Major Trends in Global Medical Waste Management
The global medical waste management system market is expected to be valued at US$7,592.9 million in 2022, according to research from Future Market Insights (FMI). Medical waste refers to the waste generated at the medical facility centers and life science processing companies.
Medical waste generated by health care activities includes body parts, blood, chemicals, a broad range of materials, medical devices from used needles and syringes to soiled dressings, medical devices, diagnostic samples, pharmaceuticals, and radioactive materials. The overall demand for medical waste management systems is projected to grow at a compound annual growth rate (CAGR) of 6.6 percent between 2022 and 2032 — totaling around US$15,354.4 million by 2032.
Which drivers underpin medical waste management system industry expansion?
The increasing awareness about the benefits of dedicated medical waste management systems for the disposing, recycling and treatment of waste, is anticipated to boost the growth of the global medical waste management system market.
The increasing initiatives by the regulatory authorities and the stringent rules and regulations regarding medical waste management systems, is also expected to bolster the growth of the medical waste management systems and have become a key growth driver of the global medical waste management system market over the forecast period.
Which factors are limiting the growth of the medical waste management system market?
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.
The North America medical waste management system market is expected to accumulate a market share of 32 percent in 2022. North America is dominating and contributing the leading shares to the medical waste management system market in terms of revenue and is expected to register a significant growth over a forecast period due to the rising patient populations and the stringent rules and regulations by the government bodies in the region
How Big is the Medical Waste Management System Market in Europe?
The European region is anticipated to hold a market share of 26 percent. Europe is expected to contribute to moderate revenue market share and register a healthy growth rate in the global medical waste management system market due to the increasing demand of medical waste management systems for proper treatment, disposable and recycling of the medical waste in the region.