Global Medical Waste Management Equipment Market Overview
The Medical Waste Management Equipment Market Size was valued at USD 23.80 Billion in 2023. The Global Medical Waste Management Equipment industry is projected to grow from USD 25.07 Billion in 2024 to USD 44.30 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.40% during the forecast period (2024 - 2032).
Waste management refers to gathering, transporting, removing, supervising, and recycling used medical products in its broadest sense. The population may produce medical waste due to many activities such as diagnosis, treatment (such as surgery), and prevention of illnesses. We must treat the germs and harmful substances that form during various medical procedures.Ā Medical waste management equipmentĀ transforms infected, polluted, and dangerous medical waste into safe, reusable products or resources.
Covid-19 AnalysisWith the rise of the Covid-19 impact, many large-scale businesses and industries suffered, except healthcare and life support products. The lockdown and physical distancing protocols have affected millions of small and big business institutions alike. The medical waste managing devices market saw a slight downfall post the pandemic due to the lockdown and physical distancing.However, the key companies have adopted measures to expand the distribution of waste management equipment across the globe. Moreover, people are growing aware of the harmful effects of medical waste and the need for effective waste management. Hence, these factors are expected to boost theĀ medical waste management equipment market valueĀ in the years to come.In September 2023, In Ohio, a US-based facility, WM invested $30m to increase its production capability.Bertin Medical Waste BianoGMP acquired a sterile treatment solution from University Medical Center Utrecht in order to enhance their medical center's waste management services during that same month of August 2023.Asia Medical Enviro Services was bought over by TBS Energi Utama, a leading company in the biohazardous and medical waste treatment sector, in August 2023 as it sought to diversify its business base beyond the coal mining industry.In the virtual inauguration held in August 2021, the Indian government inaugurated a decentralized biomedical waste Incinerator at Buxar Municipality, Bihar. The Ganesh Engineering Works technology was chosen through the Biomedical Waste Treatment Innovation Challenge initiated by the Waste to Wealth Mission in June 2020.GENERATIONS TECHNOLOGY was launched by Envetec Sustainable Technologies Limited in February 2022. GENERATIONS is an innovative clean technology that safely treats biohazardous wastes and materials, including plastics, glass, PPEs, sharp containers and other general laboratory requirements on-site at the source. For laboratories located within diagnostic pharmaceutical, food and beverage industries, among others, Envetec offers one of the first green technologies available for use.United Nations Development Programme (UNDP) and the Japanese Government have launched a new project in August 2022 to help national health agencies and other stakeholders in Bangladesh, Bhutan and Maldives address the unprecedented increase of infectious biomedical waste arising from COVID-19 pandemic.MediWaste, with its headquarters based in Bermuda, became a provider of biohazardous waste service provider by March 2022. The firm moves, treats and disposes of medical waste using two incinerators specifically built for this purpose.Veolia Environnement S.A. gained ownership of Suez Environnement by May 2022. The purchase was meant to solve competition issues raised by European Commission against Veolia involving all hazardous waste facilities located in France.Advanced Disposal was acquired by Waste Management, Inc. in October 2020. The deal helped expand Waste Managementās territory in addition to offering ecofriendly management and recycling services within USA.
Medical Waste Management Equipment Market Trends
Drivers
A few factors may drive the growth of theĀ medical waste management equipment market share.Ā The expanding number of healthcare facilities is one of the reasons driving the development of the global medical waste management market. Research in the biological sciences, pharmaceuticals, and chemicals also increases the demand for medical waste management systems. Wastes that cause mercury or dioxin contamination are hazardous to the environment. Their disposal is one of the primary needs for waste management. Hence, these factors are expected to fuel the global market growth.
Opportunities
The global need forĀ medical waste management equipmentĀ is increasing due to the pandemic. This waste managing equipment ensures that all medical waste is processed properly at various treatment plants. Also, governments are taking the initiative and developing treatments and acceptable means of medical waste disposal, which is required for environmental safety.
Medical waste management is also necessary to keep the hospital facilities clean since filthy surroundings may impact medical personnel and patients, making them prone to new infections. Hence, these factors help provide opportunities for market growth in theĀ medical waste management equipment market forecast.
Restraints
There are a few factors that may inhibit theĀ medical waste management equipment market growth.Ā One of the most important of them is the high cost of the equipment. The waste recycling into various products may render a few side effects in the long run.
Challenges
Some factors that may challenge the key waste management providers include the cost of the equipment. Moreover, there is a lack of healthcare infrastructure in many places. The population may also not be aware of the need for medical waste management. Hence, these factors challenge the key players of the global market.
Cumulative Growth Analysis
TheĀ medical waste management equipmentĀ marketĀ is anticipated to grow substantially in the years to come. The medical waste managing equipment market value is expected to grow at a CAGR (Compound Annual Growth Rate) of about 5.1%. The increased incidence of illnesses and the number of patients are the primary causes of the increase in medical waste, which drives the waste management market expansion.
Value Chain Analysis
TheĀ medical waste management equipment market growthĀ is being driven by causes such as the growing urban population. Rapid urbanization and increasing population are also contributing to an increase in waste generation. For example, according to a World Bank report published in September 2018, worldwide waste generation is predicted to reach 3.4 billion tons over the next 30 years. Also, the growing urban population adds to the global expansion of waste management equipment. Most of the top global waste management equipment manufacturers are focused on new product launches and procurements.
