The global medical waste management system market is poised for significant growth, with an anticipated valuation of USD 8,094 million in 2023. The market is expected to expand at a compound annual growth rate (CAGR) of 6.6% over the next decade, reaching approximately USD 15,336.9 million by 2033.
Medical waste, generated from healthcare facilities and life science processing centers, includes a wide range of materials such as body parts, blood, chemicals, used needles, syringes, soiled dressings, diagnostic samples, pharmaceuticals, and radioactive materials. The increasing volume of medical waste, coupled with stringent regulations and the need for safe disposal, is driving the demand for advanced waste management solutions.
As healthcare activities continue to grow and evolve, the need for effective and compliant medical waste management systems becomes increasingly critical. The market is expected to benefit from innovations in waste treatment technologies and enhanced regulatory frameworks, contributing to its robust growth in the coming years.
Key Takeaways from Global Medical Waste Management System Industry
- North America holds more than 30% of the market share due to 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 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 sue to numerous start-ups coming up with e-disposal solution 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 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.
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.
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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 (FMI)
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