New York, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global medical waste management market is predicted to rise at a tremendous CAGR of 7.0%, thereby garnering a revenue of $16,395.80 million in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the medical waste management market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: The growing volume of medical waste, especially from the global healthcare sector is predicted to drive the medical waste management market in the forecast period. Additionally, various governments across the world have enacted stringent policies to manage this large volume of medical waste, which is expected to boost the market further.
Opportunities: Increasing geriatric population of the world, which is the main reason behind the growth in the volume of medical waste, is expected to provide massive growth opportunities to the market in the analysis timeframe. Moreover, government regulations to dispose of the medical waste is predicted to push the market forward.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the high cost of medical waste management services, which might prove to be a restraint for the medical waste management market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The medical waste management market, however, experienced a massive surge in its growth rate. The immense scale of hospitalizations that resulted due to the pandemic led to a huge growth in generation of medical waste. Also, since Covid-19 is an infectious disease, it was of paramount importance that the medical waste generated was being managed properly. Both these factors helped in the growth of the market during the pandemic years.
Segments of the Market
The report has divided the medical waste management market into certain segments based on type, service, treatment site, and region.
Type: Non-Hazardous Sub-segment to be the Most Profitable
By type, the non-hazardous sub-segment is expected to have the fastest growth rate and garner a substantial revenue of $13,900.22 million by 2028. Increasing number of out-patient visits to hospitals and clinics, especially from those suffering from chronic diseases like diabetes, is anticipated to become the primary growth driver of the market in the forecast period.
Service: Collection and Transportation Sub-segment to Have the Fastest Growth
By service, the collection and transportation sub-segment of the medical waste management market is expected to have the highest CAGR and register a revenue of $5,356.74 million by 2028. Growth in number of people suffering from high blood pressure has resulted in an increased footfall in hospitals, diagnostic centers, and clinics. This is expected to become the leading reason behind the projected surge in this sub-segment in the coming years.
Treatment Site: Offsite Treatment Sub-segment to be the Most Lucrative
By treatment site, the offsite treatment sub-segment is expected to witness the fastest growth rate and garner a substantial revenue of $10,050.04 million by 2028. Increasing waste generated by hospitals and diagnostic centers, coupled with growth in other market players like collection and transportation facilitators is expected to help this sub-segment grow in the forecast period.
Region: Market in the North America Region to be the Most Dominant
By regional analysis, the medical waste management market in North America region is predicted to generate the maximum revenue and register $7,099.38 million by 2028. Presence of large number of hospitals and clinics along with strict government regulations to dispose of the medical waste are expected to help the market in this region to grow substantially in the forecast period.
Prominent Market Players
Some of the prominent players of the medical waste management market are
- Daniels Health Inc.
- Remondis Medison
- Stericycle, Inc.
- Biomedical Waste Solutions
- LLC
- Republic Services, Inc.
- Veolia Environmental services
- EcoMed Services
- Suez Environmental Services
- Waste Management, Inc.
- Clean Harbors, Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in February 2022, Sharps Compliance Corp., a leading hazardous waste treatment and disposal company, announced the acquisition of Midwest Medical Waste, Inc., a medical waste solutions provider. This acquisition is expected to help the acquiring company, i.e., Sharps Compliance Corp., to expand its market share significantly in the coming period.
Finally, the report also summarizes many crucial aspects of the medical waste management market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Medical Waste Management Market:
- Medical Waste Management: A Serious Matter to be Fixed!
- Increase in the Amount of Waste from the Healthcare Sector to Propel the Growth of the Global Medical Waste Management Market
