Medical Waste Management Equipment Market Overview
The Medical Waste Management Equipment Market is anticipated to reach USD 43,467.48 Million by 2030 at 4.20% CAGR during the forecast period 2022-2030.
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. Medical waste management equipment transforms infected, polluted, and dangerous medical waste into safe, reusable products or resources.
With 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 the medical waste management equipment market value in the years to come.
A few factors may drive the growth of the medical waste management equipment market share. 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.
The global need for medical waste management equipment 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 the medical waste management equipment market forecast.
There are a few factors that may inhibit the medical waste management equipment market growth. 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.
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
The medical waste management equipment market 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
The medical waste management equipment market growth 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.
The global medical waste management equipment market 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:
By Equipment types
- Disposal & Processing equipment
- Sorting equipment
- Treatment equipment
By Waste types
- Non-hazardous waste
- Hazardous waste
- Infectious and Pathological Waste
- Pharmaceutical Waste
- Medical research institutes
- Hospitals & clinics
- Blood banks
The regional division of the medical waste management equipment market analysis 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.
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.
The medical waste management equipment 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 various medical waste management equipment market trends such as joint ventures, product launches, company expansions, and procurements. They offer innovative equipment options for medical waste management.
Below are the key companies that offer medical waste management equipment in the global market:
- ARVS Equipment Private Limited
- Bondtech Corporation
- Prometic Life Sciences Inc.
- Chongqing Gient Heating Industry Co. Ltd.
- Steelco S.p.A
- AMB Ecosteryl
- Merck & Co. Inc.
- Novartis AG
- 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.
This report delivers all the information about the global medical waste management equipment market's growth 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 expected medical waste management equipment market outlook by the year 2025.
- North America
- Middle East & Africa
- Rest of the world
USD 43,467.48 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
by Waste Type, Equipment Type, Site
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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.
Key Market Opportunities
Rising expenditure rate in healthcare and treatment, and the rising prevalence of communicable diseases. \r\nThe 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.
Key Market Drivers
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 4.20% CAGR over the assessment period (2022-2030).
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.
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