Redding, California, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Medical Waste Management Market by Waste Type (Non-hazardous, Hazardous), Service (Collection, Transport, Treatment (Incineration, Autoclaving, Chemical), Disposal), Source (Hospital, Diagnostic Laboratory, Research Laboratory) - Global Forecast to 2029,’ published by Meticulous Research®, the global medical waste management market is projected to reach $16.69 billion by 2029, at a CAGR of 6.3% from 2022 to 2029.
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Medical waste is the waste produced in healthcare or diagnostic activities. It can be both non-hazardous and hazardous waste. Those in contact with medical waste are potentially exposed to various risks such as trauma, infection, chemical, fire or explosion, and radioactivity. In Addition, medical waste also risks environmental pollution and contamination. With the large amount of medical waste generated by hospitals, laboratory and research centers, and nursing homes, there is a high demand for medical waste management services. The report covers various medical waste management services offered by key companies in terms of non-hazardous and hazardous waste collection, transportation and storage, treatment, and recycling. The growth of this market is driven by the increase in the volume of medical waste generated globally, stringent regulations for medical waste management, and growing government initiatives to raise awareness regarding proper medical waste disposal.
Impact of COVID-19 on Medical Waste Management Market
According to WHO, around 30% of healthcare facilities globally are not equipped to handle medical waste loads. The global medical waste management market experienced tremendous pressure during the COVID-19 pandemic due to the high demand for healthcare waste management services. There is a large concern about hazardous medical waste produced during the COVID-19 pandemic and the risks of contamination associated with waste management. According to WHO, till now, around 10,000 tons of extra medical waste has been generated in response to the COVID-19 pandemic. While countries were actively procuring commodities such as personal protective equipment, PPE kits, diagnostic test kits, disinfectant chemicals, and vaccines, less attention and resources were allocated to the safe and sustainable management of COVID-19-related medical waste.
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The WHO Global analysis of health care waste in the context of COVID-19 estimates that between March 2020 and November 2021, approximately 87,000 tons of PPE were procured and shipped to various countries to support COVID-19 response needs. Since the start of the pandemic, over 140 million diagnostic test kits that could generate 2,600 tons of medical waste have been shipped globally. Furthermore, as of 7 January 2022, over 9 billion doses of COVID-19 vaccine have been administered globally, producing 144,000 tons of additional medical waste in the form of syringes and needles (88,000 tons) and safety boxes (8,000 tons) (source: WHO). The companies operating in the medical waste management market experienced tremendous strain due to the huge demand for healthcare waste management services. Although these companies reported an increase in revenue due to high demand for COVID-19-related waste management and decontamination services, the amount of medical waste generated tremendously exceeded their waste management capacity. For example, according to an article published (dated April 2021) in SAGE Journals by the International Solid Waste Association, in March 2020, the medical waste generated in Wuhan, China, rose from a normal level of 40 tons per day to approximately 240 tons per day, exceeding the city’s maximum capacity of 49 tons per day. The pandemic has boosted the revenue of companies offering medical waste management services but has also imposed a tremendous strain on the market.
Medical Waste Management Market: Future Outlook
The global medical waste management market is segmented by waste type (non-hazardous waste and hazardous waste), services (collection, transportation, & storage, treatment [incineration, autoclaving, chemical treatment, and other treatments], and recycling), source (hospitals & clinics, diagnostic laboratories, research laboratories, other sources), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the country and regional-level markets.
Based on waste type, in 2022, the non-hazardous waste segment is expected to account for the largest share of the global medical waste management market. The non-hazardous medical waste does not pose any particular biological, chemical, radioactive or physical hazard. The major factor contributing to this segment's large market share is increased surgical procedures globally. Many surgeries are performed globally that generate various types of medical waste, including non-hazardous waste such as plastic packaging, clean glass and plastic, paper, and cardboard. According to Eurostat, in 2020, at least 1.12 million caesarean sections were performed in the EU. For instance, a total of 637,100 caesarean sections were performed in Turkey, while 234,000 and 147 600 caesarean sections were performed in Germany and Poland, respectively (source: Eurostat). Thus, the large number of surgeries performed is expected to boost the demand for medical waste management services.
Based on services, in 2022, the collection, transportation, and storage segment is expected to account for the larger share of the global medical waste management market. The large market share of this segment is attributed to the large volume of medical waste generated globally, which further creates demand for medical waste collection, transportation, and storage services. For instance, according to a new article released by the Waste Agency of Catalonia (ARC), in April 2020, an estimated 350% increase in waste (including medical waste such as masks and gloves) since mid-March was observed in Catalonia.
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Based on source, in 2022, the hospitals & clinics segment is expected to account for the largest share of the global medical waste management market. Hospitals perform various medical procedures that generate non-hazardous and hazardous wastes. The large market share of this segment is mainly attributed to a large number of hospitals and other healthcare facilities globally and government initiatives to promote proper medical waste management. For instance, according to American Hospital Association (AHA) Hospital Statistics, 2022 edition, there are 6,093 hospitals with 920,531 staffed beds in the U.S.
Based on geography, the global medical waste management market is segmented into North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global medical waste management market. The largest share of this region is attributed to a large volume of medical waste generated, rising healthcare expenditures, and growing government initiatives to raise awareness regarding proper medical waste disposal
Key companies operating in the global medical waste management market are Biomedical Waste Solutions, LLC (U.S.), Clean Harbors, Inc. (U.S.), Daniels Sharpsmart Inc. (U.S.), Republic Services, Inc. (U.S.), Stericycle, Inc. (U.S.), SUEZ SA (France), VEOLIA ENVIRONNEMENT SA (France), Waste Management, Inc. (U.S.), Sharp Compliance, Inc. (U.S.), and Gamma Waste Services (U.S.).
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Scope of the Report
Medical Waste Management Market, by Waste Type
- Non-hazardous Waste
- Hazardous Waste
Medical Waste Management Market, by Services
- Collection, Transportation, and Storage
- Treatment
- Incineration
- Autoclaving
- Chemical Treatment
- Other Treatments
- Recycling
(Note: Other treatments include electro pyrolysis, irradiation, and vitrification)
Medical Waste Management Market, by Source
- Hospitals & Clinics
- Diagnostic Laboratories
- Research Laboratories
- Other Sources
(Note: Blood Banks, Mortuary and Autopsy centers, Long-term Care Facilities)
Medical Waste Management Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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