The global medical waste management market is expected to reach US$15.3 billion by 2033, driven by the need to reduce environmental hazards and avoid adverse health outcomes. Medical waste streams require specialized knowledge, tools, and disposal techniques, which makes specialized medical waste management services essential
Analysis of the Medical Waste Management System Market by Bio Hazardous Waste, Non-hazardous Waste, Sharps Waste, Pharmaceutical Waste, Radioactive Waste, and Other Wastes, Opportunities and Forecast 2023-2033
NEWARK, Del., Oct. 18, 2023 /PRNewswire/ -- In terms of value, the global net demand for medical waste management systems was estimated to be around US$ 7,592.9 million in 2022. The overall market for medical waste management systems is projected to grow at an annual rate of 6.6% between 2023 and 2033. Following this promising growth rate, the global market value is poised to reach a valuation of around US$ 15,336.9 million by 2033.
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The need for specialized services drives significant growth in the global medical waste management systems market. Particularly, there is a rising need for specialist medical waste management services that handle and eliminate different radioactive or infectious waste. Moreover, it assists healthcare institutions in efficiently streamlining their entire waste management procedures by integrating these features into their other management systems.
Growing awareness of effective waste management in healthcare institutions and reducing dangers arising from inappropriate processing, transportation, and disposal is fuelling the market. Also, governments are now spending more on adopting such systems to preserve public health, reduce environmental effects, and ensure safe and responsible waste processing.
The growth of mobile technology is also now a key factor in the enormous expansion of the adoption of medical waste management systems. Mobile technology has transformed how garbage is disposed of by enabling staff to use mobile devices to scan barcodes on waste bins. Further, scanning the barcodes ensures that garbage is correctly sorted, categorized, and disposed of by rules and safety procedures.
Key Takeaways from the Medical Waste Management System Market Study Report
- The global market is projected to witness an absolute dollar growth of US$ 7,243 million over the next ten years.
- The North American region currently contributes almost 32% of the global market revenue, and the United States is the leading country.
- European countries hold a market share of nearly 26%, with Germany and the United Kingdom leading this regional market.
"The medical waste management systems market is evolving to address healthcare industry needs," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) "With a focus on efficient waste disposal, regulatory compliance, and sustainability, this market plays a crucial role in ensuring the safety and environmental responsibility of healthcare facilities."
Competitive Landscape for the Medical Waste Management System Market Players
BioMedical Waste Solutions, Clean Harbors, Daniels Sharpsmart, Stericycle, Sharps Compliance, Veolia Environment, and REMONDIS Medison, among others, are some leading players in this sector.
To ensure their systems fulfill the essential standards, developers and suppliers prioritize compliance with regulatory requirements. So, the emphasis on compliance has become more important in the overall market recently, rendering it consolidated in the hands of a few established players.
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Recent Developments by the Medical Waste Management System Service Providers
One of the several novel technologies being explored includes the utilization of Biosensors in medical waste management systems. It can be used to identify the presence of dangerous substances in medical waste easily, further assisting in the correct disposal of the waste.
Another significant development by the market players in this sector is adopting autonomous cars for collecting trash. Such vehicles can collect garbage from hospitals and other healthcare institutions without exposing human operators to dangerous waste.
Likewise, developing equipment and methods for treating medical trash on-site properly could be a game changer in the coming days. Such systems enable healthcare institutions to handle trash on-site, reducing the need and cost for disposal and transportation.
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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