SINGLE-USE MEDICAL DEVICE REPROCESSING MARKET Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024 © Coherent market Insights. All Rights Reserved REPORT DESCRIPTION Single-Use Medical Device Reprocessing Market Overview Single-use medical device reprocessing is the concept of sterilizing, repackaging, testing, and manufacturing a used product. There is no clear definition for the term single-use device and it is entirely based upon the end user perception. Reprocessing of single-use device is acceptable, if the device is properly sterilized while keeping its physical and technological functionalities intact. Single-use medical device reprocessing is done in two ways: third party processing and inhospital processing. Third party processing is considered to be a better option, as regulatory authorities are able to impose strict regulations for validation and quality assurance purpose. Request Sample Copy of the Business Report: https://www.coherentmarketinsights.com/insight/request-sample/364 Single-use medical device reprocessing is gaining popularity as it helps to reduce hospital waste and allows for major cost savings. For instance, Kaiser Permanente, which is an integrated delivery network based in U.S., saved US$ 11 million on an annual basis by reprocessing of single-use devices. Reprocessing enables the hospitals to purchase the same device at a lower price in comparison to the cost of original equipment, which eventually leads to cost savings. Practice Green Health, an NGO providing environmental solutions to the healthcare sector, quoted that single-use medical device reprocessing prevented the entry of 10,000 tons of medical waste during 1997–2007, by processing an estimated 50 million devices. Single-use medical device reprocessing market is poised to grow significantly, as hospitals realize potential cost savings and its ability to reduce environmental hazards. © Coherent market Insights. All Rights Reserved REPORT DESCRIPTION Cost constraints for Hospitals and positive environmental impact will drive growth of the single-use medical device reprocessing market Hospitals across the globe are facing cost pressures due to rise in price of original medical equipment. In the U.S., Obamacare and its associated guidelines might get repealed with the change in government. This could lead to low third-party reimbursement for hospitals, in turn influencing them to adopt cost saving initiatives such as single-use medical device reprocessing. The biggest advantage is that hospitals can reduce the cost associated with medical device to 50%, which becomes a crucial factor when dealing with expensive devices such as catheter and cardiac ablation devices. At present, 250 medical devices are already being processed with 10% of medical devices eligible for single-use medical device reprocessing. In terms of environmental protection, hospitals are able to reduce the medical waste to an estimated 50% by the use of single-use medical device reprocessing. Medical waste treatment not only puts enormous cost pressure on hospitals, but in countries such as U.S., China and Japan, it has become a full-fledged industry. For instance, Ascent, a subsidiary of Stryker Corporation, was able to eliminate 1,684 tons of medical waste from landfills during 2007, with the help of reprocessing. The market penetration for single-use medical device processing is poised to increase in small and mid-sized hospitals due to environmental sustainability and immense cost savings related to reprocessing. Request a Customization: https://www.coherentmarketinsights.com/insight/request-customization/364 © Coherent market Insights. All Rights Reserved REPORT DESCRIPTION North America is estimated to be the growth pocket for single-use medical device reprocessing market U.S. has the biggest healthcare system in the world with government spending an estimated 30% of annual budget on healthcare. U.S. is also home to large-sized hospitals such as Cleveland Clinic, Mount Sinai Hospital, Beth Israel Deaconess Medical Centre and Johns Hopkins Hospital. These hospitals are subject to meeting sustainability goals and contain costs at the back of recession. For instance, in 2007, 45% of U.S. hospitals entered into an agreement with thirdparty processing companies and this number increased to 70% in 2008 due to severe economic crisis. Single-use medical device reprocessing is subject to FDA and required third-party processing companies to maintain quality standards in accordance with the original equipment. FDA formulated stringent regulation to create standardization and avoid infections related to the reuse of single-use devices. FDA has set up a grievance mechanism for reporting of adverse events related to use of single-use device which in turn reinforces accountability. Get Exclusive Discount on this CMI Report: https://www.coherentmarketinsights.com/insight/request-discount/364 Single-use medical device reprocessing market is in nascent stage with few players dominating the market The key players in the single-use medical device reprocessing market are Stryker Corporation, Medline ReNewal, Centurion Medical Products Corporation, Midwest Reprocessing Center, SterilMed Inc., Vanguard AG and Hygia Health Services Inc, among others. These players have successfully demonstrated the impact of single-use medical device reprocessing on cost savings and environmental protection. These companies will benefit in a large manner as the regulatory scenario becomes established in Europe and Asia Pacific. © Coherent market Insights. All Rights Reserved ABOUT COHERENT MARKET INSIGHTS ABOUT US Coherent Market Insights is a global market intelligence and consulting organization focused on assisting its plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, with an office at the global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We are uniquely positioned to help businesses around the globe deliver practical and lasting results through various recommendations about operational improvements, technologies, emerging market trends and new working methods. We offer both customized and syndicated market research reports that help our clients create visionary growth plans to provide traction to their business. We meticulously study emerging trends across various industries at both the global and regional levels to identify new opportunities for our clientele. SERVICES INDUSTRY ANALYSIS CUSTOMIZED RESEARCH SYNDICATED RESEARCH MARKET INTELLIGENCE SERVICES CONSULT STUDIES COUNTRY SPECIFIC STUDIES © Coherent market Insights. All Rights Reserved ABOUT CMI SECTOR COVERAGE BIOTECHNOLOGY CLINICAL DIAGNOSTIC HEALTHCARE IT MEDICAL DEVICES MEDICAL IMAGING PHARMACEUTICAL OUR CLIENTS  Global Leading Equipment and System Manufacturers  Marketing Consultancies and the Advertising Industry  Component Providers and System Integrators  Private and Government organization  Distributors, Retailors and Value Added Resellers  Outsourcing Companies  Healthcare IT Solutions Developers  Universities and Business Schools. © Coherent market Insights. All Rights Reserved KEY STATS RESEARCH SOLUTIONS 100+ FEASIBILITY STUDIES Insights Published Per Year GLOBAL REPORTS 150+ Consulting Projects Till Date COUNTRY ANALYSIS CONSULT PROJECTS 125+ Clients Worldwide Per Year 110+ SURVEY RESEARCH EXCEL FORECAST DATABASE CUSTOMIZED SOLUTIONS COMPETITIVE ASSESSMENT TECHNOLOGY SNIPPETS Analysts and Contract Consultants Coherent Market Insights excels at offering unmatched actionable market intelligence across various industry verticals, including chemicals, healthcare, and food & beverages, to name a few. We implement holistic market research methodology in order to result in the best possible market research reports across various industries worldwide. Based on our unmatched expertise across various industries—no matter how large or small, how complex or unique—we help our clients achieve better outcomes with uniquely designed and highly customized solutions. 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Single-use medical device reprocessing is the concept of sterilizing, repackaging, testing, and manufacturing a used product. There is no clear definition for the term single-use device and it is entirely based upon the end user perception. Reprocessing of single-use device is acceptable, if the device is properly sterilized while keeping its physical and technological functionalities intact. Single-use medical device reprocessing is done in two ways: third party processing and in-hospital processing. Third party processing is considered to be a better option, as regulatory authorities are able to impose strict regulations for validation and quality assurance purpose. Request Sample Copy of the Business Report: https://www.coherentmarketinsights.com/insight/request-sample/364