Wilmington, Delaware, United States, May 03, 2023 (GLOBE NEWSWIRE) -- The global medical waste management market was estimated at a market value of USD 15.3 Bn in 2020. During the forecast years of 2021 to 2028, the market is expected to grow at a rate of 6.2% CAGR and finally reach USD 25.2 Bn by 2028.
The overall quantity of patients is rising due to population expansion across the world, which is increasing the amount of medical waste produced. Governments all around the globe are thus implementing new measures to address the problem as a result of the rise in medical waste.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 15.3 Bn in 2020 | |
| Market Value | USD 25.2 Bn by 2028 | |
| Growth Rate | 6.2% | |
| Forecast Period | 2021-2028 | |
| No. of Pages | 247 Pages | |
| Market Segmentation | By Waste Type, Nature of Waste, Waste Generator Type, and Service Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Stericycle, Republic Services Inc., Veolia, US Ecology Inc., BioMedical Waste Solutions, LLC, Clean Harbours Inc., Waste Management Inc., Sharps Compliance Inc., Daniels Health, BWS Incorporated, and Alba Services GmbH & Co. KG | |
The Ministry of Environment and Forests (MoEF) in India created the Medical Waste Management and Handling Rules, 1998, as well as the Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003 to offer official and obligatory rules for managing medical waste. Guidelines for Central Medical Waste Treatment Plans (CBWTF) have also been published by the Central Pollution Control Board.
The demand for medical waste management is also being driven by an increase in the number of government-sponsored initiatives. Laws governing medical waste are followed by several government organizations. They involve the U.S. Food and Drug Administration (FDA), the Centers for Disease Control (CDC), the Department of Transportation (DOT), the Drug Enforcement Administration (DEA) and the Occupational Safety and Health Administration (OSHA).
The initiatives taken by various governments are accelerating the market's expansion. For example, the Indian government essentially opened an incinerator for centralized biomedical waste at Buxar Municipality, Bihar, in August 2021. Ganesh Engineering Works' invention was chosen through the Waste to Wealth Mission's Biomedical Waste Treatment Invention Challenge, which was introduced in June 2020.
Key Findings of Market Report
- By nature, hazardous medical waste management accounts for over 20% of all operations
- By waste generator type, large quantity waste from hospitals is a core area for medical waste management services
- On-site medical waste management to comprise the bulk of all services
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The Global Market for Medical Waste Management: Prevailing Trends
- The non-hazardous waste category dominated the market and is expected to retain this trend during the forecast period, owing to an increase in the overall number of clinics and hospitals as well as an increase in consumer demand for healthcare items for sickness treatment.
- The on-site services category dominated the market and is expected to retain this trend during the projected period, owing to an increase in incineration demand, a growth in the number of cases of chronic disease, and technical advancements in medical waste management.
Global Medical Waste Management Market: Regional Outlook
- The North American area is anticipated to lead the market for medical waste management due to the existence of a highly advanced health sector and a growth in chronic and infectious diseases needing cutting-edge medical and operational resources and treatments. In the United States, a lot of hospitals have started recycling outdated equipment that is then sold back to the hospital for a much lower price than it originally cost. These elements significantly aid in the expansion of the local market.
- The interventions done by the market participants are also accelerating the market's expansion. For instance, Stericycle along with UPS Healthcare partnered to handle the reverse transportation of medical waste in May 2021. In accordance with the agreement, UPS healthcare will work with Stericycle to manage the reverse logistics of varied medical waste, comprising waste categorization and disposal. UPS and Stericycle will offer complete logistical support towards the healthcare sector by working together.
Global Medical Waste Management Market: Key Players
Some of the key players in the global medical waste management market are:
- Biomedical Waste Solutions, LLC
- Republic Services Inc.
- Clean Harbors, Inc.
- Veolia
- Daniels Sharpsmart Inc.
- US Ecology Inc
- Stericycle, Inc.
- Sharps Compliance Inc.
- Waste Management, Inc.
- BWS Incorporated
- Alba Services GmBH & Co. KG
Some developments by the key players in the global market for medical waste management are:
- The Government of Japan along with the United Nations Development Programme (UNDP) introduced a new project in August 2022 to assist the national health organizations and other significant stakeholders in Bhutan, Bangladesh, and the Maldives in addressing the unprecedented increase in infectious health care waste brought on by the COVID-19 pandemic.
- A new company called MediWaste was established in March 2022 to manage Bermuda's biohazardous trash. MediWaste is in charge of transporting, treating, and discarding medical waste through two specially constructed incinerators.
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Global Medical Waste Management Market Segmentation
By Nature of Waste
- Non-hazardous
- Hazardous
By Waste Type
- Sharps
- Infectious and Pathological Waste
- Radioactive Waste
- Pharmaceutical Waste
- Non-infectious Waste
By Waste Type Generator
- Large Quantity Waste Generator
- Hospitals
- Public
- Private
- Pharmaceutical And Biotechnological Companies
- Mid And Small Quantity Waste Generators
- Clinics And Physicians Offices
- Retail Pharmacy
- Ambulatory Surgical Centers And Long-Term Care Centers
- Laboratories
-Pathological
-Diagnostic
- Academic And Research Institute
- Blood Banks
- Others
By Service Type
- On-site
- Off-site
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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