Medical Waste Management Equipment Market Segment Insights
The globalĀ medical waste management equipment marketĀ is classified into many segments such as equipment types, waste types, site, and end-user. Listed below are the medical waste management apparatus market segments:
Medical Waste Management EquipmentĀ types Insights
- Disposal & Processing equipment
- Precipitators
- Combustors
- Crushers
- Others
- Sorting equipment
- Treatment equipment
- Others
Medical Waste Management Equipment Waste types Insights
- Non-hazardous waste
- Hazardous waste
- Infectious and Pathological Waste
- Pharmaceutical Waste
- Others
Medical Waste Management Equipment Site Insights
Medical Waste Management Equipment End-user Insights
- Medical research institutes
- Hospitals & clinics
- Blood banks
- Others
Medical Waste Management Equipment Regional Insights
The regional division of theĀ medical waste management equipmentĀ market analysisĀ comprises North America, Europe, Asia Pacific, and the rest of the world. Because of rising per capita healthcare expenditures and rapid adoption of new technologies in the area, the market in the Americas is likely to dominate the medical waste management equipment market.
The European market is also likely to expand significantly. This is due to a well-established healthcare system, a growth in chronic illnesses, and significant corporations in the region. According to the World Health Organization (WHO), healthcare operations' total trash is around 85 percent general waste and 15 percent hazardous waste. Hence, this is anticipated to drive market growth in the region.Ā
Because of the rising patient pool and increasing government initiatives for healthcare reforms, the Asia-Pacific market is expected to develop at a stable rate throughout the forecast period. Due to the region's low per capita disposable income, the Middle East and Africa market is expected to account for the smallest proportion of the market.
Competitive LandscapeĀ
TheĀ medical waste management equipmentĀ industry is dominated by a few companies that play a vital role in the market growth. These heart catheter companies are called key companies of the market. They contribute to the largest share of the market profit.
The companies account for the market profits by adopting variousĀ medical waste management equipment marketĀ trendsĀ such as joint ventures, product launches, company expansions, and procurements. They offer innovative equipment options for medical waste management.
Key Players
Below are the key companies that offerĀ medical waste management equipmentĀ in the global market:
- ARVS Equipment Private Limited
- Bondtech Corporation
- Prometic Life Sciences Inc.
- Chongqing Gient Heating Industry Co. Ltd.
- Steelco S.p.A
- Hydroclave
- AMB Ecosteryl
- Medicinova
- Bertin
- Merck & Co. Inc.
- Novartis AG
Recent DevelopmentsĀ
- Tadweer, Abu Dhabi Waste Management Center, introduced mobile medical waste incinerators ranging from 150-300 kg per hour in May 2020. The new equipment can process medical waste at temperatures as high as 1200 degrees Fahrenheit and is outfitted with cutting-edge filtration technologies to keep the environment clean and safe. The kit also guarantees that all Covid-19-related trash is correctly processed at various treatment facilities.
- Avis Industrial Corp. purchased IPS Balers Inc. in August 2014. The company manufactures plastics and mixed fiber balers. Due to the procurement, IPS becomes Avis Industrial Corp.'s third baler company.
Report Overview
This report delivers all the information about the globalĀ medical waste management equipment market'sĀ growthĀ in the forecast period. It also contains different sections of the market analysis to help obtain detailed information such as opportunities, challenges, drivers, Covid-19 analysis, regional analysis, competitive landscape, and others. Moreover, all the information is collected from verified primary and secondary sources to provide the expectedĀ medical waste management equipment market outlookĀ by the year 2025.
Geographically
- Europe
- Asia-Pacific
- North America
- Middle East & Africa
- Rest of the world
|
Attribute/Metric
|
Details
|
|
Ā Ā Market Size 2032
|
Ā Ā USD 44.30 Billion
|
|
Ā Ā CAGR
|
Ā Ā 4.40% (2024-2032)
|
|
Ā Ā Base Year
|
Ā Ā 2023
|
|
Ā Ā Forecast Period
|
Ā 2024-2032
|
|
Ā Ā Historical Data
|
Ā Ā 2020
|
|
Ā Ā Forecast Units
|
Ā Ā Value (USD Million)
|
|
Ā Ā Report Coverage
|
Ā Ā Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Ā Ā Segments Covered
|
Ā Ā by Waste Type, Equipment Type, Site
|
|
Ā Ā Geographies Covered
|
Ā Ā North America, Europe, Asia-Pacific, and Rest of the World (RoW)
|
|
Ā Ā Key Vendors
|
Ā Ā AMB Ecosteryl, ARVS Equipments Private Limited, Steelco S.p.A., Bertin, Bondtech Corporation, Hydroclave, Chongqing Gient Heating Industry Co., Ltd., Novartis AG, Medicinova, Inc., Merck & Co., Inc., and Prometic Life Sciences Inc.
|
|
Ā Ā Key Market Opportunities
|
Rising expenditure rate in healthcare and treatment, and the rising prevalence of communicable diseases. \r\n
The rising prevalence of diseases and number of patients are the major cause of the increase in medical waste, and therefore it drives the growth of the market.
|
|
Ā Ā Key Market Drivers
|
Ā Ā The market in Europe is expected to show a considerable amount of growth.
|
Frequently Asked Questions (FAQ) :
The global medical waste management equipment market is expected to register over 4.40% CAGR over the assessment period (2024-2032).
Rising rate of treatment procedures.
North America holds the largest share in the global medical waste management equipment market followed by Europe and Asia Pacific, respectively.
ARVS Equipments Private Limited, AMB Ecosteryl, Steelco S.p.A., Bondtech Corporation, Bertin, Hydroclave, Novartis AG, Chongqing Gient Heating Industry Co., Ltd., Medicinova, Inc., Prometic Life Sciences Inc., and Merck & Co., Inc., are some of the major players operating in the global medical waste management equipment market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global medical waste management equipment market adopt to gain a larger competitive advantage.
