According to Precedence Research, the global medical waste management market was estimated at US$ 6.90 billion in 2020 and is projected to reach US$ 11.92 billion by 2030, registering a CAGR of 5.8% from 2021 to 2030. The report contains 150+ pages with detailed analysis.
The report provides the overall revenue of the global medical waste management market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global medical waste management market for the period from 2017 to 2030.
Medical waste can be defined as a type of waste that comprises infectious substances. This contains waste produced by healthcare amenities like doctor’s offices, dental practices, hospitals, research laboratory, medicinal research amenities, and veterinary hospitals. The increasing patient population internationally is anticipated to increase the quantity of medicinal waste generated by the healthcare facilities. With the increasing quantity of medical waste, the administrations, worldwide, are undertaking several actions for the management of medicinal waste. The increasing number of actions by the government establishments is likely to support the medicinal waste management industry growth over the estimate timeframe. The advancement of innovative production techniques for medical devices and medicines in the healthcare industry is increasing rapidly in throughout the world. Moreover, the progress of the industry is also reflected by the effectual supply of inventories essential in the everyday functioning of diagnostic centers, clinics, and hospitals.
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Scope of the Study
This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Factors such as exponentially increasing volume of medical waste, rising geriatric population, increasing prevalence of chronic disorders such as cardiovascular diseases and diabetes, growing obese population, increasing requirement for sustainable and effective medical waste management, increasing focus of governments all over the world to tackle the issue of medical waste management, and increasing number of accidents are driving the growth of medical waste management market. Moreover, integration of latest technologies and growing investment by key manufacturers is driving the medical waste management market growth across the world. Additional features that are expected to fuel this business are increasing per capita healthcare expenditure and implementation of stringent regulations by governments related to medical waste management.
Above 65% of all deaths occur due to the five major chronic ailments viz., cancer, heart disease, diabetes stroke, and COPD. Chronic ailments are accountable for seven out of ten demises in the United States (more than 1.7 million individuals) each year. After heart ailments, cancer is the second predominant cause of demise in the U.S. Increasing elderly population, coupled with prevailing risk aspects (for example poor nutrition, absence of physical activity, and tobacco usage) and medical developments have led to the deduction that these difficulties are only going to amplify if not efficiently addressed over near future. The rising prevalence of chronic ailments is anticipated to result in a greater demand for healthcare devices, medicines, and equipment’s, which in turn is anticipated to bolster the progress of medical waste management industry over the forecast timeframe.
- Among the treatment segment, incineration dominated the overall market in 2020. Incineration is the lone method employed for pathological scrap such as identifiable tissue and body parts that augments the segmental share. The chemical treatment segment is estimated to grow at the uppermost CAGR through the forecast duration.
- Hazardous waste accounted for the major share in the end-user segment with more than 65% share in 2020 due to high volume of hazardous waste generation. Moreover, implementation of stringent regulations for the safe disposal of hazardous waste by governments all over the world is expected to boost the demand for hazardous waste management in the near future.
- Stericycle Inc., Waste Management, Inc., and Clean Harbors accounted for a significant share of the global medical waste management market.
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North America region dominated the worldwide market with a market share of higher than 42%. The U.S. indicated the highest slice in North America principally due to high incidence of cancer and early implementation of latest medical waste management techniques. Moreover, presence of major industry players and constant innovation also supported the high market portion of North America.
Europe was the subsequent significant market chiefly due to high geriatric population. Presence of positive reimbursement scenario in the European region is also expected to lift the demand for medical waste management in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around 6.8% in the estimate period due to increasing per capita healthcare expenditure and high number of accidents. Latin America and Middle East and African region will display noticeable growth.
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The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The medical waste management report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
Key Market Players and Strategies:
Leading competitors contending in the global medical waste management market are as follows:
- BioMedical Waste Solutions
- Stericycle Inc.
- Clean Harbors
- MedPro Waste Disposal
- Waste Management, Inc.
- Sharps Compliance, Inc.
Augmented spending on investigation and advance along with collaborations, acquisition, and mergers are the central strategies adopted by the major companies active in the global medical waste management market. Moreover, leading companies are investing heavily on research for improvements in the waste management technology. Major companies operating in the global market are focusing on development of new eco-friendly technologies that can be implemented for sustainable and efficient waste management.
Major Market Segments Covered:
- Chemical Treatment
By Waste Type
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Why should you invest in this report?
If you are aiming to enter the global medical waste management market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for medical waste management are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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