Medical Waste Management Market anticipated to reach US$ 8,681 Million by 2025
Published | September 2019
BlueWeave Consulting review study of Medical Waste Management Market anticipated to reach US$ 8,681 Million by 2025 with a significant CAGR of 5.3% in the forecast period of 2015-2025.
The growing population across the globe is expanding the number of patients, resulting in the rising volume of medicinal waste. Also, the increasing prevalence of diseases such as cancer & other chronic disorders and increasing geriatric population results in higher demand for these propelled the medical waste management market. The Central Pollution Control Board has additionally issued guidelines on the Central Bio-medical Waste Treatment Facilities (CBWTF). The expanding number of innovative initiatives by the government authorities is driving the medical waste management market.
The developing trend of government R&D in technological research is the prime aspect that are straightforwardly responsible for driving the global medical waste management market. The Asia Pacific is anticipated to open growth prospects for the medical waste management market in the forecast period of 2019-25 in the healthcare sector.
Incineration segment holds the largest market share of Medical waste management during the forecast period
Incineration is the most widely and highly preferred method used in the medical waste management industry. The Environment Protection Agency has imposed strict regulations regarding incineration due to the expanding level of global warming, which has led to the inhibition of emitting harmful gases that affect global warming. The Canadian Council of Ministers of the Environment has currently proposed new incinerator emission standards rules and regulations that will reduce current dioxin and mercury emissions by a higher percentage. Additionally, technology advancement and the rising generation of excess medical waste across the globe are anticipated to propel the growth of the medical waste management market in the forecast period.
Awareness among people & strict waste management regulation is predicted to be the major market driven factor in the Medical waste management industry.
Awareness among people regarding the disposal of medical waste and taking care of their safety from harmful medical waste are the major trend currently driving the market growth. Regulated waste disposal generally costs more than unregulated waste disposal. The growth of the overall medical and healthcare industry is driving the demand for medical waste management systems. In the U.S. and European countries, due to strict regulations, most medical waste management service providers require government permits, approvals, certificates from all jurisdictions in which they operate. In India, the Ministry of Environment and Forests (MoEF), Government of India, declare the Medical waste management and Handling Rules, 1998 and the Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003, to provide legal and mandatory guidelines for healthcare and medical waste management industry.
Medical waste management Market: Competitive Landscape
Medical waste management is one of the biggest challenges being faced by healthcare organizations currently. It is often complicated by state and local regulations. The major market players in the medical waste management are focusing on explaining their portfolio of services and products in the waste management market. Such as BioMedical Waste Solutions, LLC, Suez Environment, Stericycle, Republic Services, Daniels Sharpsmart Inc., Remondis Ag & Co. Kg, Veolia Environnement S.A., XMED Disposal, Inc., American Ecology Corporation, Suez Environnement S.A, and other prominent players.
Browse Detailed Analysis with TOC, “Global Medical Waste Management Market Trend & Segmentation By Facility Type (Hospital Waste Management and Pharmaceutical Waste Management, by Type of Waste (Hazardous, Non-Hazardous), By Treatment Type (Chemical, Incineration, Autoclaving), By Services (Collection, Transportation & Storage, Recycling, and Treatment & Disposal), By Treatment Site (Onsite, Offsite), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-2025”