The Global Market for Medical Waste Management is Projected to Reach US$14.5 Billion by 2024
Robust Adoption of Medical Disposables & Mounting Environmental Concerns Drive the Global Medical Waste Management Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Medical Waste Management market. The global market for Medical Waste Management is projected to reach US$14.5 billion by 2024, driven by increasing usage of disposable medical products, growing environmental concerns over biomedical waste, increasing number of surgeries, and stringent regulations related to medical waste disposal.
The global medical waste management market is growing at a healthy pace, driven by the growing aging population, pressing need for treating medical waste in a proper manner, the wide adoption of medical disposable products in recent years, and increasing number of surgeries. The amount of hazardous waste from the medical sector is expected to report faster growth than non-hazardous waste owing to the increasing surgical procedure numbers. Surgeries generate waste sharps which are considered hazardous. The growing number of hospitals and clinics has resulted in increased medical waste, thereby creating strong need for medical waste management. Further, as equipment costs continue to remain a key concern in many treatment procedures, the one-time use disposables have become the main target for cost containment.
With mounting environmental and economic concerns, medical waste management is not only witnessing significant thrust, but also facing issues regarding safe disposal of medical waste. Regulatory bodies, including environmental protection agencies, are enforcing stringent regulations on the way the medical waste disposal is handled, so as not to create any harmful effect on the environment. Over the years, the sector of medical waste management witnessed several technological advancements. However, despite the advancements, there is still dearth of awareness with regard to the proper and scientific methods for segregation, collection, treatment, and disposal of waste. Healthcare workers are required to be educated on proper segregation of waste. Proper segregation of waste at source prevents loss of a great deal of time and money during the subsequent stages of the management process.
Off-site waste management would continue to dominate because the companies offering the services attract clients with impressive packages. Clients are also put off by on-site waste disposal because it requires huge investment in establishing the facility, complete with disposal equipment, labor cost, training cost etc. Clients in this case are also required to comply with the regulatory standards which are growing increasingly stringent. Hence, a large number of hospitals are preferring outsourcing of their medical waste management operations to offsite locations. Offsite medical waste management services segment is therefore expected to exhibit faster growth over the ensuing period.
As stated by the new market research report on Medical Waste Management, the United States represents the largest market worldwide. Presence of a sophisticated healthcare sector; growing prevalence of chronic and infectious diseases, which necessitate advanced surgical and medical aids; and stringent rules for management of medical waste drive the region’s growth. Asia-Pacific represents the fastest growing market for medical waste management, registering a CAGR of 5.1% over the analysis period. Key growth drivers include growing social awareness about proper and ethical disposal of medical waste, coupled with stringent rules for disposal of medical residues and by-products.
Major players in the market include Biomedical Waste Solutions LLC, Bondtech Corporation, BWS Inc., Clean Harbors Inc., Cleanaway Waste Management Limited, Daniels Health USA, Gamma Waste Systems, Hawaii Bio-Waste Systems Inc., MedWaste Management, REMONDIS Medison GmbH, San-I-Pak Pacific Inc., Sharps Compliance Inc., Stericycle Inc., STI BioSAFE, SUEZ Recycling & Recovery Pty Ltd, The Mark-Costello Co., Veolia Environmental Services, and Waste Management Inc.
The research report titled "Medical Waste Management: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. The report analyzes the US market for medical waste management by the product service/ segments, such as Management & Disposal Services, Collection Equipment, Liquid Medical Waste Management, and Treatment & Processing Supplies.
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