Market Overview:
The Global Medical Waste Management Equipment Market is expected to mushroom in size and reach a significant valuation by the end of the forecast period of 2017-2022, reveals Market Research Future (MRFR) in a minutely analysed research report. High incidences of infectious and chronic diseases coupled with the growth of the healthcare industry are propelling the growth of the market. As more hospitals and healthcare realize the importance of efficient biomedical waste management, the global waste management market is gaining traction. Exposure to harmful pollutants caused by improper disposal of medical waste marks the necessity for medical waste management and growing awareness about waste disposal, and the intrinsic effects of medical waste have been pivotal in driving the growth of the market. Medical wastes are associated with risks to healthcare staffs, patients, and the community which attracts more substantial attention of the government and regulatory authorities. Stringent rules adhering to the disposal of biomedical wastes to curb the harmful effects on the environment drives the market significantly. The rise in a number of hospitals and other medical establishments which generate a vast amount of medical waste boost the growth of the market. The scarcity of land for medical waste disposal necessitates the installation and usage of waste disposal equipment and contributes to the market growth. Advancement in the waste management techniques such as steam autoclave system and medical waste tracking which are suited to medical waste management and easier to implement also support the market growth. Medical waste management equipment involves high capital investment which is likely to restrict the growth of the market. Other limiting factors include lack of strong medical waste management policy, lack of awareness, dependence on landfill disposal methods and lethargic adoption of technology.
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Competitive Landscape:
The eminent players in the Global Medical Waste Management Market include MedPro Medical Waste Disposal (US), Waste Management Inc. (US), Stericycle Inc. (US), Clean Harbors (US), and Republic Services Inc. (US).
Segmentation:
The Global Medical Waste Management Market has been segmented based on types of waste, type of product, and treatment. By type of waste, the market has been segmented into infectious waste, non-infectious/hazardous waste, radioactive waste, medical disposables. By type of product, the market has been segmented into autoclave, sterilization equipment, microwave, others. By method, the market has been segmented into recycling, disposal, mechanical/chemical disinfection, irradiation, and others.
Industry Updates:
- In July 2018, MFI Medical Equipment, Inc. (MFI) and MedPro Disposal, LLC., (MedPro) entered into a strategic partnership to provide their clients with substitute solutions for their required services.
- August 2018 – TerraCycle has created sharp containers and shipping cartons systems which are puncture-resistant and are approved by UPS and the US Postal Service. This new addition to Terracycle’s offerings provide as an alternative to incineration and provide contaminant exposure protection and high-efficiency material recovery.
Regional Analysis:
The Global Medical Waste Management Equipment Market spans across the regions of North America, Europe, Asia Pacific and the Middle East & Africa. The North America market for medical waste management is thriving and strong owing to stringent regulatory frameworks pertaining to commercial and medical waste disposal management. Additionally, a robust healthcare sector provides room for market expansion in the region. The Europe market is stable and stores potential growth opportunities. Asia Pacific market is slated to emerge as the fastest growing market for medical waste management equipment. Rising social awareness, rising government initiatives for conservation of the environment and high expenditure on waste disposal would be pivotal in shaping the Asia Pacific market. The Middle East & Africa market is expected to exhibit sluggish growth due to lack of awareness and funds to implement such systems, especially in the weak economies of Africa.
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