Medical Waste Management - Market Insights, Competitive Landscape, and Market Forecast - 2030

Medical Waste Management - Market Insights, Competitive Landscape, and Market Forecast - 2030

Medical Waste Management Market by Service (Collection Service, Transport Service, Storage Services, Treatment & Disposal Service, Recycling, and Others), Type of Waste (Hazardous and Non-Hazardous), Treatment Site (Offsite Treatment and Onsite Treatment), Source (Hospitals & Clinics, Diagnostic Labs, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing healthcare facilities especially in developing economies, increasing number of surgeries, growing government initiatives for the importance of medical waste management, and rising innovation in medical waste management technologies across the globe.

The global medical waste management market is estimated to grow at a CAGR of 5.73% during the forecast period from 2024 to 2030. The expansion of healthcare facilities in developing economies, alongside a rising number of surgeries globally, forms a robust foundation for the burgeoning medical waste management market. As these facilities multiply, so does the volume of hazardous medical waste, necessitating effective management solutions. Concurrently, governments worldwide are intensifying their focus on the importance of safe medical waste disposal through stringent regulations and supportive initiatives. This regulatory push not only mandates compliance but also stimulates demand for advanced waste handling technologies that ensure safety and environmental sustainability. Innovations in waste management technologies further amplify this growth trajectory, offering enhanced efficiency and cost-effectiveness while promoting eco-friendly practices. Together, these dynamics create a fertile environment for the expansion of the medical waste management sector, driving adoption rates and fostering a paradigm shift towards safer, more sustainable healthcare waste disposal practices globally. Thus, these factors collectively boost the medical waste management market, during the forecast period from 2024 to 2030.

Medical Waste Management Market Dynamics:

According to the latest statistics from the World Bank Group, the total number of surgeries per 100,000 population in 2022 was 19,124 in Germany, 1,735 in Hong Kong (China), and 6,953 in Spain in 2023. Additionally, as per the recent update provided by European Commission the two most common surgical operations and procedures performed in EU hospitals were cataract surgery and caesarean sections. In 2021, Germany recorded approximately 1,136.7 cataract surgeries per 100,000 population, while France reported around 1,416.6 per 100,000 population and Spain about 853.6 per 100,000 population. In terms of caesarean sections, Germany performed approximately 293.5 procedures per 100,000 population, France 224.1 procedures per 100,000 population, and Spain 172 procedures per 100,000 population during the same period. Thus, the increase in surgeries globally presents a substantial opportunity for the growth of the medical waste management market. As the number of surgical procedures rises, so does the volume of medical waste generated, comprising hazardous materials such as sharps, biological waste, and pharmaceuticals. This surge necessitates effective and compliant waste management solutions to mitigate environmental and health risks thereby boosting the overall market of medical waste management.

Additionally, governments worldwide are prioritizing effective medical waste management due to its significant health and environmental risks, as highlighted by the World Health Organization (WHO). Improper disposal can lead to infections and environmental contamination, impacting water and soil quality. In Europe, the EU's Waste Framework Directive mandates strict measures for the segregation, collection, and treatment of medical waste across member states. These regulations aim to safeguard public health and minimize environmental hazards associated with medical waste disposal.

Furthermore, the collaboration between the companies marks a significant advancement in medical waste management. For instance, in January 2024, Northwell collaborated with Envetec to treat regulated medical waste, becoming the first US healthcare system to implement innovative clean technology. Thus, this could stimulate further research and development in clean technologies, driving market growth and encouraging more healthcare providers to invest in modern waste management solutions. Overall, the visibility and impact of this collaboration have the potential to catalyze positive changes and foster a more robust market for medical waste management solutions.

However, the lack of awareness among healthcare workers and the general public about the proper handling and disposal of medical waste can lead to improper practices and inadequate infrastructure for the collection, transportation, and treatment of medical waste can pose logistical challenges and increase health risks due to potential exposure to infectious materials may hinder the growth of medical waste management during the forecast period.

