Medical Waste Management Market Analysis And Forecast To 2031: By Type of Waste (Hazardous, Non-hazardous), By Service (Collection, Transportation & Storage Services, Treatment and Disposable Services, Recycling Services), By Waste Generator (Hospitals, L

Medical Waste Management Market Analysis And Forecast To 2031: By Type of Waste (Hazardous, Non-hazardous), By Service (Collection, Transportation & Storage Services, Treatment and Disposable Services, Recycling Services), By Waste Generator (Hospitals, Laboratory and Research Centers, Nursing Homes), And Region

The global medical waste management market was valued at USD 12.7 billion in 2021 and it is anticipated to grow up to USD 25.4 billion by 2031, at a CAGR of 7.2% during the forecast period.

Medical waste management is the process of handling, transporting, and disposing of medical waste in a safe and responsible manner. Medical waste includes anything that may be contaminated with blood or other body fluids, including sharps (needles, lancets, etc.), lab samples, and used personal protective equipment (PPE). Medical waste management is an important part of any healthcare facility’s operations. Healthcare facilities must have policies and procedures in place to ensure that medical waste is properly handled and disposed of.

Market Trends and Drivers

Increasing volume of medical waste globally is expected to accelerate the market statistics

Medical waste is usually generated at healthcare facilities including hospitals, dental practices, blood banks, clinics, medical research facilities as well as laboratories. For instance, according to the World Health Organization (WHO), 85% of waste generated in the healthcare sector is general and non-hazardous waste. The remaining 15% is hazardous waste which may be infectious, radioactive, or chemical that might be harmful to the environment. Similarly, according to the Center for Science and Environment (CSE), biomedical waste in India grew from 559 tonnes per day in 2017 to 619 tonnes per day in 2019. Moreover, the number of hazardous waste generating units in the country increased by 3.5%, leading to a decline of almost 7% in hazardous waste generation. Hence, these attributes will boost the demand for medical waste management proving favorable for the overall market progression.

Market Restraints and Challenges

Lack of awareness about the health hazards related to health-care waste, inadequate training in proper waste management, absence of waste management and disposal systems, insufficient financial and human resources and the low priority given to the topic are the most common problems connected with health-care waste may impede the market growth. Poor waste collection leads to environmental and marine pollution and can block water drains. Resulting flooding and other standing waters in waste items favour cholera and vector-borne diseases such as malaria and dengue.

Global Medical Waste Management Market Segmental Overview

The report analyses the global medical waste management market based on type of waste, service, waste generator, and region.

Global Medical Waste Management Market by Type of Waste

Based on type of waste, it is segmented into Hazardous, and Non-hazardous. Among these, hazardous segment accounted for significant market share in 2021. Among these the hazardous waste segment accounted for significant market share in 2021 and the trend will continue to grow in the near future. This is attributed to the increasing utilization of sharps and chemicals during surgeries, treatment, or medical storage. Some of the medical hazardous wastes include anesthesia gases and ethylene oxide, various acids and bases, toxic fumes and gases, and metal wastes (including X-ray and CT scans). Moreover, hazardous wastes have the ability to affect human health. For instance, consumption of expired drugs leads to side effects of the medication that is harmful to the patients. Such scenarios increase the demand to manage medical waste in a proper and efficient manner thereby propelling the medical waste management market growth over the forecast period.

Global Medical Waste Management Market by Services

Based on services, it is segmented into Collection, Transportation, & Strong Services, Treatment and Disposable Services, Recycling Services, and Others. Among them, the treatment and disposable services segment accounted for around USD 1.1 billion market size in 2021 owing to the increasing utilization of autoclaves to kill pathogens such as viruses or bacteria at a specific period and temperature. An autoclave uses steam to sterilize small equipment and tools mainly found in surgical centers, hospitals, laboratories, and other pharmaceutical facilities. Autoclave helps to disinfect certain types of medical waste before transportation and safe disposal. For this, the Centers for Disease Control and Prevention (CDC) suggests steam sterilization at 2500 or 2700 to destruct microbes for infection control. Therefore, autoclaves are mainly used for regulating medical waste after that the waste is considered non-infectious. Moreover, with innovative technologies, new autoclaves are introduced in the medical waste management market with efficient features and applications.

