Research Report by FMI: Medical Waste Management System Market to Reach US$15,336.9 Million by 2033, Growing at a 6.6% Compound Annual Growth Rate

The medical waste management system market is poised to experience significant growth, with a valuation of $8,094 million USD in 2023 and a 6.6% CAGR between 2023 and 2033, ultimately reaching a total value of roughly US$ 15,336.9 million by 2033.

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 the proper disposal of medical waste management.

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'.

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>Key Takeaways from the Medical Waste Management System Market

North America holds more than 30% of the market share due to the 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 the 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 due to numerous start-ups coming up with e-disposal solutions for managing infectious waste.

"Increasing incidences of chronic ailments that need a longer hospital stay, 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 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 to serve 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 to support 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 to expand 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 Million.
-Clean Harbors, in August 2021, completed the acquisition of HydroChemPSC for US$ 1.25 Billion with the objective of strengthening the opportunities of strong customer service and brand equity.

>Key Players:

-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 Environment S.A.
-REMONDIS Medison GmbH
-Republic Services, Inc.
-Waste Management, Inc.
-Suez Environment S.A.

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>What does the Report unveil?

-Future Market Insights offers an exclusive perspective and various real-time insights on the medical waste management system market in its latest study, presenting a historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.

-The research study is based on service (medical waste treatment, disposable medical waste management, and medical waste recycling), by medical waste (bio hazardous medical waste management system, 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 medical waste management services and offsite medical waste management services), by treatment (medical waste management through incineration, medical waste management through autoclaving, medical waste management through chemical treatment, and medical waste management through other approaches), and waste generator (medical waste management system for hospitals, medical waste management system for clinics, medical waste management system for Ambulatory Surgical Centers, medical waste management system for pharmaceutical companies, medical waste management system for biotechnology companies, and medical waste management system for other waste generators).

-With an ever-increasing number of government-sponsored programs hitting the floor, the medical waste management system market is bound to be unstoppable in the years to come. The government agencies adhering to regulations include the US FDA, CDC, OSHA (Occupational Safety and Health Administration), DOT (Department of Transport), and DEA (Drug Enforcement Administration).

>Key Segments Covered in the Medical Waste Management System Industry Analysis

>By Services:

-Medical Waste Treatment
-Disposable Medical Waste Management
-Medical Waste Recycling

>By Medical Waste:

-Bio Hazardous Medical Waste Management System
-Non-Hazardous Medical Waste Management System
-Sharps Medical Waste Management System
-Pharmaceutical Medical Waste Management System
-Radioactive Medical Waste Management System
-Other Medical Waste Types Management System

>By Services Site:

-Onsite Medical Waste Management Services
-Offsite Medical Waste Management Services

>By Treatment:

-Medical Waste Management through Incineration
-Medical Waste Management through Autoclaving
-Medical Waste Management through Chemical Treatment
-Medical Waste Management through Other Approaches

>By Waste Generator:

-Medical Waste Management System for Hospitals
-Medical Waste Management System for Clinics
-Medical Waste Management System for Ambulatory Surgical Centers
-Medical Waste Management System for Pharmaceutical Companies
-Medical Waste Management System for Biotechnology Companies
-Medical Waste Management System for Other Waste Generators

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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