The global Medical Waste Management System Market is currently valued at US$ 7.6 billion and is expected to reach US$ 15.36 billion by 2032, growing at a 6.6% CAGR between 2022 and 2032.
Medical waste coming through healthcare activities is inclusive of chemicals, blood, body parts, a wide range of materials, diagnostic samples, soiled dressings, pharmaceuticals, radioactive materials, and medical devices like syringes, used needles, and likewise. Various conferences and awareness programs are being held regarding proper disposal of medical waste management.
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At the same time, the fact that noteworthy capital investment is needed to adopt advanced technologies can’t be ignored. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Medical Waste Management System Market’.
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 Mn.
- Clean Harbors, in August 2021, completed acquisition of HydroChemPSC for US$ 1.25 Bn with the objective of strengthening the opportunities of strong customer service and brand equity.
