PUBLISHER: Mordor Intelligence | PRODUCT CODE: 391440
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 391440
The Europe Single-Use Medical Device (SUD) reprocessing market is anticipated to grow at a CAGR of 6.1% over the forecast period. Rising clinical urgency to minimize the generation of medical waste in healthcare settings and hospitals is among the key factors driving market growth.
The lowering of the overall cost of healthcare through the reprocessing of single-use devices is the primary factor driving this market. In Germany, reprocessing has been regulated for over a decade with a large number of hospitals showing significant cost savings. It has been strictly subjected to monitoring and surveillance by public authorities and the European Union (EU)-accredited notified body. Similarly, in the United Kingdom, the Medicines and Healthcare products Regulatory Agency (MHRA) legalized the use and manufacture of reprocessed single-use medical devices for use. In addition, it helps insurers and hospitals for better management and reduced healthcare costs with the improvement of the healthcare system.
Along with cost reduction, it also results in environmental sustainability. SUD reprocessing is one of the top healthcare supply chain strategies used to reduce costs and optimize resources. The aforementioned factors are anticipated to contribute towards the development of industry in the immediate future. However, the lack of dedicated SUD reprocessing facilities in emerging markets is currently a huge opportunity for this market, while the unauthorized overuse of reprocessed SUDs in emerging markets is currently the major challenge faced by this market.
The Europe Single-use Medical Device Reprocessing Market is moderately competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. The major market players include Hygia, Medline ReNewal, NEScientific, ReNu Medical, SterilMed among others.