Medical Waste Management System Market

Medical Waste Management System Market Snapshot (2023 to 2033)

The global medical waste management system market is expected to be valued at USD 8,094 million in 2023. The overall demand for medical waste management systems is projected to record a CAGR of 6.6% between 2023 and 2033, totaling around USD 15,336.9 million by 2033.

Medical waste refers to the waste generated at medical facility centers and life science processing companies. Medical waste generated by healthcare activities includes body parts, blood, chemicals, a broad range of materials, and medical devices, from used needles and syringes to soiled dressings, medical devices, diagnostic samples, pharmaceuticals, and radioactive materials.

Increased environmental awareness to reduce waste production and the adoption of sustainable methods is giving rise to the emerging trend of waste management systems. Medical waste management system developers are now incorporating features and functions that allow adherence to tight protocols to fulfill regulatory standards. New features can separate garbage, secure procedures for storage and delivery with real-time tracking and monitoring, thorough reporting, and documentation skills.

Employees now use mobile applications to record garbage collection information, like the kind and quantity of waste and the place of disposal with timestamps. Additionally, service providers can now rapidly record and transfer data thanks to the integration of mobile technologies in managing medical waste. Such real-time data transfer and capture improves operational transparency and allows service providers to plan the best routes for collection and optimization.

As healthcare institutes prioritize minimizing the environmental effect of their waste, sustainability is becoming more and more important worldwide these days. So medical waste management system developers are also actively looking for methods to include sustainability in their solutions to outcompete their rivals. This also entails keeping abreast of the rules, recommendations, and best practices promulgated by regional, national, and worldwide regulatory agencies.

Attributes	Details
Global Medical Waste Management System Market Valuation in 2022	USD 7,592.9 million
Estimated Global Market Share in 2023	USD 8,094 million
Forecasted Global Market Size by 2033	USD 15,336.9 million
Projected Global Market Growth Rate from 2023 to 2033	6.6% CAGR

Medical Waste Management System Demand Analysis (2018 to 2022) Vs. Market Outlook (2023 to 2033)

From 2018 to 2022, the overall market witnessed significant growth, registering a CAGR of 5.6% and culminating at a value of USD 7,592.9 million.

The medical waste management system refers to the process of regulating the generation, handling, treatment, and disposal of medical waste. The medical waste management system is based on the various permits, standards, and norms by the different government and regulatory bodies for waste transportation, storage, and processing.

The global demand for medical waste management systems witnessed a steep rise during the years 2020 and 2021. Regulatory organizations progressively imposed tough requirements during the pandemic to guarantee that medical waste was handled, transported, and disposed of safely. Such government initiatives and funding for the implementation of medical waste management activities have become a growth opportunity for the market over the long run.

Which Drivers Underpin Medical Waste Management System Industry Expansion?

Increasing Awareness of Effective Medical Waste Management Likely to Augment Medical Waste Management System Sales

The increasing awareness about the benefits of dedicated medical waste management systems for the disposal, recycling, and treatment of waste is anticipated to boost the growth of the global market.

The increasing initiatives by the regulatory authorities and the stringent rules and regulations regarding medical waste management systems are also expected to bolster the global medical market over the forecast period.

In addition, the increasing medical waste due to the rising geriatric population and the increasing prevalence of infectious and chronic diseases boosts market growth.

Which Factors Are Limiting the Growth of the Medical Waste Management System Market?

Increasing Awareness of Hazardous Gasses and Compounds to Impede the Growth

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.

Country-wise Insights

North America May Continue its Dominance in the Global Medical Waste Management System Market

Rising Patient Population to Boost the Market Growth in North America

The North America market is expected to accumulate a market share of 32% in 2022. North America is dominating and contributing the leading shares to the market in terms of revenue. It is expected to register significant growth over a forecast period due to the rising patient populations and the stringent rules and regulations by several government bodies in the region.

Regional Market Comparison	Global Market Share in Percentage
North America	32%
Europe	26%

How Big is the Medical Waste Management System Market in Europe?

Increasing Demand for Proper Treatment of Medical Waste to Boost Market Growth 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 market. Due to the increasing demand for medical waste management systems for proper treatment, disposal, and recycling of medical waste in the region.

Start-ups for Medical Waste Management System Market

Some key start-ups in the market include Trilogy MedWaste, Polycarbin, Vara, re3CUBE, Evreka, and many more.

Recent Developments-

• United States-based start-up Polycarbin develops a resource management platform to recycle laboratory plastic waste. Carbin enables medical and life science laboratories to sort rigid plastics into clear and non-clear streams. The accompanying mobile app allows users to request a pick-up and track and measure the recycling process. Polycarbin’s solution reduces the 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 is lost during transit. The solution lets medical institutions monitor the entire process and greatly reduces risks to the people and environment.

Who are the Leading Players in the Medical Waste Management System Market?

Prominent players in the market are 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 Environnement S.A., REMONDIS Medison GmbH, Republic Services, Inc., Waste Management, Inc, Suez Environnement S.A., and various other regional players.

Recent Developments by the Medical Waste Management System Service Providers

• 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 healthcare 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 designed for the purpose.

Scope of the Market Report

Attributes	Details
Growth Rate	CAGR of 6.6% from 2023 to 2033
Market Value in 2023	USD 8,094 million
Market Value in 2033	USD 15,336.9 million
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD million / billion and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	By Services, By Medical Waste, By Services Site, By Treatment, By Waste Generator, By Region
Regions Covered	North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East and Africa (MEA)
Key Countries Profiled	United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, GCC, South Africa, Israel
Key Companies Profiled	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.
Customization & Pricing	Available upon Request

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 Waste
• Non Hazardous Waste
• Sharps Waste
• Pharmaceutical Waste
• Radioactive Waste
• Other Wastes

By Services Site:

• Onsite Services
• Offsite Services

By Treatment:

• Incineration
• Autoclaving
• Chemical Treatment
• Other Approaches

By Waste Generator:

• Hospitals and Medicals
• Clinics and Dispensaries
• Ambulatory Surgical Centers
• Pharmaceutical Companies
• Biotechnology Companies
• Other Waste Generators

By Region:

• North America
• Latin America
• Europe Cloud
• East Asia
• South Asia and Pacific
• The Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Medical Waste Management System Market?

The market is valued at USD 8,094 million in 2023.

What is the Growth Potential of the Market?

The growth potential of the market is 6.6% CAGR through 2033.

Which Factor is Catalyzing the Market Growth?

Growing demand for specialized services to maintain medical waste streams is catalyzing the market growth.

Which Trend is Dictating the Market Growth?

Increasing concern among key players to align themselves with regulatory and legal criteria is determining the market growth.

Who are the Leading Market Competitors?

The leading market competitors are Daniels Sharpsmart Inc., Stericycle, Inc., and Medasend Biomedical, Inc.