MARKET ANALYSIS: SINGLE-USE DEVICE OPTIONS
At the same time, some single-use devices are used one time and discarded. These types of single-use devices are becoming know as disposable medical devices.
Brian White, President of Stryker Sustainability Solutions, spoke with Medical Dealer for this month’s cover story on single-use devices and explained that the market continues to take shape as it grows and attracts more heath care customers, includ- ing those from home health care.
White forecasts that the purchase of reprocessed single-use devices will continue to be a useful tool for hospitals as health care systems prepare cost-effective and environ- mentally responsible avenues to meet their needs.
He added that companies like Stryker are looking for more and more ways to improve medical device design to allow for effective reprocessing of OEM products to assist health care users as they plan equipment purchases that can include single-use devices ready to be used, reprocessed and used again.
Medical device purchasers tell us they want to reprocess more expensive devices in the future, White said.
“Hospitals are going to do more business with original manufacturers that support their overall goals and less business with those that do not,” he said. “This means we will likely see an emergence of new devices that are engineered with reprocessing in mind. I believe it could become a real competitive advantage for original manufacturers that embrace this reality.”
All this is happening amid market growth.
“The global medical devices reprocessing market is growing at a CAGR (compound annual growth rate) of19.3 percent between 2014 and 2020,” according to a Transparency Market Research report. “The global medical devices reprocessing market was recorded at $0.78 billion in 2013 and is expected to reach $2.58 billion by 2020.”
According to the report, the global medical devices reprocessing market is primarily driven by the high level of cost savings generated by reprocessing devices instead of disposing of them. Another market driver is the increasing pressure on medical organizations to reduce the medical waste created due to environmental concerns.
ReportsnReports.com expects the world medical disposables demand to increase 6.6 percent annually through 2018 and reach nearly $245 billion, according to a press release from PR Newswire.
“The upgrading and enforcement of infection prevention standards, coupled with an expanding volume of hospital, surgical, and outpatient procedures, will promote overall gains,” according to the press release.
“Among the major disposable medical supply product segments, dialysis disposables will post the fastest increases in global demand based on an expanding prevalence of end-stage renal disorders and the high frequency of therapeutic requirements,” the release added. “Other segments projected to command average or better worldwide revenue growth include incontinence goods, infusion and hypodermic devices, nonwoven products, respiratory supplies and devices, sterilization supplies, and various other offerings such as urinary catheters and accessories, first aid kits, ostomy appliances, transdermal patches, and waste disposal supplies.”