The size of the Single-Use Medical Device Reprocessing Market in North America is estimated to grow at a promising CAGR from 2022 to 2027.
Preconceptions about the quality of retired SUD coupled with reduced profits for manufacturers and hospitals' ability to establish their own SUD reprocessing facilities are hampering the growth of this market. The low price of reprocessed medical devices helps reduce the total cost of treatment and is a crucial factor in the development of the North American medical device reprocessing market. Besides, the lack of waste disposal facilities in the healthcare industry and government initiatives to raise awareness of medical device reprocessing are other significant factors expected to drive the growth of the medical device reprocessing market medical facilities from North America during the forecast period. Rising healthcare costs and growing penetration of reprocessed medical devices in emerging economies support the North American medical device reprocessing market.
Due to its economic and sustainable nature, single-use medical devices' reprocessing is increasingly recognized as a promising prospect. However, strict government regulations on medical device reprocessing are crucial factors limiting the growth of the North American medical device reprocessing market. Moreover, the risk of spreading infection is another factor hampering the North American medical device reprocessing market during the forecast period.
This market research report on the North America Single-Use Medical Device Reprocessing Market segmented and sub-segmented into the following categories:
The increased demand for medical services and healthcare facilities in North America is estimated to significantly impact the growth of the North American single-use medical device reprocessing market in the region between 2020 and 2025. Another driver of growth in this industry is rising population spending in countries like the United States and Canada. Per capita purchasing power parity (PPP) health expenditure in the United States has increased significantly from $ 9,246.97 in 2018 to $ 10,587.74 in 2020, while it increased from $ 4,861.36 in 2018 to $ 5,137.56 in 2020 in Canada, according to the World Health Organization. Spending on personal health care in the United States, as established by the Centers for Disease Control and Prevention, is expected to increase by an annual percentage change of 5.6% during the period 2015-2020 with an expenditure total of USD 2,104 billion in 2015, which rose to USD 3,014 billion in 2020. It can be attributed to the high demand for new medical and health technologies in North America.
Companies leading the North America Single-Use Medical Device Reprocessing Market profiled in this report are Hygia, Centurion Medical Products Corporation, Medline Renewal, Midwest Reprocessing Center, NEscientific, ReNu Medical, SterilMed, Stryker Sustainability Solutions, Inc., SureTek Medical, and Vanguard AG.
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