The Asia Pacific Reprocessed Medical Devices Market is forecast to expand at 14.4% CAGR over the estimated time, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 428.4 million in 2023. By 2033, the market is estimated to reach US$ 1,639.4 million.
The reprocessed medical devices industry in the Asia Pacific is projected to be led by Japan, which acquired the maximum market share in the historical period. Over the forecast period, this trend is anticipated to continue owing to surging adoption and high unmet medical demands in Japan.
In the Asia Pacific region, a surging focus on curbing medical waste is projected to be a key propellant in the market. For instance, more than two million tons of medical waste were generated in China in the year 2018, as per the statistics of the National Bureau of Statistics of China.
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Deployment of reprocessed medical devices results in substantial savings in the healthcare sector, which is fueling the demand for these devices.
The lowered pricing of these products is projected to create lucrative growth prospects for market leaders. Consumers present in China, India, Malaysia, and Indonesia are price-sensitive. Within these countries, reprocessed medical devices are retailed at about 50% of the price of a new device. As a result, medical devices with appropriate regulatory approval and low price are being adopted at a faster pace.
The invigorating distribution network is also fueling the market for reprocessed medical devices in the Asia Pacific region. Additionally, increasing focus on investment in the region by the manufacturers of reprocessed medical devices is projected to further the market development.
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
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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
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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, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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