The global medical waste management system market is expected to be valued at US$ 7,592.9 million in 2022, says an FMI report. Medical waste refers to the waste generated at medical facility centers and life science processing companies.
Medical waste generated by health care activities includes body parts, blood, chemicals, a broad range of materials, 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% between 2022 and 2032, totalling around US$ 15,354.4 million by 2032.
Drivers underpinning medical waste management system industry expansion
The increasing awareness about the benefits of dedicated medical waste management systems for the disposing, 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, is also expected to bolster the growth of the medical waste management systems and have become a key growth driver of the global medical waste management system market over the forecast period.
Factors 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.
North America’s 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 a 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
Medical waste management system market in Europe
The European region is anticipated to hold a market share of 26%. 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 of medical waste management systems for proper treatment, disposable and recycling of the medical waste in the region.
The leading players in the medical waste management system market
Prominent players in the medical waste management system market are BioMedical waste solutions, Bondtech medical waste containers, Clean Harbors, Converge Medical Solutions, Daniels Sharpsmart, Stericycle, Medasend Biomedical, Mazaya Waste Management, Sharps Compliance, Veolia Environnement S.A., Remondis Medison GmbH, Republic Services, 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 plastic waste generated from laboratories. Carbin enables medical and life science laboratories to sort rigid plastics into a clear stream and non-clear stream. 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 that together provides 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.
