New York, NY, March 20, 2024 (GLOBE NEWSWIRE) -- [115+ Pages Report] According to Polaris Market Research, the global medical waste management market size and share was valued at USD 6.98 billion in 2023 and is anticipated to generate an estimated revenue of USD 12.34 billion by 2032, with a CAGR of 6.5% from 2024 to 2032.
Medical waste management refers to the appropriate storage, handling, treatment, transportation, and removal of waste induced by healthcare facilities, research facilities, and other organizations that serve biological or medical practices. It can include any waste produced during an animal or human treatment, diagnosis, or vaccination. This garbage could include potentially dangerous items like sharps, chemicals, radioactive materials, infectious agents, or other medical waste that, if improperly handled, could endanger the environment and public health.
Organizing waste into distinct categories, such as chemical, pathological, infectious, and sharps waste, is essential to efficient medical waste management. The garbage is then gathered, stored, and transported in compliance with particular laws and policies. Therefore, to protect the environment, the general public, and healthcare personnel's health, managing medical waste is essential. As a result, the medical waste management market size is expanding rapidly.
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Key Findings from the Report
- Rising healthcare activities, increasing waste generation, and greater knowledge of proper disposal techniques have all contributed to the steady growth of the global market of medical waste management.
- North America dominated the market, with the largest share of more than 35% in 2023.
- The medical waste management market segmentation is mainly based on treatment sites, services, waste generators, type of waste, and region.
Market Key Players
- BioMedical Waste Solutions, LLC
- Clean Harbors, Inc.
- Daniels Sharpsmart, Inc.
- REMONDIS SE & Co. KG
- Republic Services, Inc
- Sharp Compliance, Inc
- Stericycle, Inc
- Suez environment
- Veolia
- Waste Management, Inc
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Medical Waste Management Market: Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 7.44 Billion |
| Market value in 2032 | USD 12.34 Billion |
| CAGR | 6.5% from 2024 – 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Important Market Developments
- Growth Drivers:
The medical waste management market demand is expanding as a result of stricter regulations being implemented globally. Considering the possible risks associated with medical waste, governments and environmental agencies have put in place extensive frameworks to guarantee its transportation, safe collection, treatment, and disposal.
- Trends:
Efficient waste management solutions are required due to the increasing generation of waste caused by population growth, medical technological breakthroughs, and the expansion of healthcare infrastructure. Also, the growing demand for sustainable disposal methods is fueled by growing awareness of the effects medical waste has on the environment. Using advanced technologies reduces environmental impact.
- Challenges:
Due to the high initial costs associated with establishing modern medical waste treatment facilities, smaller healthcare facilities and waste management firms may find it difficult to compete in the medical waste management market.
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Regional Insights
North America: In 2023, North America held the biggest medical waste management market share. Medical waste management is governed by a well-established regulatory system in the region, specifically in the United States and Canada. Furthermore, North America has a state-of-the-art network of hospitals, clinics, diagnostic labs, and research facilities.
Asia Pacific: Due to an expansion in industrial activity and healthcare infrastructure, the Asia Pacific region is rapidly becoming more urbanized and industrialized. The expansion of medical waste management industry growth is attributed to rising healthcare spending and infrastructure investments made by public and private entities in nations like India, China, and Japan.
Browse the Detail Report “Medical Waste Management Market Share, Size, Trends, Industry Analysis Report, By Service (Collection, Transport And Storage Services, Treatment & Disposal Services, Recycling Services); By Treatment Site; By Type Of Waste; By Waste Generator; By Region.; Segment Forecast, 2024- 2023” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/medical-waste-management-market
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Polaris Market Research has segmented the medical waste management Market report based on service, treatment site, type of waste, waste generator, and region.
By Service Outlook
- Collection, Transport, and Storage Services
- Treatment & Disposal Services
- Incineration
- Autoclaving
- Microwaving
- Recycling Services
By Treatment Site Outlook
- Offsite Treatment
- Onsite Treatment
By Type of Waste Outlook
- Hazardous Waste
- Non-hazardous Waste
- Pharmaceutical
- Radioactive
- Others
By Waste Generator Outlook
- Hospital & Diagnostic Laboratories
- Research Centers
- Pharmaceutical Companies
- Biotechnology Companies
- Other Waste Generator
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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