Medical Waste Management Equipment Market
The Medical Waste Management Equipment Market Share is anticipated to reach USD 43,467.48 Million by 2030 at 4.20% CAGR during the forecast period.
Increasing growth in research and hospital sector has led to the impressive growth streak. Growing number of hospitals facilities and research, in the field of pharmaceutical, chemicals and life sciences has led to massive demand for the equipment. The need for medical waste treatment owing to its hazardous nature has quadrupled in recent years. Treatment of this medical waste has been made compulsory by various governments across the world for environmental safety.
However, the downside to the market is the high cost of the machines required for medical waste management poses a threat to the market growth. However, the presence of established market players who indulge in strategic activities along with technological innovations helps the market grow in size. For instance, Bertin Medical Waste is one such company that offers new generation medical waste disposal equipment for efficient and independent treatment of medical waste.
Segment Analysis
The global medical waste management market report is segmented on the basis of types of waste, type of product, and method, site of treatment.
By type of waste, the market is segmented on the basis of infectious waste, non-infectious/hazardous waste, radioactive waste, medical disposables. The non-hazardous medical waste segment is poised to claim a substantial market share due to high quantity of non-hazardous medical waste generated and stringent regulations against hazardous medical waste.
By products type, the market is segmented on the basis of autoclave, sterilization equipment, microwave, others. Autoclave machines account for the largest share in the global medical waste management equipment market as they are chemical free and are appealing to many companies in a complex waste management environment. These features trigger the demand for autoclave machines and help propel the segment for autoclave. On the other hand, sterilization equipment finds application in various industries such as hospitals and medical centers, pharmaceuticals, international airports and others.
By method, the market is segmented on the basis of recycling, disposal, mechanical/chemical disinfection, irradiation, and others. The disposal treatment is adopted to minimize the cost & holding time of waste. Moreover, many firms are starting their own disposal systems for their convenience.
By site, the market is segmented on the basis of offsite and onsite. The off-site medical waste management segment is deemed to lead the global medical waste management market due to attractive packages offered by established service providers, growing preference given to the off-site medical waste management and need to avoid possible environmental hazards affecting the nearby population with the released toxic gases from the incinerators.
Major Key Players:
The global Medical Waste Management Equipment Market Players 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.
Regional Analysis
The report describes the market spread across the regions of the Americas, Europe, Asia-Pacific, and Middle East & Africa.
North America is expected to be at the forefront of global demand in coming years, with the United States (U.S) accounting for the largest market share in the region. The market in North America is predicted to expand further at the same growth during the forecast period. A massively developed healthcare sector and growing prevalence of infectious & chronic diseases requiring advanced medical & surgical aids generate a large number of by-products and residues. These factors are majorly responsible for the successful market growth in the past couple of years.
On the other hand, the market size in Asia Pacific has turned bulbous in recent years on account of developing economy, continuous initiatives by NGOs, and growing awareness about the health risks cropping up owing to the improper management of medical waste. In addition, adoption of ecofriendly disposal and recycling processes is expected to trigger the regional market growth. Furthermore, growth in the medical waste generated per bed in the developing economies of the region such as China, Japan, India, and Australia are expected to propel the market up in the region in coming years.
The Europe market thrives due to the presence of a large number of pharmaceutical and biotechnology industries, elevating prevalence of lifestyle diseases such as diabetes, high blood pressure, and cancer among the population, and strict regulations for the protection of environment. Also, high awareness among the population in terms of safety and risk concerns related to the possible bio-hazards along with rise in per capita healthcare spending has assisted the regional market amass vast revenue over the years.
Latin America along with Middle East & Africa are estimated to observe rapid growth in the global medical waste management market due to growth in the generation of medical waste due to factors such as increased incidence and prevalence of various infectious diseases, increasing urbanization, changing lifestyles, and growing healthcare awareness. Several market players are aiming towards increasing their customer base in these high growth potential regions that help the regional market grow remarkably and will continue to do so in the coming years.
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