Medical Waste Management Market: Overview
Medical waste management market promises robust growth during 2017-2025, thanks to rising effectiveness in protocols, and general shortfall experienced by hospitals to deal with large amounts of waste products. The growing scrutiny of open dumping and improvements in disinfection measures are also expected to result in significant growth for the market during the forecast period. n recent few years, there is remarkable growth in the number of patients dealing with various infectious health conditions. Thus throughout the diagnosis and treatment process of these patients, a considerable amount of medical waste is created. Improper management of such medical waste can lead to spread of diseases. This scenario highlights the importance of proper medical waste management and creates promising demand opportunities for vendors working in the global medical waste management market. The global medical waste management market was valued at over US$ 10 Bn in 2016 and is expected to expand at the CAGR of above 5% during the forecast period of 2017 to 2025
Impact of COVID-19
Medical waste refers to any type of waste that includes infectious material (or material that are potentially infectious). Thus, medical waste can be defined as the waste generated by healthcare facilities such as hospitals, dental practices, physician's offices, medical research facilities, veterinary clinics, and laboratories. Around 85% medical waste generated from healthcare sector is non-hazardous and 15% waste is toxic and infectious. This waste can be hazardous for human health as it can lead to severe health issues. As a result, the government bodies of many countries across the globe have compelled hospitals and other healthcare centers to follow proper guidelines for the disposal of medical waste. This factor is generating tremendous expansion opportunities in the global medical waste management market. While the recent COVID-19 pandemic showed negative impact on the growth of many industrial sectors, the vendors working in the global waste management market are gaining prominent demand opportunities. One of the key factors supporting this growth is remarkable rise in the number of patients infected with coronavirus, which is an infectious disease.
The global medical waste management market has been segmented based on nature of waste, waste types, waste generator type, types of services provided by the players, and by geography. In terms of nature of waste, the global medical waste management market has been segmented into non-hazardous medical waste and hazardous medical waste. The non-hazardous medical waste was estimated to hold maximum market share in 2016. However, the hazardous medical waste segment is anticipated to grow significantly faster during the forecast period. According to World health Organization (WHO), non-hazardous and hazardous waste contributes 85% and 15% of the total medical waste generated respectively, among these, the non-hazardous waste is not properly separated owing to low awareness in low income countries making the real quantity of hazardous waste much higher.
North America to Remain Most Dominant in Global Market
Geographically, the global Medical Waste Management is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global medical waste management market owing to highest use of biomedical technologies and products, rapidly aging population, increasing healthcare expenditure, stringent laws for medical waste management, and highest awareness about safety and security of the public health and environment. Europe held second largest market in the year 2016 in the global medical waste management owing to increasing prevalence of infectious and lifestyle diseases, growing adoption of advanced medical technologies leading to increased diagnosis and treatment of various diseases, and presence of large number of healthcare waste generators in the region.
Major players operating in the global medical waste management market includes CLEAN HARBORS, INC., Stericycle, Waste Management, Inc., Republic Services, Inc., Sharps Compliance, Inc., Veolia, Daniels Health, US Ecology, Inc., BioMedical Waste Solutions, LLC., and BWS Incorporated. The emerging players in the global medical waste management market includes ALBA Services GmbH & Co. KG, SUEZ, GRP & Associates, Inc., among others.
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