New York, USA, Nov. 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research dive, the global medical waste management market is expected to garner $16,395.80 million in revenue and rise at a healthy CAGR of 7.0% over the estimated period from 2021-2028.
As per our analysts, with the increasing amount of medical waste generation all across the globe, the market is expected to see vertical growth during the analysis period. The rising geriatric population, which includes crowd having diseases like high blood pressure or diabetes, is the major factor expected to fortify the growth of the market during the forecast period. Moreover, the increasing government policies and initiatives to manage medical waste are predicted to create huge growth opportunities for the medical waste management market over the analysis period. However, the high cost of medical waste management services may impede the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into segments based on type, service, treatment site, and region.
- Type: Non-Hazardous Sub-Segment to be Most Lucrative
The non-hazardous sub-segment is expected to generate a revenue of $13,900.22 million during the analysis period. This is mainly due to the increasing out-patient visits in hospitals and clinics. In addition, the growing frequency of visiting clinics due to the increasing number of patients suffering from chronic diseases such as diabetes is the factor expected to bolster the growth of the medical waste management market sub-segment throughout the analysis period.
- Service: Treatment & Disposal Services Sub-Segment to be Most Profitable
The treatment and disposal services sub-segment is anticipated to garner a revenue of $7,672.99 million over the forecast period. This is mainly because of the growing volume of biomedical waste which leads to the increase in the demand for numerous treatment options. Moreover, the increasing usage of incineration and autoclaving methods for treating both hazardous and non-hazardous waste management is further expected to upsurge the growth of the market’s sub-segments over the analysis timeframe.
Increase in the Amount of Waste from the Healthcare Sector to Propel the Growth of the Global Medical Waste Management Market - Analyst Review by Research Dive
- Treatment Site: Offsite Treatment Sub-Segment to Have Largest Market Share
The offsite treatment sub-segment is expected to garner a revenue of $10,050.04 million over the analysis period is expected to see steady growth throughout the forecast period. This is majorly due to the increasing generation of medical wastes from hospitals. Furthermore, the involvement of leading market players in providing various services such as collection and transportation facilities is further expected to fuel the growth of the medical waste management market’s sub-segment over the forecast time period.
- Region: North American Region to Have Enormous Growth Opportunities
The North American region is projected to garner a revenue of $7,099.38 million during the estimated timeframe. This is mainly due to the presence of a large number of hospitals and clinics in this region. In addition, various initiatives taken by the government of this region in investing heavy funds in many projects to speed up the waste management strategies are the vital factor expected to surge the regional growth of the market during the analysis period.
Covid-19 Impact on the Market
Due to the outbreak of the Covid-19 pandemic, though several industries were devastated, however, the medical waste management market has seen a positive impact during the period. Because of the spontaneous spread of the deadly virus, there was a high number of increasing cases all across the globe. This led to the increased rate of hospitalization and hence, contributed to the growth of the market during the crisis. Moreover, the number of increasing companies to manage the increasing medical wastes is the major factor expected to augment the growth of the market during the analysis period.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/421
10 Prominent Key Players of the Medical Waste Management Market Are -
- Remondis Medison
- Republic Services, Inc.
- Clean Harbors, Inc.
- EcoMed Services
- Suez Environmental Services
- Biomedical Waste Solutions, LLC
- Stericycle, Inc.
- Waste Management, Inc.
- Daniels Health Inc.
- Veolia Environmental Services
These players are broadly working on the development of new business strategies and tactics to gain the leading position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in May 2020, UNIDO, a specialized agency of United Nations that specifically assists countries in economic and industrial development, has announced its collaboration with the Ministry of Environment, Forests, and Climate Change, to focus on medical waste management in five states of India namely, Gujrat, Karnataka, Maharashtra, Odisha, and Punjab.
Further, the report also presents other major aspects including, SWOT analysis, latest strategic development, product portfolio, and the financial performance of the key players.
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