Medical Waste Management Equipment Market Dynamics
The medical waste management equipment market, as per the analysis of Market Research Future (MRFR), will have a profitable run at a striking growth rate during the forecast period (2016-2022).
Medical Waste Management Equipment Market Drivers and Key Restraints
World Health Organization (WHO) stated that in 2015, roughly 16 million syringes are administrated each year, among which very few undergo proper disposal, thereby creating a risk of infection and injuries. Furthermore, WHO and UNICEF had collaborated in 2015, launching a global initiative that ensured that all the healthcare facilities had hygiene, proper and adequate water, as well as sanitation services, which included efficient healthcare waste disposal management. On that note, numerous strategies are being progressively adopted by the national and international bodies for developing and implementing education and training programs for medical professionals and patients, stressing on the importance of the proper medical waste management.
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It is a matter of grave concern that the large amount of waste generated due to healthcare activities are not disposed in a proper manner, proving to be extremely harmful for in-patients along with the healthy population. These medical wastes include the waste that has been generated within the research centers as well as health-care facilities, for instance, infectious waste, sharps waste, pharmaceutical waste, pathological waste, radioactive waste and chemical waste. But the incorrect and inadequate handling of the medical waste could lead to serious public health issues like hepatitis, tuberculosis, HIV, and various other bacterial diseases, in addition to leaving an irreversible impact on the environment.
As per the Journal of Hospital Infection, in the year 2013, approximately 20% of the total medical waste were responsible for infection, trauma, chemicals or radiation exposure. These abysmal reports necessitate the need for effective medical waste management, other than the need to protect the environment and health.
Current Trends in Medical Waste Management Equipment Market
Increasing advancement in the waste management techniques like steam autoclave system as well as medical waste tracking that are easier to implement will present the market with ample growth opportunities in the next few years. For instance, the use of steam autoclave system has become quite essential for the proper functioning of the hospital, as it is used for preventing the spread of infections in hospitals. These systems sterilize and also disinfect the medical instruments and equipment which are generally used in everyday patient services, surgeries and procedures. Thus, the increasing adoption of steam autoclaves and similar waste management techniques in prominent healthcare facilities will elevate the market position in the years to come.
Market Segmentation
The medical waste management equipment market is segmented on the basis of waste type, product, method and treatment.
The waste types in the global market include infectious waste, non-infectious/hazardous waste, radioactive waste, medical disposables and others.
The global market, depending on the product, is considered for autoclave, sterilization equipment, microwave and others.
Depending on the method, the global medical waste management equipment market caters to recycling, disposal, mechanical/chemical disinfection, irradiation, and others.
Treatment-wise, the market has been fragmented into offsite and onsite.
Regional Insight
The global medical waste management equipment market is spread in the key regions of Europe, North America, Asia Pacific and the Middle East & Africa.
Securing the top spot in the global market is North America, with the United States (U.S.) leading this growth, on account of the robust healthcare industry and subsequently growing need for medical waste management. The region lays importance on the protection of the citizens and also the biosphere from the hazardous effects of medical waste, a factor that lays out a strong foundation for the regional market for medical waste management equipment.
Similarly, Europe will most likely remain among the strong contenders in the global medical waste management equipment market in the forthcoming years. The regional market benefits from the strong support lent by the governments in the form of initiatives that strive to make medical waste harmless and nontoxic to their surroundings. The region has numerous major medical facilities that make use of different non-incineration techniques, like non-ionization treatment, autoclave treatment, along with other chemical treatments. These factors will help the regional market do excellent business during the review period.
Asia Pacific will also be proving its mettle in the race for the top position in the global medical waste management equipment market during the forecast period. The lucrative growth of the regional market will be the result of the expanding healthcare sector in the developing economies like India, Indonesia, China, Taiwan, Malaysia, Korea, Japan, and the Philippines. Moreover, the surging number of hospitals in these nations is expected to be an important factor responsible for the growth of the medical waste management equipment market in the region in the coming years.
Rising social awareness and increasing government initiatives for the conservation of the environment will be pivotal in shaping the market in the Middle East and Africa during the forecast period.
Top Industry Players
The well-known players in the global medical waste management equipment market are Clean Harbors, Waste Management Inc., MedPro Medical Waste Disposal, Republic Services Inc., Stericycle Inc., among others.
Recent News
March 2019
The Nagaland health project (NHP) conducted a strenuous session of trainings on bio-medical waste management (BMWM) from February 27 to March 8 this year. These trainings focused primarily on teaching all the health professionals and workers in the government health facilities in the area about the management of the bio-medical wastes that are generated in their health facilities. The training also included giving the general information regarding medical waste management and the equipment required for doing so, to avoid the risk of infection and injuries.
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Table of Content
1 INTRODUCTION
1.1 DEFINITION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.2.2.1 ASSUMPTIONS
1.2.2.2 LIMITATIONS
1.3 MARKET STRUCTURE:
2 RESEARCH METHODOLOGY
2.1 RESEARCH PROCESS:
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH:
3 MARKET DYNAMICS
3.1 DRIVERS
3.2 RESTRAINTS
3.3 OPPORTUNITIES
3.4 MACROECONOMIC INDICATORS
4 MARKET FACTOR ANALYSIS
4.1 PORTERS FIVE FORCES MODEL
4.2 BARGAINING POWER OF SUPPLIERS
4.3 BARGAINING POWER OF BUYERS
4.4 THREAT OF NEW ENTRANTS
4.5 THREAT OF SUBSTITUTES
4.6 INTENSITY OF RIVALRY
5 GLOBAL MEDICAL WASTE MANAGEMENT EQUIPMENT MARKET, BY TYPES
…Continued
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