Pune, India., May 18, 2021 (GLOBE NEWSWIRE) -- Medical Waste Management Market: Key Insights
According to our new research study on “Medical Waste Management Market to 2027 – Global Analysis and Forecast – by Service Type, Treatment Type, and Treatment Site,” the Medical Waste Management Market Size was valued at US$ 10,563.25 million in 2018 and is projected to reach US$ 16,495.80 million by 2027; it is expected to grow at a CAGR of 5.2% during 2019–2027. The market growth is attributed to increasing generation of medical waste, initiatives undertaken for medical waste management, and surge in the number of patient admissions across the world. However, the lack of awareness about health hazards associated with medical waste hinders the medical waste management market growth.
Medical Waste Management Market: Competition Landscape and Key Developments
Medasend Biomedical, Inc, Veolia, Bondtech Corporation, Sharps Compliance, Inc., Daniels Sharpsmart, Inc., Clean Harbors, Inc., Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., and Waste Management, Inc. are among the key companies operating in the Medical Waste Management market. Leading players focus on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
In June 2019, REMONDIS opened the latest C&D recycling plant in Chester-le-Street, County Durham, to expand its business.
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In February 2020, Waste Management, Inc. acquired Advanced Disposal Services, Inc., and as a part of the deal, it delivers the customers of Advanced Disposal an unparalleled access to differentiated, sustainable waste management, and recycling services.
In 2018, North America dominated the global medical waste management market. The market growth in the region is mainly attributed to the presence of a highly advanced healthcare sector, growing prevalence of diseases, escalating number of hospitalizations, and adoption of innovative waste management techniques. The US is a dominant country in North America, and the growth of the medical waste management market in the US is credited to rising incidences of acute and chronic diseases in the country. Moreover, several companies and government bodies in the US offer waste management services for the proper disposal of medical waste. For instance, data published in 2018 by the Florida Department of Health states that there are ~42,000 healthcare facilities across Florida, including hospitals, clinics, nursing homes, veterinarians, physicians, pharmacies, etc.
The medical waste management market, based on service type, has been segmented into collection, transportation and storage, treatment and disposal, and recycling. The treatment and disposal segment held ~40.7% of the market share in 2018. Based on treatment type, the medical waste management market is segmented into incineration, autoclaving, chemical treatment, and others; the incineration segment held the largest market share in 2018; it is further expected to register a significant CAGR in the market during 2019–2027. Based on treatment site, the medical waste management market was segmented into offsite and onsite; the offsite segment held a larger share in 2018, and it is further expected to register a higher CAGR in the market during 2019–2027.
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The increasing population worldwide is propelling the patient count, thereby generating more medical waste. The governments of developed and developing economies are taking significant steps to ensure proper trash disposal, as a part of their strategies focused on combating diseases and maintaining sanitation across the countries. For instance, the World Health Organization (WHO) developed the first global and comprehensive guidance document named, 'Safe management of wastes from healthcare activities.’ This initiative addresses aspects such as planning issues, regulatory framework, handling, storage, waste minimization and recycling, and training. The Ministry of Environment and Forests (MoEF), the Government of India, has been emphasizing the Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003, and Medical Waste Management and Handling Rules, 1998, to rule out obligatory and statutory guidelines associated with the healthcare waste management. Moreover, in September 2018, the Union Ministry of Environment, Forests and Climate Change (MoEF&CC) published the Solid Waste Management Rules for biomedical, notified plastic, e-waste, and hazardous waste. Thus, the increasing regulatory involvement for scrutinizing policies for healthcare waste management is boosting the medical waste management market growth.
Medical Waste Management Market: Segmental Overview
The recycling segment is anticipated to register the highest CAGR in the medical waste management market, by service type, during the forecast period. Medical waste picked up from the healthcare facilities is ran through an extensive sterilization process and disposed into a sanitary landfill. Although the landfills are well-designed, animals can access the landfills that leak the ground, thereby polluting local water supplies. Such pollution issues can be overcome by disposing medical waste through recycling processes. Various organizations such as WHO and EPA, along with privately-owned research companies, are developing ways to recycle the medical waste. The extensive research being conducted for developing such recycling methods is expected to fuel the growth of medical waste management market for the recycling segment.
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In terms of the treatment site, the offsite segment accounted for more than 75% of the medical waste management market in 2018. In terms of treatment type, the market for the incineration segment is anticipated to grow at the highest CAGR during the forecast period.
The growth of the medical waste management market is mainly due to the COVID-19 outbreak and the measures to check it. The large volume of biomedical waste produced from COVID-treating hospitals, quarantine centers, healthcare facilities, and self/home quarantine has triggered the need for medical waste management. In addition, the ongoing medical supplies shortage due to the Covid 19 pandemic has resulted in more sustainability and recycling of medical products. For example, Battelle Critical Care Decontamination System, approved in April 2020 by Food and Drugs Administration (FDA), uses hydrogen peroxide to decontaminate N95 respirators and PPE kits. Hence, the use of single-use or disposal products grew due to the COVID-19 pandemic outbreak.
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