Medical waste management encompasses the proper handling of biomedical waste generated by hospitals, laboratories, research facilities, and surgery centers. It involves various services such as autoclaving, chemical treatment, and incineration. The primary objective of medical waste management is to ensure the safe collection, storage, treatment, and disposal of biological waste, protecting the well-being of the public, animals, and the environment. Through effective management practices, the risks associated with medical waste are minimized, ensuring a healthier and safer healthcare ecosystem.
According to Data Bridge Market Research the Medical Waste Management Market accounted for USD 9.06 billion in 2022, and expected to reach USD 14.49 billion by 2030. The market is expected to grow with a CAGR of 6.05% in the forecast period of 2023 to 2030.
“Growing support by the government will drive the market growth”
The global market for medical waste management is experiencing growth due to government initiatives aimed at effective waste management. An example is the 2019 regulation signed by the United States Environmental Protection Agency, which provides guidelines for properly managing hazardous pharmaceutical waste. Furthermore, increased funding for research and development initiatives and the widespread utilization of biomedical products and technology drive market expansion.
What restraints the growth of the medical waste management market?
“Lack of awareness regarding hazards”
The growth of the medical waste management market may face limitations in underdeveloped economies due to a lack of awareness regarding the health hazards associated with untreated disposed medical waste. Harmful gases such as ethylene oxide, toxic fumes, anaesthesia gases, and medical waste can have direct detrimental effects on respiratory and cardiovascular organs, potentially leading to severe medical conditions. Addressing this lack of awareness and promoting proper medical waste management practices becomes essential to mitigate these risks and facilitate market growth.
Segmentation: Global Medical Waste Management Market
The medical waste management market is segmented on the basis of type of waste, service type, treatment type, treatment site, category, and source of generation.
- On the basis of type of waste, the medical waste management market is segmented into hazardous waste, non-hazardous waste.
- On the basis of service type, the medical waste management market is segmented into collection, transportation and storage, treatment and disposal, recycling, others.
- On the basis of treatment type, the medical waste management market is segmented into incineration, autoclaving, chemical treatment, irradiative, biological, others.
- On the basis of treatment site, the medical waste management market is segmented into offsite, onsite.
- On the basis of category, the medical waste management market is segmented into controlled, uncontrolled.
- On the basis of source of generation, the medical waste management market is segmented into hospitals, physician offices, clinical laboratories, manufacturers, reverse distributors.
Regional Insights: North America dominates the Medical Waste Management Market
North America dominates the medical waste management market owing to the rising prevalence of chronic diseases, the presence of key players, the growing environmental awareness surrounding waste management, and the increasing volume of medical waste in the region, North America accounted for a significant portion of the medical waste management market and is anticipated to maintain its dominance during the forecast period.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to an increase in the prevalence of chronic diseases, an increase in the population of geriatrics, an increase in the demand for healthcare services and products, and an increase in the number of hospitals and clinics, Asia-Pacific is predicted to have the highest CAGR.
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Recent Developments
- In 2022, the government of Japan and the United Nations Development Programme (UNDP) launched a new project in August to assist national health agencies and other key stakeholders in Bhutan, Bangladesh, and the Maldives in combating with the unprecedented rise in infectious healthcare waste caused by the COVID-19 pandemic.
- In 2022, a new company called MediWaste was established in March to treat Bermuda's biohazardous waste. MediWaste is in charge of transporting, treating, and disposing medical waste using two specially designed incinerators.
The Prominent Key Players Operating in the Medical Waste Management Market Include:
- Stericycle Inc (U.S.)
- Veolia Environnement SA (France)
- SUEZ (France)
- CLEAN HARBORS, INC. (U.S.)
- WM Intellectual Property Holdings, L.L.C (U.S.)
- Republic Services, Inc. (U.S.)
- REMONDIS SE & Co. KG (Germany)
- BioMedical Waste Solutions, LLC. (U.S.)
- Ecomed Services (Canada)
- Triumvirate Environmental (U.S.)
- BWS Incorporated (U.S.)
- MEDPRO Disposal, LLC (U.S.)
- Gamma Waste Services (U.S.)
- Daniels Sharpsmart, Inc. (U.S.)
- Casella Waste Systems, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of medical waste management market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Waste Management Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
