Medical Waste Management Market Is Prospering Owing To The Rising...

Medical Waste Management Market Is Prospering Owing To The Rising Prevalence of Chronic Diseases Worldwide

Posted 2022-11-14 10:37:42

The global Medical Waste Management Market is expected to exceed the market valuation of more than US$ 9.4 billion by 2027 expanding at a reasonable CAGR of 6.18% during the forecast period (2021-2027). The demand for Medical Waste Management is increasing on account of the rising aging population, which in turn is increasing the number of patients suffering from chronic or infectious diseases leading to a rising volume of medical waste. Consequently, with the increasing volume of medical waste, government organizations, all over the world, are taking various initiatives for the management of medical waste. For example, in India, the Ministry of Environment and Forests (MoEF), Government of India, notified the Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003, and Medical Waste Management and Handling Rules, 1998 to provide obligatory and statutory guidelines for medical waste management. In addition, the rising awareness regarding medical waste management is also driving market growth.

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Based on Service, the market is fragmented into Collection, Transportation, & Storage Services, Treatment & Disposal Services, and Recycling Services. The collection, transportation, and storage services segment is expected to grow at lucrative during the forecasted period owing to the presence of stringent regulations for the collection, transportation, and storage of medical waste. Based on the Type of Waste, the market is bifurcated into Non-hazardous Waste and Hazardous Waste. The Non-hazardous Waste segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period owing to the rise in the number of clinics & hospitals, and surge in demand for healthcare products for the treatment of diseases. According to WHO, of the total amount of waste generated by healthcare activities, about 85% is general, non-hazardous waste.

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Based on the Treatment Site, the market is bifurcated into Offsite Treatment and Onsite Treatment. The Offsite segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period owing to the rising prevalence of chronic diseases, high advancements in the R&D sector in healthcare, and the use of innovative technology in waste management. Based on Waste Generator, the market is fragmented into Hospitals & Diagnostic Laboratories, and Other Waste Generators. The Hospitals & Diagnostic Laboratories segment dominated the market in 2020 and is expected to grow at a lucrative growth during the forecast period.

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For a better understanding of the market adoption of Medical Waste Management, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. North America will dominate the Medical Waste Management market on account of the growing aging population and stringent regulations in this region. Some of the major players operating in the market include Stericycle, Veolia Environnement S.A., Suez Environnement, Clean Harbors, REMONDIS AG & Co. KG, Sharps Compliance, Inc., Waste Management, Inc., BioMedical Waste Solutions, LLC, Daniels Sharpsmart Inc., Republic Services, Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

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Global Medical Waste Management Market Segmentation

Market Insight, by Service

· Collection, Transportation, & Storage Services

· Treatment & Disposal Services

o Incineration

o Autoclaving

o Chemical Treatment

o Other Treatments

· Recycling Services

Market Insight, by Type of Waste

· Non-hazardous Waste