Medical Waste Management Market

Medical Waste Management Market Size (2023-2028)

The Medical Waste Management Market size is expected to be valued at USD 10.5 billion by 2028, growing at a CAGR of 6.22% from 2023 to 2028.

Any waste generated from the treatment procedures from the healthcare facilities that can create potential harm to the public, animals, and environment is called medical waste. Medical waste is a significant concern worldwide and is primarily generated through various healthcare facilities such as hospitals, blood banks, laboratories, research centers, and others. For example, hospitals produce a significant load of medical waste, and an estimated 500 grams per day of medical waste is released. Medical waste is of two types, which are hazardous waste and non-hazardous waste. The proper management of medical waste is crucial to control the spread of infectious diseases, which is called medical waste management.

Medical Waste Management Market Drivers:

The rising volume of medical waste from healthcare facilities is one of the key factors promoting the growth of the medical waste management market. The recent COVID-19 pandemic has significantly increased the volume of medical waste worldwide. According to World Health Organization (WHO), an estimated 144000 tonnes of medical waste in the form of syringes, needles, and others has been generated from more than 8 billion vaccine doses. Countries such as the U.S., Canada, Kazakhstan, Iran, and others contributed significantly to global medical waste production in 2021.

A growing number of surgical operations being performed each day across the world is another major factor propelling the medical waste management market. National Library of Medicine mentioned that a whopping number of 13.1 million surgical procedures were recorded between January 2019 and January 2021. Furthermore, across the world, the adoption of single-use medical devices or disposable devices is growing aggressively during single procedures, which is anticipated to result in medical waste and boost the market growth. In addition, the growing involvement of technological solutions in handling medical waste is anticipated to favor the market’s growth rate.

Furthermore, an increasing number of awareness programs by governments and market participants around medical waste management is anticipated to boost the market growth. Rising awareness around eco-friendly waste management and strict environment and safety regulations by various governments are further expected to escalate the market’s growth rate. In addition, the increasing number of people suffering from chronic diseases worldwide is accelerating the production of medical waste, accelerating the demand for the medical waste management market.

Medical Waste Management Market Restraints:

High costs associated with the equipment, technologies, and transportation that operate with medical waste management are one of the major factors hampering the market growth. Furthermore, worldwide, many do not adequately understand the challenges and damages that medical waste can create. This lack of awareness among people and healthcare facilities limits the market’s growth rate. In addition, many hospitals and other healthcare facilities are not providing any training to the staff regarding the proper disposal of medical waste, which is expected to slightly inhibit the market’s growth rate.

Medical Waste Management Market Opportunities:

The rise in awareness programs regarding medical waste management in emerging economies is anticipated to offer growth opportunities to the market. Furthermore, growing investments and initiatives by the governments around medical waste management, raising awareness, and increasing adoption of medical waste management in developing countries are further projected to lucrative growth possibilities to the market during the forecast period.

MEDICAL WASTE MANAGEMENT MARKET REPORT COVERAGE:

Impact of COVID-19  on the medical waste management market:

Almost every country across the world went under pressure significant pressure due to COVID-19. To fight the virus spread, many countries closed their borders and announced lockdowns. COVID-19 significantly impacted many individuals, businesses, and industries worldwide and created massive supply chain disruptions. However, COVID-19 has positively impacted the medical waste management market. In the process of testing and treating COVID-19, a significant volume of medical waste has generated and accelerated the need for medical waste management, further resulting in market growth. According to COVID-19, an estimated 2.6 million tonnes of medical waste has been generated each day since from outbreak. In addition, during the COVID-19 pandemic, various government organizations and regulatory authorities issued guidelines around the management, treatment, and disposal of medical waste, which has positively impacted the market growth for a short period.

Medical Waste Management Key Developments:

• In March 2022, Republic Services, an American medical waste disposal company, completed the acquisition of US Ecology, Inc.

• In December 2021, Veolia, IPMC, and BMPM announced the continuation of their collaboration to quantify the COVID-19 variants in wastewater.

• In October 2020, Waste Management, Inc. completed the acquisition of Advanced Disposal. This strategic move by Waste Management Inc. is anticipated to strengthen its market position and expand its portfolio.

