Waste Management

The market for medical waste management systems is expected to reach $8,094 million in value by 2023. Between 2023 and 2033, the market for medical waste management systems is anticipated to expand at a 6.6% CAGR, reaching over US$ 15,336.9 million.

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Chemicals, blood, body parts, a variety of materials, diagnostic samples, soiled dressings, medications, radioactive materials, and medical devices including syringes, used needles, and similar items are all included in the medical waste produced by healthcare activities. Regarding the proper management of medical waste disposal, numerous seminars and awareness campaigns are being held.

Waste Management

At the same time, it is impossible to ignore the fact that adopting cutting-edge technologies requires a large cash commitment. In its most recent market analysis, titled “Medical Waste Management System Market,” Future Market Insights has talked through these facts with future projections.

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Key Learnings from the Market for Medical Waste Management Systems

Due to the growing number of patients in the US and Canada as well as the tight restrictions and regulations imposed by governmental agencies, North America now accounts for more than 30% of the global market.

Due to the rising demand for medical waste management systems to properly process, dispose of, and recycle medical waste, Europe currently owns more than 25% of the market share.

The Asia-Pacific region is expected to experience the fastest growth in the market for medical waste management systems due to the large number of start-ups creating e-disposal solutions for handling infectious waste.

The main factors driving the medical waste management system market, according to a Future Market Insights analyst, are rising rates of chronic illnesses that necessitate longer hospital stays, emphasis on medical wastage management in both developing and developed nations, and stringent government regulations regarding proper medical waste disposal.

Competitive Environment

In February 2022, Envetec Sustainable Technologies Ltd. introduced GENERATIONS technology, one of the ground-breaking cleantech solutions for safely treating biohazardous materials and waste, including glass, plastics, sharp containers, personal protective equipment (PPE), and other general laboratory supplies.

In March 2022, MediWaste was established in Bermuda to manage biohazardous trash. Two incinerators that were created expressly for the above-mentioned purpose are used in its capabilities to process, transport, and dispose of medical waste.

In August 2022, the United Nations Development Programme (UNDP) and the Government of Japan developed a novel project to support Bhutanese, Bangladeshi, and Maldivian national health agencies and other stakeholders in addressing an uncontrollable rise in infectious healthcare waste as a result of the pandemic.

In order to increase its geographic reach, ByrneLobby and TerraConsult combined in April 2019.

In February 2020, Stericycle announced that it has reached an agreement with Harso Corporation to sell its Domestic Environments Solutions business for US$ 462.5 million.

For US$ 1.25 billion, Clean Harbors finalized the acquisition of HydroChemPSC in August 2021 with the aim of enhancing potential for strong customer service and brand equity.

What is revealed by the Report?

In its most recent analysis, Future Market Insights provides an uncommon viewpoint and several real-time insights on the market for medical wastage management systems. It presents historical demand assessments from 2016 to 2021 and estimates from 2022 to 2032.

The research study’s methodology is based on service (medical waste treatment, disposable medical waste management, and medical waste recycling), by medical waste (bio hazardous medical waste management system), and on data from the two categories of service.

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 and offsite medical wastage management services), by treatment (medical wastage management through chemical treatment, medical waste management through autoclaving, and medical wastage management through other methods), and wastage generator (medical wastage management system for hospitals, medical wastage management system for clinics, medical waste management system for Ambulatory Surgical Centers, medical waste management system for pharmaceutical companies, medical wastage management system for other waste generators and a management system for biotechnology firms).

The medical waste management system industry is sure to be unstoppable in the years to come as a growing number of government-sponsored programs take off. The US FDA, CDC, OSHA (Occupational Safety and Health Administration), DOT (Department of Transport), and DEA (Drug Enforcement Administration) are among the government organizations that follow regulations.

The Medical Waste Management System Industry Analysis’s Major Segments

Using Services:

Healthcare Wastage Management

Management of Disposable Medical Waste

Recycling Medical Waste

Through Medical Waste:

Management of Biohazardous Medical Waste

Medical Waste Management System Without Hazards

Pharmaceutical Medical Wastage Management System

Sharps Medical Waste Management System

Other Medical Waste Types Management System By Services Site for Radioactive Medical Waste:

Services for Onsite Medical Wastage Management

Services for off-site management of medical waste

By Therapy:

Management of Medical Waste Using Incineration

Autoclaving for the Management of Medical Waste

Chemical Treatment for the Management of Medical Waste

Other Methods for the Management of Medical Waste

From the waste generator:

Hospital Medical Waste Management System

System for Managing Medical Waste in Clinics

System for Managing Medical Waste in Ambulatory Surgical Facilities

System for Managing Medical Waste in Pharmaceutical Companies

System for Managing Medical Waste in Biotechnology Companies

System for Managing Medical Waste from Other Waste Generators

a description of Future Market Insights

Future Market Insights, Inc., an ESOMAR-certified market research company that has won a Stevie Award and is a member of the Greater New York Chamber of Commerce, offers in-depth insights into the driving forces behind the market’s rising demand. Over the next ten years, it reveals opportunities that will support market growth in several areas based on source, application, sales channel, and end use.

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