Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Medical Waste Management Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The medical waste management market size has grown strongly in recent years, from $18.79 billion in 2023 to $19.73 billion in 2024 at a compound annual growth rate (CAGR) of 5%. The growth observed in the historical period can be attributed to the increasing emphasis on effective waste management and the growing initiatives by governments for the disposal of medical waste.
The medical waste management market size is expected to see continued growth in the next few years, reaching $23.88 billion in 2028 at a CAGR of 4.9%. The anticipated growth in the forecast period can be attributed to the rise in the use of disposable medical products, the increasing adoption of new guidelines by prominent industry players, innovative technologies, and the escalating volume of medical waste, which are expected to drive the market. Key trends in the forecast period include the adoption of new treatment methods, embracing emerging technologies such as microwaving technology, introducing new recycling services, engaging in mergers and acquisitions, and adopting environmentally friendly waste treatment practices.
The growth of the medical waste management market is anticipated to be fueled by the increasing utilization of disposable medical products in healthcare facilities. Within healthcare settings, a majority of products are designed for single-use to mitigate cross-contamination among patients and reduce hospital-acquired infections. The prevalence of single-use or disposable items experienced a surge during the COVID-19 pandemic. Commonly used disposables, such as surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, and intravenous saline bags, constitute a significant portion of hospital waste. Consequently, the heightened adoption of disposable medical products is expected to propel the expansion of the medical waste management market.
The global rise in population is projected to drive the growth of the medical waste management market in the foreseeable future. The growth in population signifies an increase in the number of individuals residing in specific regions or globally. This surge in the global population leads to heightened demand for healthcare services, resulting in increased medical waste and a subsequent need for waste management solutions. As of November 15, 2022, according to estimates from the United Nations Conference on Trade and Development, the global population surpassed 8 billion, marking a one-third increase in the Earth's population over the last 25 years, equivalent to 2.1 billion individuals. Projections indicate a further one-fifth increase, reaching just under 10 billion by around 2050. Consequently, the expanding population is expected to play a continuing role in driving the growth of the medical waste management market.
Recycling is poised to emerge as a significant trend in medical waste management, spurred by the ongoing shortage of medical supplies resulting from the COVID-19 pandemic. The FDA-approved Battelle Critical Care Decontamination System, utilizing hydrogen peroxide, facilitates the decontamination of N95 respirators and personal protective equipment (PPE) kits, promoting sustainable recycling of medical products.
In August 2023, Australia-based healthcare solutions provider Hipac entered into an undisclosed partnership with France-based Bertin Technologies. This collaboration enables the introduction of Sterilwave, offering an innovative and eco-friendly approach to managing biomedical waste, making it available to healthcare facilities across Australia.
The primary categories of medical waste management include bio-hazardous/infectious waste, non-hazardous waste, sharps, pharmaceutical waste, radioactive waste, and others. Any waste containing infectious materials or potentially contagious compounds, such as blood, falls under the classification of biohazardous waste, commonly known as infectious waste or biomedical waste. Various treatment methods are employed, including incineration, autoclaving, chemical treatment, and others, with services offered both onsite and offsite. Applications for medical waste management span across hospitals, clinics, ambulatory surgical centers, pharmaceutical companies, biotechnology companies, and others.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Type: Non-Hazardous Waste; Bio-Hazardous/Infectious Waste
- By Treatment: Incineration; Autoclaving; Chemical Treatment; Others
- By Services: Onsite Services; Offsite Services
- By Waste Generator: Hospitals; Clinics; Ambulatory Surgical Centers; Pharmaceutical Companies; Biotechnology Companies; Others
Key Companies Mentioned: Stericycle, Inc.; Waste Management, Inc.; Veolia Environmental Services; Clean Harbors, Inc.; Suez Environmental Services
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- Stericycle, Inc.
- Waste Management, Inc.
- Veolia Environmental Services
- Clean Harbors, Inc.
- Suez Environmental Services
- Republic Services, Inc.
- Sharps Compliance Inc.
- Daniels Health Inc.
- Biomedical Waste Solutions
- Remondis SE & Co KG
- A2Z Green Waste Management Ltd
- BVG India Ltd
- Tatva Global Environment Ltd
- Hanjer Biotech Energies Pvt. Ltd
- The SafeGroup
- Initial Medical
- PHS
- Medisort Ltd
- Biffa Waste Services
- BioSter
- EKOMED
- Medbox
- Medikal Polska
- ARTECH Reduction Technologies
- Environmental Waste International Inc
- Pilot Performance Resources Management, Inc.
- Eco Medical
- United Medical Waste Management
- MedPro Disposal
- Sanpro
- Myron L Company
- Picvisa Machine Vision Systems
- Tana
- Presona
- Lindner-Recyclingtech GmbH
- DILO Armaturen und Anlagen
- Propex Operating Company
- Lamor Corporation
- Globalex Enviro
- Condor Medical Waste Treatment Company
- Green Mountains Environment And Transport Services
- Mazaya Waste Management
- Averda Waste Management
- Al Dhafra Waste Collection
- Compass Medical Waste Services (Pty) Ltd
- Kudoti (Pty) Ltd
- Med-X Waste Solutions (Pty) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/imo6in
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
