Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period
Published | July 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global medical waste management market was worth USD 6.5 billion in the year 2020. The data yielded by the study further reveals that the market is estimated to grow at the CAGR of 6.1%, earning revenue of around USD 9.8 billion by the end of 2027. A growing number of medical procedures and diagnostics generates large amounts of medical waste, which is a major factor driving the growth of the global waste management market. Moreover, environmental concerns and waste management awareness are also driving the market growth.
Increasing Awareness Towards Medical Waste
Medical waste is increasing at a very high rate all around the world with the rising prevalence of chronic diseases and other medical conditions. Also, the rise in the number of hospitals leads to a greater amount of medical waste. Medical waste, if left untreated, can cause great harm to the environment. Therefore, the government, as well as non-profit organizations, are taking various initiatives to promote medical waste management and treatment. Rising awareness surrounding waste management is one of the major factors for the growth of the global medical waste management market. A constant effort is being made by the governments of different countries to educate the public about biomedical waste management through print media, social media, and electronic media.
Adoption of Advanced Technology and Innovative Techniques
Medical waste is very hazardous as they contain various chemicals, drugs, body fluids, and even radioactive chemicals. For medical waste treatment to be effective, it needs to be highly efficient in order to minimize the risk and harm they pose. The market players are therefore focusing on the development of new techniques and technologies for the treatment, disposal, and recycling of medical waste. Many modern procedures, such as burning, autoclaving, and microwaving, are being used by healthcare facilities and waste management organizations to improve the treatment and management process. As a result, the global medical waste management industry is picking up steam and growing at a rapid rate.
On-Site Treatment will lead the Market in the Forecast Period
Based on treatment sites, the global medical waste management market is categorized into two segments: on-site treatment and off-site treatment. The on-site and off-site treatment essentially refers to the location of the waste management. On-site treatment is preferred by most healthcare facilities because it is more cost-effective and permits waste to be treated according to its severity. Furthermore, off-site treatments are not available in most regions. As a result, the market for the on-site treatment segment is surging at a very rapid rate and is likely to maintain its dominance over the forecast period as well.
Global Medical Waste Management Market - Regional Insights
Based on regions, the global medical waste management market is grouped into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among all the regions, North America held the largest market share in the medical waste management market. However, Europe is witnessing a high CAGR with countries like Germany, Austria, Switzerland topping the effective waste management systems. Increased prevalence of chronic and other infectious diseases also contributes to the market growth in these regions, as the treatment of these diseases produces large amounts of medical waste by-products.
Impact of Covid-19 on the Global Medical Waste Management Market
Medical waste management revenue increased dramatically due to the Covid-19-induced pandemic. The rising number of instances of COVID-19 put a strain on healthcare facilities, causing an increase in medical waste.
Furthermore, medical wastes are one of the most leading causes of environmental pollution. With sustainability getting into the discussion, the government has issued several guidelines for the treatment of medical waste. A set of guidelines for managing healthcare waste has also been provided by the WHO. This guideline will assist healthcare facilities in managing waste resulting from the ongoing pandemic. Moreover, adhering to these guidelines, the global medical waste management market is deemed to flourish post the Covid-19 period.
The leading market players in the global medical waste management market are Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Waste Management, Inc., Suez Environmental Services, Veolia Environmental Services, Daniels Sharpsmart Inc., US Ecology, Inc., Republic Services, Inc., Stericycle, Inc., All Medical Waste Australia Pty Ltd., Casella Waste Systems, Inc., and other prominent players. The industry players are focused on product portfolio expansion and improving distribution channels to make their products available all around the world. Additionally, market strategies such as partnerships, mergers, acquisitions, etc. are also constantly being adopted.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical waste management market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global medical waste management market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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