Medical Waste Management Market Segmentation:

Medical Waste Management Market – By Type

• Hazardous Waste
• Non-hazardous Waste

Based on type, the non-hazardous segment dominated the market in 2021 and is expected to hold the largest share of the medical waste management market during the forecast period. The increasing volume of non-hazardous waste generated from the growing number of healthcare facilities worldwide and the rising number of surgeries performed are propelling the segment's growth. According to World Health Organization, 85% of 100% is non-hazardous waste.

On the other hand, the hazardous segment had 21.2% of the global market share in 2021 and is expected to continue accounting for a substantial share of the global market during the forecast period. Hazardous medical waste is infectious and toxic. Hence, proper disposal of hazardous medical waste is crucial to avoid its negative impacts. In addition, the growing usage of chemicals to perform surgical operations, growing awareness, increasing funds to conduct R&D, and rising incidence of infectious diseases are promoting the segment’s growth.

Medical Waste Management Market – By Treatment Site

• Onsite

• Offsite

The offsite segment had the most significant share of the global medical waste management market in 2021 and is anticipated to hold a significant market share during the forecast period. Growing adoption of technological waste management solutions, rise in R&D activities, and an increasing number of people suffering from various diseases are escalating the segment's growth. In the offsite segment, the waste segregation will be done by a professional from the site.

The onsite segment is anticipated to account for a considerable global market share during the forecast period. An increasing amount of biomedical waste generated from healthcare facilities is one of the factors supporting the segment’s growth.

Medical Waste Management Market – By Service

• Recycling

• Treatment and Disposal

• Collection, Transportation, and Storage

Based on service, the collection, transportation, and storage segment led the medical waste management market in 2021 and is anticipated to hold a promising share during the forecast period. Post-COVID-19, the importance of the safe moving of medical waste to the recycling facility has increased significantly, contributing to the segment's growth. The increasing amount of medical waste generated by healthcare facilities and the increased role of technological advancements and their adoption are boosting the segment’s growth. 85% of the medical waste is non-hazardous, and 15% is hazardous that can spread contagious diseases and pollute the environment.

Medical Waste Management Market – By Waste Generator

• Hospitals

• Retail Pharmacy

• Blood Banks

• Laboratories

• Research Institutions

• Others

The hospital segment dominated the market in 2021 and was worth around 3 billion. This segment is anticipated to occupy the most significant share of the market during the forecast period. Hospitals release various kinds of medical waste, such as chemicals, sharps, needles, and radioactive items. The increasing volume of medical waste that comes through hospitals is one of the major factors promoting the segment’s growth. In addition, the treatment procedures of patients with chronic diseases and the rising incidence of infectious diseases are creating significant medical waste and driving the segment’s growth.

Medical Waste Management Market – By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

North America dominated the medical waste management market and occupied the largest share of the global market in 2021. Increased awareness regarding the medical waste management market in North American countries is one of the major factors propelling the market growth in this region. In addition, the growing population suffering from chronic and infectious diseases, increasing efforts of key market participants, growing funding to conduct R&D, and growing volume of medical waste are a few factors further promoting market growth in North America.

The European region is anticipated to account for a substantial global market share during the forecast period. Europe is one of the regions that suffered significantly due to COVID-19. During the COVID-19 pandemic, a massive volume of medical waste has been generated from this region and promoted the need for medical waste management. In this region, countries such as UK and Germany are expected to project promising growth during the forecast period.

The Asia-Pacific is one of the promising regions worldwide and is predicted to showcase the highest CAGR during the forecast period. The number of clinics and hospitals is growing considerably. As a result, it is expected to release a considerable volume of medical waste in the coming days, which is expected to boost the market growth in this region during the forecast period. In addition, countries such as India, Japan, China, South Korea, and ANZ are experiencing greater demand for healthcare products, which is predicted to increase the medical waste volume and result in market growth.

Medical Waste Management Market Key Players:

• Waste Management Inc.

• Clean Harbors, Inc.

• Daniels Sharpsmart, Inc.

• Veolia Environmental

• Gamma Waste Systems

• Biomedical Waste Solutions. LLC

• GRP & Associates, Inc.

• Republic Services, Inc.

• Stericycle

• Triumvirate Environmental