Selbyville, Delaware, July 30, 2020 (GLOBE NEWSWIRE) -- According to MarketStudyReport LLC, Medical waste management market in North America is expected to be worth over USD 6.5 billion by the year 2026. The growth is majorly attributed to rapid expansion of healthcare industry and increasing development of innovative medical waste services. Various public and private entities are consistently working towards improving healthcare infrastructure and reinforcing healthcare services, which in turn is augmenting the industry remuneration.
For those uninitiated, medical waste comprises of assorted infectious materials which are produced by healthcare facilities including blood banks, hospitals, research centers, and others. These institutions are focusing on complying with strict federal reforms in order to prevent the spread of infections, which in turn is positively influencing the overall market outlook.
Growing demand for optimal and safe handling of biomedical waste are further aiding the expansion of North America medical waste management market. However, lack of awareness regarding proper medical waste disposal may act as a restraining factor for this industry.
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Based on waste type
As per waste type, North America medical waste management market is divided into non-hazardous and hazardous segments. Estimates claim that hazardous segment accounted for a substantial share in the year 2019 and is expected to grow with a CAGR of 6.5% through 2026. Exposure to hazardous waste such as pathological waste, infectious materials, sharps, and radioactive wastes may result in severe injury, disease or infection to people associated with medical fraternity. Thus, growing demand for medical waste management services for managing hazardous waste is stimulating the industry outlook.
Elaborating on service type
In terms of service type, North America medical waste management market is split into recycling services, treatment & disposable services, collection, transportation & storage services and others. According to industry analysts, the recycling services segment was worth USD 1.3 billion in the year 2019 and is poised to accumulate similar returns in the ensuing years. Public entities such as World Health Organization and EPA (The Environmental Protection Agency) and others are introducing various initiatives which promote recycling of medical waste. In addition to this, increasing awareness pertaining to benefits of recycling services are fueling the segmental share.
Citing the end-user scope
In terms of the end-user landscape, North America medical waste management industry is segmented into nursing homes, laboratories & research centers, hospitals and others. Industry analysts state that nursing home segment accounted for 12% revenue share in 2019 and is expected to register consistent growth in the subsequent years. Growing geriatric population has impelled the demand for nursing homes across the region.
Highlighting the geographical landscape
The regional terrain of North America medical waste management market comprises of Canada and the U.S. Estimates cite that Canada market is predicted to expand with a CAGR of 4.5% during 2020-2026. The growth is primarily driven by increased pervasiveness of cancer and rising generation of medical waste in the country. In fact, the Canadian Cancer Society stated that around 220,400 cancer cases were recorded in the year 2019 in Canada. Apart from this, rising cognizance regarding proper disposal of medical waste along with escalating healthcare expenditure are favoring the market scenario in Canada.
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North America Medical Waste Management Market by Waste Type (Revenue, USD Million, 2015-2026)
- Hazardous
- Non-hazardous
North America Medical Waste Management Market by Service Type (Revenue, USD Million, 2015-2026)
- Collection, Transportation & Storage Services
- Treatment & Disposable Services
- Incineration
- Autoclaving
- Microwaving
- Recycling Services
- Others
North America Medical Waste Management Market by Waste Generator (Revenue, USD Million, 2015-2026)
- Hospitals
- Laboratories & Research Centers
- Nursing Homes
- Others
North America Medical Waste Management Market by Regional Analysis (Revenue, USD Million, 2015-2026)
- U.S.
- Canada
North America Medical Waste Management Market by Competitive Spectrum (Revenue, USD Million, 2015-2026)
- Triumvirate Environmental Inc.
- GIC Medical Disposal
- MedNet Solutions Inc.
- Republic Services Inc.
- Veolia Environment S.A.
- SUEZ SA
- Stericycle Inc.
- Daniels Health
- Clean Harbors Inc.
- Biomedical Waste Solutions LLC
Table of Content:
Chapter 1. Methodology
1.1. Definition and forecast parameters
1.2. Data sources
1.3. References & sources
1.3.1. Secondary
1.3.2. Primary
Chapter 2. Executive Summary
2.1. North America medical waste management industry summary, 2015 - 2026
2.1.1. Country trends
2.1.2. Type of waste trends
2.1.3. Service trends
2.1.4. Waste generator trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry outlook, 2015 - 2026
3.3. Major factor analysis
3.4. Regulatory landscape
3.5. COVID-19 impact analysis
3.6. Portera’s analysis
3.7. Competitive review, 2019
3.8. PESTEL analysis
Chapter 4. North America Medical Waste Management Market Share, By Type of Waste
4.1. Key trends in North America medical waste management, by type of waste
4.2. Hazardous
4.3. Non- hazardous
Chapter 5. North America Medical Waste Management Market Size, By Service
5.1. Key trends in North America medical waste management, by service
5.2. Collection, transportation & storage services
5.3. Treatment and disposable services
5.4. Recycling services
5.5. Others
Chapter 6. North America Medical Waste Management Market Value, By Waste Generator
6.1. Key trends in North America medical waste management, by waste generator
6.2. Hospitals
6.3. Laboratories and research centers
6.4. Nursing homes
Chapter 7. North America Medical Waste Management Market Growth, By Country
Related Report:
Medical Waste Management Market Size, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
Global Medical Waste Management Market size is expected to witness 6.2% CAGR from 2020 to 2026, as per new research report. Medical waste comprises infectious material, it is waste that is generated by healthcare facilities such as veterinary clinics, laboratories, hospitals, medical research facilities, dental practices, and physician’s offices. Medical waste can comprise of bodily fluids such as contaminants or blood as well.
This medical waste needs proper management so as to make sure that the safety of individuals and animals is maintained in compliance with federal as well as state regulations. Having any sort of disparity in the process could further violate state or federal laws, thereby causing harm to the reputation of the healthcare services or harming the environment.
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