08-Jun-2021 | Facts and Factors
According to Facts and Factors, the global medical waste management market was valued at over USD 6,800 Million in 2020 and is expected to generate over USD 9,400 Million in revenue by the end of 2026, with a CAGR of around 5.6% between 2021 and 2026.
Medical waste is garbage created by healthcare institutions such as physician's offices, hospitals, dental practices, labs, medical research institutions, and veterinary clinics that contains infectious material. Medical waste may contain body fluids, such as blood, as well as other pollutants. The Medical Waste Tracking Act of 1988 defines it as waste created during human or animal medical research, testing, diagnosis, vaccination, or treatment. Bandages, swabs, gloves, discarded needles, and tissue are just a few examples of medical waste.
Effective wastage segregation is essential for medical waste management. If it is not done appropriately, there is always the risk of a little number of dangerous materials being mixed in with a huge amount, eventually contaminating the entire volume. The demand for medical waste management is expected to increase significantly as a result of the highest utilization of biomedical products and technologies, the growing elderly population, rising healthcare costs, strict market laws, and raising awareness of environmental and public-health security and safety. The industry is growing due to factors such as the rising number of such items, increased attention on the management of medical waste, and a strict regulatory framework to manage these items safely and environmentally. The management is highly fragmented, with a significant number of trash management behemoths as well as newcomers. Furthermore, developing businesses have a higher chance of entering the market due to the availability of research funding, a favorable regulatory environment, and rules that aid newcomers. Medical waste created by clinics, hospitals, and healthcare institutes is classified as either hazardous or non-hazardous by the World Health Organization. However, non-hazardous and general waste accounts for 85 percent of the waste created, while hazardous waste accounts for 15%.
Waste Management, Inc., US-based waste management, company, paid $4.6 billion for Advanced Disposal Services, Inc. in 2019. The acquisition expanded the company’s footprint and allowed it to provide an unrivaled level of differentiated, sustainable waste management and recycling services to approximately 3 million new industrial, residential, and commercial customers in 16 states across the eastern half of the United States.
Top Market Players
Major players operative in the global medical waste management are Stericycle, All Medical Waste Australia Pty Ltd., Veolia Environnement S.A., MedPro Disposal, Suez Environnement, Triumvirate Environmental, Clean Harbors, Gamma Waste Services, REMONDIS AG & Co. KG, BWS Incorporated, Sharps Compliance, Inc., GRP & Associates, Waste Management, Inc., GIC Medical Disposal, BioMedical Waste Solutions, LLC, EPCO, Daniels Sharpsmart Inc., Casella Waste Systems, Inc., Republic Services, Inc. and EcoMed Services amongst others.
The medical waste management industry is likely to be driven by the increased usage of disposable medical items in healthcare institutions. Most goods used in a healthcare context are single-use to prevent cross-contamination among patients and reduce hospital-acquired infections. Due to the COVID-19 pandemic epidemic, the usage of single-use or disposal goods increased dramatically. Surgical gloves, masks, disposable bed sheets, intravenous saline bags, syringes, and other commonly used disposables make for the majority of hospital waste. As a result, the market is likely to be driven by the increased usage of disposable medical items.
The medical waste management market's expansion is being stifled by a lack of knowledge in emerging nations. Lack of knowledge of biomedical waste regulatory requirements and medical waste management protocols among health care providers and sanitation workers is triggering improper waste segregation, resulting in increased toxic waste, needle prick injuries, and infections such as hepatitis, putting a strain on medical waste management companies. Infectious waste (also known as hazardous medical waste) accounts for 15 to 25% of overall healthcare waste. Health care waste is not segregated into hazardous and non-hazardous waste in low-income nations, according to the World Health Organization (WHO), resulting in an increase in the real quantity of hazardous waste. As a result, in developing nations, a lack of understanding is impeding the growth of the medical waste management market.
Medical waste management is one of the most significant difficulties that healthcare practitioners encounter on a daily basis. Other issues, including HIPAA, epidemiology, possible civil lawsuits, and state and municipal legislation, might make it more difficult. The leading players in the medical waste management industry are concentrating on expanding their service and product portfolios in the waste management industry. In order to enhance their market position in the global medical waste management market, companies are pursuing different growth methods such as collaborations, agreements, mergers, and acquisitions.
North America is projected to Dominate Global Medical Waste Management Market Growth
In terms of value, the highest market share was held by North America, followed by the Asia Pacific. The rise of the medical waste management sector in North America is being fueled by the region's aging society and stringent laws.
Browse the full “Medical Waste Management Market by Service Type (Collection, Transportation, & Storage Services, Recycling Services, Treatment & Disposal Services, and Others) By Waste Type (Hazardous Waste and Non-Hazardous Waste), By Treatment Site (Onsite Treatment and Offsite Treatment), By Waste Generator (Hospitals, Research Centres, Diagnostic Laboratories, and Others) By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” report at https://www.fnfresearch.com/medical-waste-management.
The global medical waste management market is segmented as follows:
By Service Type:
By Waste Type:
By Treatment Site:
By Waste Generator:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Facts & Factors
A 2108, Sargam,
Pune 411041, India
We at Facts Factors have recently added the market study titled Instant Noodles Market to our pool of market studies that focus solely on an analytical approach. We estimate that the market will be valued at USD 45.67 Billion in the year 2020 and will grow to an anticipated value of USD 73.55 Billion in the year 2026 with a CAGR growth of 6%. ...
Published Date : 23-Jun-2021 | | Category : Food & Beverages | Pages : 171 | Format : Read more
The recent publication titled Global ePharmacy Market has been added to our long list of market studies that aims to capture a detailed and comprehensive outlook of the respective market. We at Facts Factors estimate that an initial value of the market will be USD 51.20 Billion in the year 2020 and is expected to grow to a final value of USD 111.10 Billion in the year 2026 with a CAGR growth of 15.10%. <img src=" ...
Published Date : 23-Jun-2021 | | Category : Healthcare | Pages : 173 | Format : Read more
[205+ Pages Report] The latest market study published by Facts Factors titled Medical Device Market contains the latestabout the market in terms of an analytical approach. We estimate that the globalMedical Device Market will flourish at an astounding rate of 5% CAGR during the forecast period to grow to a value of USD 623 Billion by 2026 from an initia ...
Published Date : 21-Jun-2021 | | Category : Medical Device | Pages : 205 | Format : Read more