The “Medical Waste Management Market By Type, By Treatment Site, By Service, By Waste Generator, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’soffering.
The market size of global medical waste management was USD 9.24 billion in 2021 and is anticipated to have a revenue CAGR of 5.7% during the forecast period. The growth of the market is driven by various factors such as the increasing volume of healthcare waste, rising adoption of disposable medical products, a surge in the number of surgical procedures, and technological advancement in medical waste management.
Proper handling and management of medical waste generated from medical, surgical, and treatment procedures in healthcare facilities are necessary. Medical waste management ensures that biomedical waste is collected, stored, treated, and disposed of safely to protect the environment, animals, and the general population.
In November 2021, researchers at Al-Farabi Kazakh National University created a new method of managing biomedical waste such as gloves, medical masks, shoe covers, and other items using plasma waste treatment technology and plasma chemical reactors. This technology allows for complete thermal decontamination of biomedical waste, resulting in an increase in processing efficiency and lower energy consumption.
Additionally, an Italian startup called re3CUBE has developed CRUMBLE, a line of Internet of Things (IoT) waste management devices with built-in sanitary waste sterilizers. These machines automatically shred and sterilize waste materials such as cotton, gauze, gloves, vials, needles, scalpels, biological material, glasses, and paper. The device helps healthcare institutions manage waste at a lower cost.
Market Dynamics
Market Drivers
- Rising Volume of Healthcare Waste
- Growing Adoption of Single-Use Medical Items
- Increasing Number of Surgical Procedures
- Technological Advancement of Medical Waste Management Market
Market Restraints
- Infection and Health Risks in Hazardous Waste Management
- High Capital Investments
- Lack of Awareness Regarding Medical Waste Management Market
Key Takeaways
Type Outlook
The global medical waste management market has been segmented based on several factors, including type, treatment site, service, and application. In terms of type, hazardous waste and non-hazardous waste are the two segments. The non-hazardous waste segment is expected to hold the largest revenue share during the forecast period due to the growing demand for healthcare products and hospitals worldwide. Non-hazardous medical waste, such as clean glass, paper, plastic, and cardboard, does not pose a threat to human or environmental health. The production of Personal Protective Equipment (PPE) is also expected to increase, which will drive revenue growth of this segment.
Treatment Site Outlook
In terms of treatment site, the global medical waste management market has been segmented into onsite and offsite. The offsite segment is expected to hold the largest revenue share over the forecast period due to the advancements in waste management technologies and the rising prevalence of chronic diseases across the globe. Offsite waste segregation refers to the process of segregating waste after it has been excluded from the site by a waste management expert. The materials are then separated at a materials recycling facility to keep them out of landfills.
Service Outlook
The global medical waste management market has also been segmented based on service into recycling, treatment and disposal, and collection, transportation, and storage. The collection, transportation, and storage segment is expected to hold the largest revenue share over the forecast period due to the increasing volume of healthcare waste and growing technological advancement in the healthcare sector.
Operators are developing new roadmaps to transport medical waste more easily and safely. Local authorities deal with the major operational issue of collection and transportation of medical waste to treatment facilities.
Application Outlook
The market has also been segmented based on application into hospitals, retail pharmacy, blood banks, laboratories, research institutions, and others. The hospital segment is expected to hold the largest revenue share over the forecast period due to the rising volume of medical waste in hospitals, along with the growing prevalence of chronic diseases and the wake of the COVID-19 pandemic across the globe.
The laboratories segment is expected to register a steady revenue growth rate during the forecast period. Medical laboratories generate significant volumes of hazardous wastes that require special handling, packaging, and treatment procedures due to the rising demand for medical services.
Regional Outlook
The medical waste management market in North America has the largest revenue share due to the healthcare industry’s growth and advancement in countries like the US and Canada. The US healthcare industry is extensive, with significant spending on chronic disease treatment resulting in a significant amount of medical waste. The governments in this region are taking initiatives to manage medical waste disposal. The Asia Pacific market is expected to grow rapidly due to an increasing number of clinics, hospitals, and demand for healthcare products, especially in China, Japan, and India.
The coronavirus outbreak has also contributed to the growth of the medical waste management market in this region. The Europe market is expected to register a modest CAGR due to the increasing volume of medical waste in hospitals, laboratories, and other healthcare facilities in countries like the UK, Germany, and France. However, alternatives to incineration that can safely disinfect and neutralize infectious waste already exist, and the phasing out of medical waste incineration is entirely feasible and appropriate for health and the environment. Health Care Without Harm (HCWH) Europe encourages Member States to assist their health systems in transitioning to alternative waste treatment methods.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Medical Waste Management Market Segmentation & Impact Analysis
Chapter 5. Medical Waste Management Market By Type Insights & Trends
Chapter 6. Medical Waste Management Market By Treatment Site Insights & Trends
Chapter 7. Medical Waste Management Market By Service Insights & Trends
Chapter 8. Medical Waste Management Market By Waste Generator Insights & Trends
Chapter 9. Medical Waste Management Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Companies Mentioned
- Stericycle Inc.
- SUEZ
- Veolia
- Clean Harbors Inc.
- WM Intellectual Property Holdings L.L.C.
- BioMedical Waste Solutions LLC.
- Daniels Sharpsmart Inc.
- All Medical Waste Australia Pty Ltd.
- Casella Waste Systems Inc.
- MedWaste Industries.
For more information about this report visit https://www.researchandmarkets.com/r/mod0j
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