Selbyville, Delaware, April 20, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on medical waste management market which estimates the global market valuation for medical waste disposal & management will cross US$ 16 billion by 2026. The rising demand for medical waste management services, coupled with the introduction of novel treatment options will eventually accelerate the overall business progression.
Increasing government implementations for effective handling and disposal of medical waste is driving the market growth. Increasing initiatives by government organization such as the WHO and other regulatory bodies will further propel the demand for medical waste management services. Growing geriatric population base is also expected to augment the market growth. Elderly individuals are prone to chronic diseases such as Alzheimer, asthma and cancer among others. These disorders are widely treated by surgeries in hospitals and specialty clinics that will further enhance the demand for syringes, needles and contaminated gloves. This will eventually contribute to the accumulation of medical waste.
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Hazardous type of waste accounted for over 20% market share in 2019. Hazardous waste can be considered as infectious waste depending upon its origin as well as exposure to human tissue before discard. Sharps waste is also categorized as hazardous waste and can cause severe injury to healthcare workers while handling medical waste. Sharps waste includes needles, syringes, discarded surgical instruments such as scalpels, lancets, culture dishes and other glassware. Therefore, the sharp waste needs to be treated and disposed of properly, as such type of waste is flammable, toxic and reactive.
Furthermore, due to the current outbreak of COVID-19, the management of medical waste has become very crucial to protect the environment as well as human health. Thus, growing need for medical waste management will foster the segmental progression during the analysis period.
The collection, transportation & storage services were witnessed around USD 2 Bn in 2019. The first step of medical waste management process is collection. This process minimizes the risk of waste spilling from the container by collecting medical waste from the point of generation. However, if proper storage and transportation of medical waste are not maintained, it will negatively impact the environment and healthcare professionals. Therefore, business players operating in this market carry out transportation and storage under regulatory guidelines to avoid any health hazards.
The laboratories and research centers segment accounted for around 35% market share in 2019. The medical waste in research and laboratory centers is generated due to the continuous usage of syringes, needles, medical gloves, personal protective equipment, medical masks and others for research purposes. These products need to be properly discarded after their continuous use in order to avoid higher accumulation of biomedical waste. Thus, growing amount of medical waste in laboratory and research institutes requires proper treatment for safer disposal of biomedical waste that further increase the demand for medical waste management services.
Browse key industry insights spread across 235 pages with 218 market data tables & 30 figures & charts from the report, “Medical Waste Management Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-waste-management-market
China medical waste management market captured around 8% CAGR and is projected to witness substantial growth during 2020 to 2026. Developing countries including India, China, Japan have insufficient medical waste treatment facilities that raise the need for medical waste management services. Whereas, China is focusing on the proper management of medical waste and is also addressing the control of medical waste under the Medical Waste Control Act 380. Moreover, it is estimated that China generates nearly 650,000 tons of medical waste each year, and this volume is predicted to surge at a faster rate due to COVID-19 impact across the globe.
Some major findings of the medical waste management market report include:
- Medical waste management is the management of waste generated by healthcare facilities to ensure the safety of healthcare staff, people and environment.
- Increasing government initiatives for effective medical waste management will propel the medical waste management industry growth.
- Increasing amount of medical waste generated especially due to the current COVID-19 outbreak will significantly surge the demand for waste services across the globe.
- Various new regulatory guidelines due to surged impact of COVID-19 on medical waste will enhance the business progression.
- The important methods of disposing medical waste include incineration and recycling among others that will augment the medical waste management market growth.
Some of the prominent business players operating in medical waste management industry share include Biomedical Waste Solutions, Clean Harbors, Daniel Sharpsmart, Republic Services, Stericycle, Suez Environmental Services, US Ecology, Veolia Environmental Services, Waste management and Triumvirate Environmental. These market players are adopting innovative ways for disposing of biomedical waste.
Additionally, key market players are adopting special guidelines for effective disposal of regulated medical waste during the COVID 19. For instance, Daniels follows the CDC regulated medical waste guidelines to effectively dispose of medical waste associated with the coronavirus disease. Additionally, the company also adopted the CDC Environmental Infection Control Guidelines to safely dispose of hazardous medical waste.
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Partial chapters of report table of contents (TOC):
Chapter 3. Medical Waste Management Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Increasing volume of medical waste generated globally
3.3.1.2. Increasing importance for effective and eco-friendly waste management
3.3.1.3. Growing government initiatives for medical waste disposal
3.3.1.4. Surging healthcare industry especially in developing economies
3.3.2. Industry pitfalls and challenges
3.3.2.1. Lack of awareness regarding health hazards associated with medical waste
3.3.2.2. Lack of training for proper disposal of medical waste
3.4. Growth potential analysis
3.4.1. By type of waste
3.4.2. By service
3.4.3. By waste generator
3.5. COVID- 19 impact analysis
3.5.1. Impact of COVID-19 on 10 major markets
3.5.1.1. Overview
3.5.1.2. U.S.
3.5.1.3. Canada
3.5.1.4. Germany
3.5.1.5. UK
3.5.1.6. France
3.5.1.7. Italy
3.5.1.8. Spain
3.5.1.9. Japan
3.5.1.10. China
3.5.1.11. Brazil
3.5.2. Impact of COVID-19 on industry segments, by 10 major markets (2020)
3.5.2.1. Hazardous waste
3.5.2.2. Non-hazardous waste
3.5.3. Impact of COVID-19 on industry competition
3.6. Technology landscape
3.7. Regulatory Landscape
3.7.1. North America
3.7.2. Europe
3.7.3. Asia Pacific
3.8. Porter’s analysis
3.9. Competitive landscape, 2019
3.9.1. Competitive matrix analysis, 2019
3.10. PESTEL analysis
Browse complete report table of contents (ToC) @ https://www.gminsights.com/toc/detail/medical-waste-management-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.