17% market share in 2022.
- Under the reprocessing methods category, third party assisted section gained a 47.51% value share in 2022.
- Based on end users, the hospitals segment acquired 53.64% market share in 2022.
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Innovation Watch: Key Developments in the Market
- Johnson & Johnson Services, Inc. officially declared that DePuy Synthes got the 510(k) clearance from the United States FDA for ATTUNE Total Knee System in January 2021. This VELYS Robotic-facilitated Solution also has clear indications for use. The sales of the product are projected to increase in the present as well as future to meet the surging demand in the market.
- Olympus Corporation unveiled that it introduced the OERElite Automatic Endoscope Reprocessor (AER) in October 2020. The product is designed to deploy AcecideC to clean and sterilize up to two endoscopes concurrently in 28 minutes.
- Cleanpart GmbH launched a quality management system for healthcare devices in April 2020.
Key Players:
- Stryker Sustainability Solutions, Inc.
- Medline ReNewal
- Hygia Health Services, Inc.
- Cleanpart GmbH
- ReNu Medical, Inc.
- SureTek Medical
- NEScientific
- Others
Key Segments in Asia Pacific Reprocessed Medical Devices Market are as follows:
By Product Type:
- Gastroenterology Devices
- Cardiology Devices
- Laparoscopy Devices
- Orthopaedic/Arthroscopic Devices
- ENT Devices
- Others
- Pulse Oximetry Sensors
- Ultrasound Catheters
By Classification:
- Critical
- Semi-critical
- Non-critical
By Reprocessing Method:
- In House
- Third-party Assisted
- Non-compliant Reprocessors
By End User:
- Hospitals
- Diagnostic Centres
- Ambulatory Surgical Centres
By Country:
- Australia
- New Zealand
- China
- India
- South East Asia
- Japan
- Rest of Asia Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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