Medical Waste Management Market Segment Analysis:

Medical Waste Management Market by Service (Collection Service, Transport Service, Storage Services, Treatment & Disposal Service, Recycling, and Others), Type of Waste (Hazardous and Non-Hazardous), Treatment Site (Offsite Treatment and Onsite Treatment), Source (Hospitals & Clinics, Diagnostic Labs, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the type of waste segment of the medical waste management market, the hazardous category is estimated to have a significant revenue share in the medical waste management market in 2023. The increasing prevalence of infectious diseases such as tuberculosis, typhoid, hepatitis B, HIV AIDS, and others are going to increase the market for hazardous medical waste management. For instance, as per the latest data provided by the World Health Organization, in 2022, people living with HIV were 39 million and approximately 1.3 million people were acquiring HIV globally. The hospitals deal with samples such as sputum, swabs, and other items of the patient that may contain viable disease-causing microorganisms making it essential to properly dispose of the hazardous biomedical waste otherwise it can act as a potential source of infection for numerous infectious diseases including HIV, tuberculosis, and hepatitis among others.

The rising amount of chemical and radioactive waste is another driver accelerating the demand for hazardous medical waste management. In healthcare facilities, various chemicals utilized during the time of surgeries and treatment generate hazardous medical waste. For example, anesthesia used to make the patient unconscious before surgery is a potent medical waste hazard. The radioactive isotopes such as Flourine-18(F-18), Tritium (H-3), and Carbon-14(C-14) among others used in hospitals for diagnostic and therapeutic purposes are the source of radioactive waste. The X-rays used in radiology are also considered hazardous medical waste due to their high composition of silver. Also, a large amount of radioactive waste is generated in the Department of Nuclear Medicine. Radioactive wastes are genotoxic which means they are capable of damaging the DNA causing mutations that may trigger the growth of tumor cells and can result in birth defects. Radioactive waste also tends to harm the environment if not handled properly. Hence, proper identification, segregation, and disposal of radioactive waste are important to avoid any kind of dangerous situation in the future.

Therefore, owing to the above-mentioned factors, the hazardous medical waste category is expected to generate considerable revenue thereby pushing the overall growth of the medical waste management market during the forecast period.

North America is expected to dominate the overall medical waste management market:

North America is expected to account for the highest proportion of the medical waste management market in 2023, out of all regions. The market for medical waste management in North America is driven by several key factors. Stringent regulatory frameworks such as those enforced by the Environmental Protection Agency (EPA) in the United States and similar agencies in Canada, mandate proper handling and disposal of medical waste to mitigate health and environmental risks. Moreover, the rise in healthcare facilities, the increased number of surgeries across the region, and the presence of key market players in the region drive the medical waste management market in North America.

One of the prominent factors supporting the growth of the North America medical waste management market is the availability of high-tech medical facilities. According to the data published by the American Hospital Association 2024, there are around 6,120 hospitals in the United States. Additionally, according to the American Hospital Association (2024), in 2022 Annual Survey reports states that the U.S. hospitals had a total of 33,679,935 hospital admissions. As more healthcare facilities are established and patient intake rises, the demand for efficient waste management solutions escalates to ensure compliance with regulatory standards and to mitigate health and environmental risks. This surge drives investments in advanced technologies and services designed to manage diverse types of medical waste, from infectious materials to hazardous chemicals. Consequently, the medical waste management industry experiences growth as it adapts to meet the expanding needs of the healthcare sector, fostering innovation and improving overall waste-handling practices.

According to the latest statistics from the World Bank Group, the total number of surgeries per 100,000 population in 2021 was 6,928 in Canada. Thus, the increase in surgeries globally presents a substantial opportunity for the growth of the medical waste management market as the number of surgical procedures rises, so does the volume of medical waste generated which further propels the market of medical waste management.

Furthermore, in North America, government initiatives to manage medical waste are robust and multifaceted, aiming to safeguard public health and the environment. In the United States, the Environmental Protection Agency (EPA) enforces the Resource Conservation and Recovery Act (RCRA), which sets comprehensive guidelines for the treatment, storage, and disposal of hazardous waste, including medical waste.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the medical waste management market.