Global Medical Waste Management Market Waste Generator

Based on waste generator, it is segmented into hospitals, laboratory and research centers, nursing homes, and others. Among these, the hospital segment accounted for over significant market size in 2021. Hospitals usually generate different kinds of waste such as healthcare, administrative waste and household. Healthcare waste generally includes infectious, expired pharmaceuticals, chemicals, sharps, needles, and radioactive items. Whereas other non-hazardous waste item generated includes medication boxes and packaging of medical items among others. Medical waste management in hospitals consists of a process that begins at the site of generation where medical waste is collected and segregated into solid bio-medical waste in specific color-coded bins consisting of infected and non-infected waste in different bins. Further, various on-site and off-site methods are available for the treatment of hazardous waste. Therefore, these factors will augment the business expansion during the analysis timeframe.

Geographical Analysis of Global Medical Waste Management Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America medical waste management market revenue is poised to grow significant CAGR during the forthcoming years. High regional growth is attributed to growing government initiatives for medical waste disposal. For instance, The Medical Waste Management Program (MWMP) of the California Department of Public Health, manages the generation, handling, storage, treatment, and disposal of medical waste by overseeing the implementation of the Medical Waste Management Act (MWMA). This act also inspects and permits medical waste offsite treatment facilities and medical waste transfer stations. Additionally, key industry players are focusing on managing medical waste in an effective and eco-friendly manner that should augment the industry growth in forthcoming years.

Major Players in the Global Medical Waste Management Market

The key players in the medical waste management market are

COVID-19 Impact

According to WHO, around 30% of healthcare facilities globally are not equipped to handle medical waste loads. The global medical waste management market experienced tremendous pressure during the COVID-19 pandemic due to the high demand for healthcare waste management services. There is a large concern about hazardous medical waste produced during the COVID-19 pandemic and the risks of contamination associated with waste management. According to WHO, till now, around 10,000 tons of extra medical waste has been generated in response to the COVID-19 pandemic. While countries were actively procuring commodities such as personal protective equipment, PPE kits, diagnostic test kits, disinfectant chemicals, and vaccines, less attention and resources were allocated to the safe and sustainable management of COVID-19-related medical waste.

Recent Developments

• In August 2022, Brightmark, a global waste solutions provider, and Jamar Health Products, a Wisconsin-based health care product manufacturer, announced a strategic partnership to recycle plastic medical waste. Brightmark provides a sustainable and circular solution for recycling and converting Jamars proprietary plastic PATRAN slide sheets into low-carbon fuels and the building blocks for circular plastics.

• In February 2022, Sharps Compliance acquired Midwest Medical Waste to expand its route based services and footprint in Kansas

• In August 2021, Clean Harbors acquired HydroChemPSC, an affiliate of Littlejohn & Co., LLC, for USD 1.25 billion. This acquisition helped the company to strengthen its opportunities with strong brand equity and customer service reputation that enhanced the company’s revenue generation.

• In October 2021, Sharps Compliance acquired Affordable Medical Waste to enhances route based services and density in Indiana

• In February 2020, Stericycle announced an agreement to sell its Domestic Environments Solutions business to Harso Corporation for USD 462.5 million. This strategy has helped the firm to improve its margin percentages and drive long-term value to its shareholders.

Frequently Asked QuestionsQ1. How big is the medical power supply market?Ans. The global medical waste management market size was USD 12.7 billion in 2021 and is anticipated to reach USD 25.4 billion in 2031, growing at a rate of 7.2% from 2022 to 2031.Q2. What is the medical waste management market growth rate?Ans. The growth rate of the medical waste management market is 7.2%.Q3. Which region holds a major market share for the medical power supply market?Ans. North America holds a major market share of the medical waste management market in 2021.Q4. Which segment accounted for the largest medical waste management market share?Ans. By end user, the laboratories segment accounted for the largest medical waste management market share.Q5. Who are the key players in the medical waste management market?Ans. The global medical waste management market report includes players such as Q6. What are the factors driving the medical waste management market growth?Ans. The major factors driving the growth of the market are increasing volume of medical waste generated globally, and increasing importance for effective and eco-friendly waste managementQ7. What are the key growth strategies of medical waste management market players?Ans. The key growth strategies of medical waste management market players are product launch and product approval.Q8. Which region will provide more business opportunities for the medical waste management market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the medical waste management market during the forecast period.

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