In a dynamic revelation, Future Market Insights (FMI) anticipates the Global Medical Waste Management System Industry to achieve a valuation of US$ 8,094 million by the year 2023. As the healthcare landscape continues to evolve, the demand for efficient medical waste management systems is expected to witness sustained growth, projecting a robust Compound Annual Growth Rate (CAGR) of 6.6% over the ensuing decade. This trajectory is set to culminate in a substantial market worth of approximately US$ 15,336.9 million by the year 2033.
The term “medical waste” encompasses waste materials generated within medical facilities and life science processing companies. This category of waste includes a wide spectrum of items such as body parts, blood, chemicals, diverse materials, and various medical devices. These items range from used needles, syringes, and soiled dressings to diagnostic samples, pharmaceuticals, and even radioactive materials.
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Key Takeaways from the Global Medical Waste Management System Industry
- North America holds more than 30% of the market share due to the rising number of patients in the US and Canada coupled with strict rules/regulations set by government bodies.
- Europe holds more than 25% of the market share due to the growing demand for medical waste management systems to properly treat, dispose, and recycle medical waste.
- The Asia-Pacific is expected to grow at the fastest rate in the medical waste management system market due to numerous start-ups coming up with e-disposal solutions for managing infectious waste.
“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 Global Medical Waste Management System Industry”, says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
- Envetec Sustainable Technologies Ltd., in February 2022, tabled GENERATIONS technology, which comes across as one of the breakthrough cleantech solutions for safely treating biohazardous materials and waste, inclusive of glass, plastics, sharp containers, PPE, and other general laboratory consumables.
- MediWaste was launched in March 2022 for handling biohazardous waste in Bermuda. Its functionalities include treating, transporting, and disposal of medical waste via two incinerators specifically designed to serve 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 to support 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 to expand its geographical presence.
- Stericycle, in February 2020, made an announcement about inking an agreement with Harso Corporation about selling its business Domestic Environments Solutions for US$ 462.5 Million.
- Clean Harbors, in August 2021, completed the acquisition of HydroChemPSC for US$ 1.25 Billion intending to strengthen the opportunities of strong customer service and brand equity.
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Global Medical Waste Management System Industry Key Players:
- BioMedical Waste Solutions LLC
- Bondtech Medical Waste Containers
- Clean Harbors, Inc.
- Converge Medical Solutions LLC
- Daniels Sharpsmart Inc.
- Stericycle, Inc.
- Medasend Biomedical, Inc.
- Mazaya Waste Management LLC
- Sharps Compliance, Inc.
- Veolia Environment S.A.
- REMONDIS Medison GmbH
- Republic Services, Inc.
- Waste Management, Inc.
- Suez Environment S.A.
What does the Report unveil?
- Future Market Insights offers an exclusive perspective and various real-time insights on the Global Medical Waste Management System Industry in its latest study, presenting a historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
- The research study is based on service (medical waste treatment, disposable medical waste management, and 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, and other medical waste types management system), by services site (onsite medical waste management services and offsite medical waste management services), by treatment (medical waste management through incineration, medical waste management through autoclaving, medical waste management through chemical treatment, and medical waste management through other approaches), and 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, and medical waste management system for other waste generators).
- With an ever-increasing number of government-sponsored programs hitting the floor, the Global Medical Waste Management System Industry 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).
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Key Segments Covered in the Global 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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