Medical Waste Management Market Size to Surpass 128.2 billion by 2030 - Growth Plus Reports

| Source: Growth Plus Reports Growth Plus Reports

Pune, Oct. 27, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Medical Waste Management Market by Service (Collection, Treatment, Disposal, Incineration, and Recycling), by Type of Waste (Non-hazardous, Infectious, and Pharmaceutical), by Treatment Site (Offsite and Onsite), by Waste Generator (Hospital and Labs) - Global Outlook & Forecast Period 2022-2030" published by Growth Plus Reports, the medical waste management market is expected to grow at a CAGR of 5.9% from 2021 to reach US$ 128.2 billion by 2030. Owing to increasing initiatives by government authorities and rising awareness of medical waste.

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Market Drivers

According to the Longitudinal Ageing Study in India (LASI), in 2020, two out of every three senior patients were found to have a chronic illness. Furthermore, the market is growing due to government initiatives for the efficient handling of medical waste. For instance, the US Environmental Protection Agency signed a rule in 2019 titled "Management Standards for Hazardous Waste Pharmaceuticals and Amendment to the P075 Listing for Nicotine" that specifies streamlined guidelines for managing waste from hazardous pharmaceuticals. Additionally, increased financing for research initiatives and extensive use of biomedical goods and technologies drive market expansion.

Excerpts from ‘By Waste Generator Segmentation’

Based on waste generator, the global wasted management market has been segmented into:

  • Hospital
  • Labs

During the projection period, the hospital segment had the largest revenue share in the market. Hospitals typically produce a variety of garbage, including medical, office, and domestic waste. Sharps, needles, chemicals, expired medications, radioactive materials, and infectious waste are common components of healthcare waste. While packaging for medical supplies and prescription boxes are among the other non-hazardous waste products produced. The process of managing medical waste in hospitals begins at the point of generation, when it is collected and divided into solid bio-medical waste in designated, color-coded containers that include infected and non-infected trash in separate bins. For the treatment of hazardous waste, both on- and off-site techniques are available. Therefore, during the period of the analysis, these factors will facilitate the growth of the segment. 

Excerpts from ‘By Region Segmentation’

Based on region, the global medical waste management market has been segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

The North American area is anticipated to lead the global medical waste management market. Due to the presence of a highly developed health sector and a growth in infectious and chronic diseases needing cutting-edge medical and surgical resources and treatments. Additionally, a lot of hospitals in the US have started recycling used equipment, which is then sold back to the hospital for a small portion of the original cost. These elements significantly aid in the expansion of the local market. A study titled "Application of the Sterilization Process for Inactivation of Bacillus Stearothermophilus in Biomedical Waste and Associated Greenhouse Gas Emissions" that was released in July 2020 revealed that the annual production of biomedical waste increased from 1,362 tonnes in 2009 to 2,375 tonnes in 2019. According to the report, 37% of biological waste in the US gets disinfected, 60% is incinerated, and some is handled differently. It was estimated that each hospital bed created 1.19 kg of biomedical waste per day. As a result, the large volume of medical waste that is generated in the country will fuel a greater demand for a range of medical waste management strategies.

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Excerpts from ‘Competitive Landscape’

Some of the prominent players of the global medical waste management market include:

  • Biomedical Waste Solutions. LLC
  • Clean Harbors, Inc.
  • EcoMed Services
  • Daniels Sharpsmart, Inc.
  • Gamma Waste Systems
  • GRP & Associates, Inc.
  • Republic Services, Inc.
  • Stericycle
  • Remondis Medison (A Subsidiary of Remondis Ag & Co.Kg)
  • Triumvirate Environmental
  • Veolia Environmental
  • Waste Management Inc

The main market competitors in the waste management industry are concentrating on expanding their range of services and products. To increase their market position in the global medical waste management market, businesses are also implementing a variety of growth strategies, such as alliances, contracts, mergers, and acquisitions.

Table of Content

  1. INTRODUCTION
    1. Market Ecosystem 
    2. Timeline Under Consideration
      1. Historical Years - 2020
      2. Base Years - 2021
      3. Forecasted Years – 2022 to 2030 
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions       
  3. PREMIUM INSIGHTS
    1. Current Market Trend (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2021) 
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  5. GLOBAL MEDICAL WASTE MANAGEMENT MARKET - ANALYSIS & FORECAST, BY SERVICE
    1. Collection
    2.  Treatment
    3. Disposal
    4. Incineration
    5. Recycling
  6. GLOBAL MEDICAL WASTE MANAGEMENT MARKET - ANALYSIS & FORECAST, BY TYPE OF WASTE
    1. Non-hazardous
    2. Infectious
    3. Pharmaceutical
  7. GLOBAL MEDICAL WASTE MANAGEMENT MARKET - ANALYSIS & FORECAST, BY TREATMENT SITE
    1. Offsite
    2. Onsite
  8. GLOBAL MEDICAL WASTE MANAGEMENT MARKET - ANALYSIS & FORECAST, BY WASTE GENERATOR
    1. Hospital
    2.  Labs

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