Medical Waste Management Market Key Players:

Some of the key market players operating in the Medical Waste Management market include Stericycle, Inc., Veolia Group, WM Intellectual Property Holdings, L.L.C., Clean Harbors, REMONDIS SE & Co. KG, GRP, Biotic Waste Limited, Daniels Sharpsmart Inc., Republic Services, Inc., EcoMed, Triumvirate Environmental, BWS Incorporated, MEDPRO Disposal, LLC, All Medical Waste Australia Pty Ltd., GIC Medical Disposal, Gamma Waste Services, Casella Waste System Inc., SSO Medical Waste Management, MedWaste Industries, SafeGuard Waste Solution, MedWaste Industries, and others.

Recent Developmental Activities in the Medical Waste Management Market:

In May 2022, Republic Services Inc., completed the acquisition of US Ecology expanding its footprint across the US and Canada.

In October 2020, Waste Management Inc. completed the acquisition of Advanced Disposal. The acquisition allowed Waste Management Inc., to deliver sustainable waste management and recycling services to US customers.

Key Takeaways From the Medical Waste Management Market Report Study:

Market size analysis for current medical waste management size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the medical waste management market.

Various opportunities available for the other competitors in the medical waste management market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current medical waste management market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for medical waste management market growth in the coming future?

Target Audience who can be Benefited From This Medical Waste Management Market Report Study:

Medical waste management product providers

Research organizations and consulting companies

Medical waste management -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and traders dealing in medical waste management

Various end-users who want to know more about the medical waste management market and the latest technological developments in the medical waste management market.
 
Frequently Asked Questions for the Medical Waste Management Market:

1. What is medical waste management?

Medical waste management refers to the systematic handling, segregation, collection, transportation, treatment, and disposal of waste generated by healthcare facilities, laboratories, and research institutions. Its primary goal is to minimize health and environmental risks associated with potentially infectious or hazardous materials, ensuring safe and responsible handling from generation to final disposal.

2. What is the market for medical waste management?

The medical waste management market is estimated to grow at a CAGR of 5.73% during the forecast period from 2024 to 2030.

3. What are the drivers for the medical waste management market?

The expansion of healthcare facilities in developing economies, alongside a rising number of surgeries globally, forms a robust foundation for the burgeoning medical waste management market. As these facilities multiply, so does the volume of hazardous medical waste, necessitating effective management solutions. Concurrently, governments worldwide are intensifying their focus on the importance of safe medical waste disposal through stringent regulations and supportive initiatives. This regulatory push not only mandates compliance but also stimulates demand for advanced waste-handling technologies that ensure safety and environmental sustainability. Innovations in waste management technologies further amplify this growth trajectory, offering enhanced efficiency and cost-effectiveness while promoting eco-friendly practices. Together, these dynamics create a fertile environment for the expansion of the medical waste management sector, driving adoption rates and fostering a paradigm shift towards safer, more sustainable healthcare waste disposal practices globally. Thus, these factors collectively boost the medical waste management market, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the medical waste management market?

Some of the key market players operating in Medical Waste Management are Stericycle, Inc., Veolia Group, WM Intellectual Property Holdings, L.L.C., Clean Harbors, REMONDIS SE & Co. KG, GRP, Biotic Waste Limited, Daniels Sharpsmart Inc., Republic Services, Inc., EcoMed, Triumvirate Environmental, BWS Incorporated, MEDPRO Disposal, LLC, All Medical Waste Australia Pty Ltd., GIC Medical Disposal, Gamma Waste Services, Casella Waste System Inc., SSO Medical Waste Management, MedWaste Industries, SafeGuard Waste Solution, MedWaste Industries, and others.

5. Which region has the highest share in the medical waste management market?

North America is expected to account for the highest proportion of the medical waste management market in 2023, out of all regions. The market for medical waste management in North America is driven by several key factors. Stringent regulatory frameworks such as those enforced by the Environmental Protection Agency (EPA) in the United States and similar agencies in Canada, mandate proper handling and disposal of medical waste to mitigate health and environmental risks. Moreover, the rise in healthcare facilities, increased number of surgeries across the region, and the presence of key market players in the region driving the medical waste management market in North America.