Medical Waste Management Equipment Market Driven by Increasing Scope of Healthcare Sector

Pune, India, January, 2023 /MRFR Press Release/- Market research future has a half cooked research report on global medical waste management equipment. The global market for medical waste management equipment is growing rapidly and expected to continue its growth by the end of 2030.

Overview:

The Medical Waste Management Equipment Market size is projected to reach USD 43,467.48 Million at 4.20% CAGR during the forecast period 2022-2030. Market Research Future (MRFR) has released a new market research report on the global medical waste management equipment market. The global medical waste management equipment market is studied in detail in the report, which provides a detailed analysis of the market’s historical growth drivers and restraints, along with a bird’s eye view of the market’s leading segments and key players.

Medical waste management has become a hot topic in the medical community over the last few decades due to the increasing volume of medical waste and the biological and ecological hazard posed by the same. The medical waste management equipment market has thus been driven by the growing need to dispose of medical waste in a harmless and economic manner. Medical waste management equipment consists of various devices used to sterilize medical waste and make it harmless.

The increasing number of hospital and medical research facilities is likely to be a major driver for the global medical waste management equipment market over the forecast period. Increasing efforts by governments all over the world to provide healthcare to their constituents have led to a rapid growth in the number of hospitals in emerging region in recent years, in addition to the steady growth of the healthcare sector in developed countries. The life sciences sector is one of the most rapidly growth sectors in the field of research at present, which is likely to drive the demand for medical waste management equipment. The growing chemicals industry is also likely to drive the demand for medical waste management equipment market. The increasing research efforts being taken to discover remedies for diseases previously considered untreatable, such as AIDS and cancer, are likely to lead to the generation of more medical waste, driving the medical waste management equipment market over the forecast period.

Explore In-depth Details: Medical waste management equipment market research report

Segmentation:

The global medical waste management equipment market is segmented on the basis of type of waste, type of product, method, site of treatment, and region.

By type of waste, the global medical waste management equipment market is segmented into infectious waste, noninfectious/hazardous waste, radioactive waste, and medical disposables.

On the basis of the product used to operate on the medical waste, the medical waste management equipment market is segmented into autoclaves, sterilization equipment, microwaves, and others.

By method, the global medical waste management equipment market is segmented into recycling, disposal, mechanical/chemical disinfection, irradiation, and others.

By site of treatment, the global medical waste management equipment market is bifurcated into onsite and offsite waste management.

Regional Analysis:

Regionally, the U.S. is likely to hold on to top spot in the global medical waste management equipment market over the forecast period due to the steady growth prospects of the medical research sector in the region and the consistent growth of the healthcare sector, resulting in a steady increase in the number of hospitals in the region. The U.S. government has also backed up medical waste management, citing its importance in terms of protecting citizens as well as the biosphere from adverse effects of medical waste. Europe is also likely to remain among the leading regional markets for medical waste management equipment over the forecast period due to the strong support given by governments in the region to initiatives to make medical waste nontoxic and harmless to their surroundings.

Asia Pacific is likely to make rapid progress in the global medical waste management equipment market over the forecast period due to the rapid growth of the healthcare sector in developing countries such as India, China, Indonesia, Malaysia, Taiwan, Japan, Korea, and the Philippines. The growing number of hospitals in these countries is likely to remain the primary driver for the medical waste management equipment market in this region over the forecast period.

Competitive Analysis:

Leading players in the global medical waste management equipment market include MedPro Medical Waste Disposal, Waste Management Inc., Stericycle Inc., Republic Services Inc., and Clean Harbors.

Industry Updates:

In January 2019, Davao City Environmental Care Inc., a leading provider of treatment storage and disposal facilities in the Philippines, was called up by the Environmental Management Bureau for allegedly disposing of medical waste by dumping it into the sea. The Bureau recommended a suspension of the company’s operations. This illustrates the growing awareness about medical waste management in Asia Pacific, which is likely to be a key driver for the medical waste management equipment market in the region over the forecast period.