OTTAWA, June 25, 2021 (GLOBE NEWSWIRE) -- The global medical waste management market size was valued at US$ 6.90 billion in 2020. Medical waste can be defined as a type of waste that comprises infectious substances. This contains waste produced by healthcare amenities like doctor’s offices, dental practices, hospitals, research laboratory, medicinal research amenities, and veterinary hospitals. The increasing patient population internationally is anticipated to increase the quantity of medicinal waste generated by the healthcare facilities. With the increasing quantity of medical waste, the administrations, worldwide, are undertaking several actions for the management of medicinal waste. The increasing number of actions by the government establishments is likely to support the medicinal waste management industry growth over the estimate timeframe. The advancement of innovative production techniques for medical devices and medicines in the healthcare industry is increasing rapidly in throughout the world. Moreover, the progress of the industry is also reflected by the effectual supply of inventories essential in the everyday functioning of diagnostic centers, clinics, and hospitals.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1251
Growth Factors:
Factors such as exponentially increasing volume of medical waste, rising geriatric population, increasing prevalence of chronic disorders such as cardiovascular diseases and diabetes, growing obese population, increasing requirement for sustainable and effective medical waste management, increasing focus of governments all over the world to tackle the issue of medical waste management, and increasing number of accidents are driving the growth of medical waste management market. Moreover, integration of latest technologies and growing investment by key manufacturers is driving the medical waste management market growth across the world. Additional features that are expected to fuel this business are increasing per capita healthcare expenditure and implementation of stringent regulations by governments related to medical waste management.
Above 65% of all deaths occur due to the five major chronic ailments viz., cancer, heart disease, diabetes stroke, and COPD. Chronic ailments are accountable for seven out of ten demises in the United States (more than 1.7 million individuals) each year. After heart ailments, cancer is the second predominant cause of demise in the U.S. Increasing elderly population, coupled with prevailing risk aspects (for example poor nutrition, absence of physical activity, and tobacco usage) and medical developments have led to the deduction that these difficulties are only going to amplify if not efficiently addressed over near future. The rising prevalence of chronic ailments is anticipated to result in a greater demand for healthcare devices, medicines, and equipment’s, which in turn is anticipated to bolster the progress of medical waste management industry over the forecast timeframe.
Get Customization on this Research Report@ https://www.precedenceresearch.com/customization/1251
Report Highlights:
- Among the treatment segment, incineration dominated the overall market in 2020. Incineration is the lone method employed for pathological scrap such as identifiable tissue and body parts that augments the segmental share. The chemical treatment segment is estimated to grow at the uppermost CAGR through the forecast duration.
- Hazardous waste accounted for the major share in the end-user segment with more than 65% share in 2020 due to high volume of hazardous waste generation. Moreover, implementation of stringent regulations for the safe disposal of hazardous waste by governments all over the world is expected to boost the demand for hazardous waste management in the near future.
- Stericycle Inc., Waste Management, Inc., and Clean Harbors accounted for a significant share of the global medical waste management market.
Regional Analysis:
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North America region dominated the worldwide market with a market share of higher than 42%. The U.S. indicated the highest slice in North America principally due to high incidence of cancer and early implementation of latest medical waste management techniques. Moreover, presence of major industry players and constant innovation also supported the high market portion of North America.
Europe was the subsequent significant market chiefly due to high geriatric population. Presence of positive reimbursement scenario in the European region is also expected to lift the demand for medical waste management in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around 6.8% in the estimate period due to increasing per capita healthcare expenditure and high number of accidents. Latin America and Middle East and African region will display noticeable growth.
Related Reports
- External Ventricular Drain Market - Global Market Size, Share, Growth, Trends Analysis, Regional Outlook and Forecasts 2021 - 2030
- Generic Drugs Market - Global Industry Analysis, Market Size, Share, Growth, Trends, Region Outlook, And Segment Forecasts, 2021 - 2030
- Smart Healthcare Products Market - Global Industry Analysis, Market Size, Share, Growth, Trends Analysis, Regional Outlook and Forecasts 2021 - 2030
Key Market Players and Strategies:
The key companies functioning in the worldwide medical waste management market are BioMedical Waste Solutions, Stericycle Inc., Clean Harbors, Citiwaste, MedPro Waste Disposal, Sanpro, Waste Management, Inc., and Sharps Compliance, Inc. among others.
Augmented spending on investigation and advance along with collaborations, acquisition, and mergers are the central strategies adopted by the major companies active in the global medical waste management market. Moreover, leading companies are investing heavily on research for improvements in the waste management technology. Major companies operating in the global market are focusing on development of new eco-friendly technologies that can be implemented for sustainable and efficient waste management.
Major Market Segments Covered:
By Treatment
- Chemical Treatment
- Autoclaving
- Incineration
- Others
By Waste Type
- Hazardous
- Nonhazardous
By Geography
North America
- U.S.
- Canada
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1251
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R