Medical Waste Management Market

Medical Waste Management Market Overview 2030

The global medical waste management market size was valued at $7,226.4 million in 2020, and is projected to reach $12,834.9 million by 2030, registering a CAGR of 5.8% from 2021 to 2030. The medical waste management is defined as the management of biomedical waste by various services such as incineration, chemical treatment and autoclaving. Medical waste is the by-product generated from the hospitals, laboratories, and research industry and surgery centers. This growth of this market is due to increase in volume of medical waste, stringent regulatory framework in order to manage the medical waste safely and in eco-friendly way, and development of healthcare infrastructure. In addition, increasing numbers of awareness program regarding medical waste management, propels the growth of the market

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global medical waste management market. The COVID-19 pandemic has stressed healthcare systems in the world and increased volume of medical waste, which are produced from hospital, diagnostic centers, research centers, laboratories, and clinics.

Medical waste is defined as the byproduct of medical, surgical, and treatment procedures, which are performed at healthcare facilities. Waste generated from hospitals, diagnostic centers, and clinic requires proper handling and management. Medical waste management ensures proper collection, storage, treatment, and disposal of biomedical waste to ensure safety of general population, animal, and environment.

Growth of the global medical waste management market is majorly driven by a growth in volume of medical waste; rise in geriatric population; rise in prevalence of chronic disease; and increase in technology for effective treatment of medical waste. According to the Central Pollution Control Board (CPCB), it was reported that India generated approximately 45,308 tons of biomedical waste between June 2020 and May 2021, owing to increase in use of various diagnostic activities and treatment of COVID-19 patients. According to the Longitudinal Ageing Study in India (LASI), in 2020, it was reported that two in every three geriatric person was diagnosed with a chronic disease. In addition, initiatives taken by governments for effective management of medical waste fuels the market growth. For instance, in 2019, the United States Environmental Protection Agency signed a rule titled “management standards for hazardous waste pharmaceuticals and amendment to the P075 listing for nicotine,” which states streamlined standards for handling hazardous pharmaceuticals waste. Moreover, rise in funding for research activities and high utilization of biomedical products and technology propel growth of the market.

However, high cost of services and transportation provided by emerging key players is expected to restrict the medical waste management market growth during the forecast period.

Medical Waste Management Market Segmentation

The medical waste management market is segmented on the basis of service, type of waste, treatment site, and region. By service, the market is categorized into collection, transportation, and storage services, treatment & disposal services, and recycling services. The treatment & disposal services segment is further classified into incineration, autoclaving, chemical treatment and others. The type of waste segment is classified into non-hazardous waste, and hazardous waste. The hazardous waste segment is further divided into infectious & pathological waste, pharmaceutical waste, sharp waste, and others.
By treatment site, it is divided into offsite treatment, and onsite treatment.

Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment review

Depending on service, the treatment & disposal services segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in demand for incineration, rise in prevalence of chronic disease, and advancements in technology for medical waste treatment. However, the collection, transportation, and storage services segment is expected to witness considerable medical waste management market growth during the forecast period, owing to increase in volume of medical waste, development of hospitals and research laboratories, and rise in regulation for collection, transportation, and storage of medical waste.

On the basis of type of waste, the non-hazardous waste segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to surge in number of hospitals & clinics and increase in demand for healthcare products for treatment of diseases. However, the hazardous waste segment is expected to witness considerable growth during the forecast period, owing to increase in prevalence of chronic and infectious diseases, surge in development of pharmaceutical and biotechnology industries, and advancements in R&D activities in the healthcare sector.

On the basis of treatment site, the offsite treatment segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic diseases, advancements in R&D activities in the healthcare sector and use of innovative technologies in waste management. However, the onsite treatment segment is expected to witness considerable growth during the forecast period, owing to increase in volume of biomedical waste and emerging key players for effectively management of medical waste.

North America accounted for a major share in the medical waste management market in 2020, and is expected to maintain its dominance during the forecast period, owing to rise in prevalence of chronic diseases, presence of key players, increase in environmental awareness regarding waste management, and increase in volume of medical waste in the region. However, Asia-Pacific is expected to register highest CAGR of 7.1% from 2021 to 2030, owing to increase in prevalence of chronic diseases, rise in geriatric population, increase in demand for healthcare products and services, and rise in number of hospitals and clinics.

Key players operating in the global medical waste management market include Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Daniels Health Inc., EcoMed Services, Remondis Medison (A Subsidiary of Remondis Ag & Co.Kg), Republic Services, Inc., Stericycle, Inc., Suez Environmental Services, Veolia Environmental services, and Waste Management, Inc.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the medical waste management market, and the current trends and future estimations to elucidate imminent investment pockets.
• It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing medical waste management market opportunities.
• Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
• Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the medical waste management market.

 Medical Waste Management Market Report Highlights