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Medical Waste Management System Market Anticipated to Grow at 6.6% CAGR, Valued at US$ 15,336.9 Million by 2033
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.
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, 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.
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
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