In 2022, the global Medical Waste Management Systems Market was valued at approximately US$ 7,592.9 million. Medical waste includes human parts, blood, chemicals, medical devices such as spent needles and syringes, soiled dressings, medical gadgets, diagnostic samples, pharmaceuticals, and radioactive materials created at medical facilities and life science processing facilities. The market for Medical Waste Management Systems is estimated to develop at a CAGR of 6.6% between 2022 and 2032, reaching roughly US$ 15,354.4 million.
Various conferences and awareness programmes have been organised to promote the correct disposal of medical waste generated by healthcare activities. It is crucial to highlight, however, that significant capital expenditure is necessary to implement modern medical waste management technologies.
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Future Market Insights has analyzed these factors and provided future perspectives in their latest market study titled “Medical Waste Management System Market”.
Key Takeaways from Medical Waste Management System Market
- North America controls more than 30% of the market due to an increase in the number of patients in the United States and Canada, as well as tight government restrictions and regulations.
- Because of the increased demand for Medical Waste Management Systems to appropriately process, dispose of, and recycle medical waste, Europe accounts for more than 25% of the market.
- Due to multiple start-ups developing e-disposal solutions for managing infectious waste, Asia-Pacific is predicted to grow at the quickest rate in the Medical Waste Management System market.
“Increasing incidences of chronic ailments that need longer hospital stays, emphasis on medical waste management in the developing as well as developed countries, and strict regulations laid down by the government regarding appropriate medical waste disposal are the primary drivers to Medical Waste Management System Market”, says an analyst from Future Market Insights.
Competitive Landscape
- Envetec Sustainable Technologies Ltd., in February 2022, tabled GENERATIONS technology, which comes across as one of the breakthrough cleantech solutions safely treating biohazardous materials and waste, inclusive of glass, plastics, sharp containers, PPE, and the other general laboratory consumables.
- MediWaste was launched in March 2022 for handling biohazardous waste in Bermuda. Its functionalities include treating, transportation, and disposal of medical waste via two incinerators specifically designed for the serving the purpose mentioned above.
- The United Nations Development Programme (UNDP), in collaboration with the Government of Japan, came up with a novel project in August 2022 for supporting various national health agencies with other stakeholders in Bhutan, Bangladesh, and Maldives for addressing an uncontrollable increase in infectious healthcare waste resulting out of the pandemic.
- TerraConsult, in April 2019, merged with ByrneLobby for expanding its geographical presence.
- Stericycle, in February 2020, made an announcement about inking an agreement with Harso Corporation about selling its business pertaining to Domestic Environments Solutions for US$ 462.5 Million.
- Clean Harbors, in August 2021, completed acquisition of HydroChemPSC for US$ 1.25 Billion with the objective of strengthening the opportunities of strong customer service and brand equity.
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Key Players:
- BioMedical Waste Solutions LLC
- Bondtech Medical Waste Containers
- Clean Harbors, Inc.
- Converge Medical Solutions LLC
- Daniels Sharpsmart Inc.
- Stericycle, Inc.
- Others
What does the Report unveil?
- Future Market Insights offers an exclusive perspective and various real-time insights on the Medical Waste Management System market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
- With an ever-increasing number of government-sponsored programs hitting the floor, the Medical Waste Management System market is bound to be unstoppable in the years to come. The government agencies adhering to regulations include the US FDA, CDC, OSHA (Occupational Safety and Health Administration), DOT (Department of Transport), and DEA (Drug Enforcement Administration).
More Insights Available:
The North American market is expected to hold the largest share of the medical waste management market. The growing healthcare sector and stringent government regulations regarding the disposal of medical waste are the key drivers of the market growth in this region. The United States is the largest contributor to the North American market.
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Key Segments Covered in the Medical Waste Management System Industry Analysis
By Services:
- Medical Waste Treatment
- Disposable Medical Waste Management
- Medical Waste Recycling
By Medical Waste:
- Bio Hazardous Medical Waste Management System
- Non Hazardous Medical Waste Management System
- Sharps Medical Waste Management System
- Pharmaceutical Medical Waste Management System
- Radioactive Medical Waste Management System
- Other Medical Waste Types Management System
By Services Site:
- Onsite Medical Waste Management Services
- Offsite Medical Waste Management Services
By Treatment:
- Medical Waste Management through Incineration
- Medical Waste Management through Autoclaving
- Medical Waste Management through Chemical Treatment
- Medical Waste Management through Other Approaches
By Waste Generator:
- Medical Waste Management System for Hospitals
- Medical Waste Management System for Clinics
- Medical Waste Management System for Ambulatory Surgical Centers
- Medical Waste Management System for Pharmaceutical Companies
- Medical Waste Management System for Biotechnology Companies
- Medical Waste Management System for Other Waste Generators
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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