Medical waste generated by healthcare activities includes body parts, blood, chemicals, a broad range of materials, and medical devices, from used needles and syringes to soiled dressings, medical devices, diagnostic samples, pharmaceuticals, and radioactive materials. The overall demand for Medical Waste Management Systems is projected to grow at a CAGR of 6.6 percent between 2022 and 2032, totalling around US$ 15,354.4 Million by 2032.
Which Drivers Underpin Medical Waste Management System Industry Expansion?
The increasing awareness about the benefits of dedicated medical waste management systems for the disposal, recycling and treatment of waste, is anticipated to boost the growth of the global medical waste management system market.
The increasing initiatives by the regulatory authorities and the stringent rules and regulations regarding medical waste management systems are also expected to bolster the growth of medical waste management systems and have become a key growth driver of the global medical waste management system market over the forecast period.
Which Factors are limiting the Growth of the Medical Waste Management System Market?
The high capital investment for the set-up of the medical waste management system may hinder the growth of the medical waste management systems market. During the medical waste management process, various hazardous gasses and compounds get released, which also may hamper the growth of the global medical waste management systems market.
Region-wise Insights
Will North America Continue Dominance in the Global Medical Waste Management System Market?
The North America Medical Waste Management System market is expected to accumulate a market share of 32% in 2022. North America is dominating and contributing the leading shares to the medical waste management system market in terms of revenue and is expected to register significant growth over a forecast period due to the rising patient populations and the stringent rules and regulations by the government bodies in the region
How big is the Medical Waste Management System Market in Europe?
The European region is anticipated to hold a market share of 26 percent. Europe is expected to contribute to moderate revenue market share and register a healthy growth rate in the global medical waste management system market due to the increasing demand for medical waste management systems for proper treatment, disposal and recycling of the medical waste in the region.
Who are the Leading Players in the Medical Waste Management System Market?
Prominent players in the Medical Waste Management System market are 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 Environnement S.A., REMONDIS Medison GmbH, Republic Services, Inc., Waste Management, Inc, Suez Environnement S.A. and various other regional players.
In August 2022, the Government of Japan and the United Nations Development Programme (UNDP) launched a new project to support the national health agencies and other key stakeholders in Bangladesh, Bhutan, and the Maldives to address the unprecedented rise in infectious health care waste caused by the COVID-19 pandemic.
In March 2022, a new business named MediWaste was launched to handle Bermuda's biohazardous waste. MediWaste is responsible for transporting, treating, and disposing of medical waste through two incinerators specifically designed for the purpose.
Start-Ups For Medical Waste Management System Market
Some key start-ups in the Medical Waste Management System market include Trilogy MedWaste, Polycarbin, Vara, re3CUBE, Evreka, and many more.
Recent Developments
US-based start-up Polycarbin develops a resource management platform to recycle laboratory plastic waste. Carbin enables medical and life science laboratories to sort rigid plastics into clear and non-clear streams. The accompanying mobile app allows users to request a pick-up, and track and measure the recycling process. Polycarbin’s solution reduces the amount of medical waste generated by recycling plastics and quantifies the carbon footprint reduction for laboratories.
Turkish startup Evreka develops a medical waste management platform. Evreka’s solution contains a suite of hardware solutions, including Evreka Sense, Evreka RFID, Evreka Track, Evreka Locate, and Evreka Workforce, which provide enhanced visibility and tracking into medical waste management. The platform ensures safety and compliance with the regulations while providing end-to-end transparency over the recycling process.
Indian start-up Vara provides hospitals and other medical institutions with an e-disposal solution to manage infectious waste. It collects potentially infectious waste such as bed linens and personal protective equipment. The weight of the waste is measured during collection as well as later at the incineration site to ensure no waste was lost during transit. The solution lets medical institutions monitor the entire process and greatly reduces risks to the people and environment.
