The market for reprocessed medical devices, which can save hospitals between $500,000 and $2 million a year, is earning the medical community's trust and interest, according to a report by Transparency Market Research.
Here are four things to know:
1. Reprocessing medical devices is a method of cleaning, disinfecting, testing, remanufacturing, sterilizing, packaging and labeling a used or damaged medical device so that it may be used again at a reduced cost.
2. Emerging nations often reprocess devices due to the reduced costs, but could ultimately endanger patients' safety in the process if the devices aren't reprocessed with high standards.
3. The FDA has established reprocessing guidelines within the past decade, causing the global reprocessed medical device market to grow and promote the rise of third party service providers.
4. The market is driven by its cost-effectiveness and a growing sentiment to reduce medical waste, but its biggest impediment is low awareness and a negative perception about its products' quality.
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