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Medical Waste Management System Market Outlook by 2033 | FMI
Anticipate the global medical waste management system market to reach a valuation of US$ 8,094 million by the year 2023. Over the decade following 2023, there is a strong expectation of sustained demand for medical waste management systems, with a projected Compound Annual Growth Rate (CAGR) of 6.6%. This trajectory is set to culminate in a substantial market worth of approximately US$ 15,336.9 million by 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 Medical Waste Management System Market
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 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, announced inking an agreement with Harso Corporation about selling its business on Domestic Environments Solutions for US$ 462.5 Million.
Clean Harbors, in August 2021, completed acquisition of HydroChemPSC for US$ 1.25 Billion intending to strengthen 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.
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 medical waste management system market in its latest study, presenting 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 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).
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
Digital Therapeutics Market Size, Share, Outlook & Trend 2032
As per Future Market Insights, the global Digital Therapeutics Market is forecast to reach US$ 4.8 Bn in 2022, with sales growing at an impressive 24.4% CAGR over the forecast period. The market size will reach US$ 42.5 Bn by 2032.
To infiltrate and disrupt the healthcare sector, IT companies are producing and acquiring digital therapies. Players are investigating whether digital medicines might improve quality of life and outcomes while maintaining or lowering total healthcare costs in certain disease areas, as well as how patient data obtained through such products can be used to determine coverage. To attract investors, startups are coming up with innovative digital therapeutic ideas.
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Manufacturers are combining off-patent compounds with medical devices farther up the innovation spectrum, such as altering the mode of administration with better inhalers and auto-injectors. This necessitates a bigger investment in research and development, as well as greater usage of collaboration between molecule producers and device manufacturers.
Mass-market platforms present a significant possibility for interaction at scale. Manufacturers of consumer gadgets, namely smartphones and smartwatches, have included healthcare services and encouraged third-party developers to create apps for better patient outcomes.
Simultaneously, attempts have been made to improve the quality of available apps, with major app shops enforcing certain quality criteria. This is a beneficial development because it is critical to place a premium on the secure storage of research-grade data.
Owing to the above-mentioned factors, the digital therapeutics market will expand at a considerable pace over the assessment period.
Key Takeaways:
Combination therapy as a solution is expected to account for an approximate market share value of 4% of the global market in 2022.
By application, management is expected to hold a dominant market share value of 1% in the 2022 global market.
Central nervous system disorders by indication displayed a CAGR growth value expected to reach 2% by 2032.
Direct-to-patients/consumers is a dominant segment in terms of the business model within the global market, carrying an estimated market share value of about8%in 2022.
The U.S. is accounted for 3% of the North America digital therapeutics market in 2021.
Key Players:
Teladoc Health, Inc.
Click Therapeutics, Inc.
Welldoc
HYGIEIA
DarioHealth Corp
BigHealth
Orexo AB
Akili Interactive Labs, Inc.
Freespira
Voluntis
Kaia Health
Kaiku Health
Theranica Bio-Electronics Ltd.
Propeller Health
Orexo US, Inc.
TALi Digital Limited
Limbix Health, Inc.
Aircraft MRO Market Future Scope, Demands and Projected Industry Growths By 2030
This report studies the Aircraft MRO Market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. Find the complete Aircraft MRO Market analysis segmented by companies, region, type and applications in the report.
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