Medical Waste Management Market Size & Share to Surpass $

WASHINGTON, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The Global Medical Waste Management Market is valued at USD 6.5 Billion in the year 2021 and is estimated to reach a value of USD 8.8 Billion by the year 2028. The global medical waste management industry is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.2% over the forecast period.

Market Overview

Medical waste is the garbage generated as a result of, therapy and surgical procedures carried out in healthcare institutions. Clinics, Hospitals, and diagnostic institutes generate waste that must be properly managed and handled. Medical waste management ensures that biomedical waste is properly collected, treated, stored, and disposed of in order to protect the environment, animals, and general public.

Medical waste management is defined as the collection, storage, treatment, and disposal of biomedical trash through a variety of services such as chemical treatment, autoclaving and incineration. Increasing volume of medical waste, stringent regulatory framework for safe and environmental management of medical waste, and development of healthcare infrastructure are all contributing to the growth of the medical waste management market. In addition, the medical waste management industry is growing due to a rise in the number of awareness programs promoting medical waste management.

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Competitive Landscape

To understand the competitive scenario, we are analyzing medical Waste management market key vendors in the industry. To understand the competitive conflict, we are comparing the product launches, expenses, revenue, resources, region coverage, product portfolio, key initiatives, market share, and any news related to the medical waste management industry.

List of Leading Players in Medical Waste Management Market

Stericycle (US)
Suez Environnement (France)
Veolia Environnement S.A. (France)
Clean Harbors (US)
Sharps Compliance Inc. (US)
REMONDIS AG & Co. KG (Germany)
Waste Management Inc. (US)
Daniels Sharpsmart Inc. (Australia)
BioMedical Waste Solutions LLC (US)
Republic Services Inc. (US)
EcoMed Services (US)
BWS Incorporated (US)
GRP & Associates (US)
MedPro Disposal (US)
Gamma Waste Services (US)
GIC Medical Disposal (Canada)
Triumvirate Environmental (US)
Casella Waste Systems Inc. (US)
EPCO (Saudi Arabia)
All Medical Waste Australia Pty Ltd. (Australia)

Medical Waste Management Market Trends

Medical waste requires careful control and disposal before collection and joins together for handling. Controlled medical-waste disposal measures are designed to protect personnel who generate medical waste and handle the waste from the point of generation to the point of disposal. Avoid frequent, hand cracking and tight bending or to avoid needle sticks and other infected sharps injuries. The Centers for Disease Control and Prevention has published general guidelines for managing sharps. For certain rare diseases or conditions, health-care facilities may require additional precautions to avoid aerosol generation during handling of blood-contaminated items.

Regulated pharmaceutical waste storage and transportation within a healthcare facility is often required before treatment ends. Healthcare institutions are instructed to clean frequently to prevent accumulation of medical waste. Medical scraps requiring storage should be retained in puncture-resistant, leak-proof, labeled containers that minimize or prevent odors. The storage area should be well ventilated and not exposed to insects. Each facility producing regulated medical waste should have a regulated medical waste management policy to ensure welfare and environmental protection in accordance with local guidelines.

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Medical Waste Management Market Drivers

One of the major factors driving the medical waste management market is the increasing enforcement of stringent environmental and safety regulations by governments across the globe. The industry is governed by different federal, state and local regulations, which have created many regulations for different types of medical waste. Local and state regulations generally govern the labeling, containment, transportation, storage, and treatment of medical waste. In the U.S. According to the Environmental Protection Agency's Resource Conservation and Recovery Act, proper disposal of any drug that matches the criteria for being hazardous waste is mandatory.

Medical waste management method helps in the collection, storage, segregation, and safe disposal of medical waste that is harmful to people's health. As per the (WHO) World Health Organization records, every year 16 billion injections are administered across the globe, however, not all the needles and syringes are disposed. Thus, with better medical waste management, all biomedical waste is collected, segregated and disposed of accordingly. Thus, increasing medical waste from hospitals, testing laboratories and research centers, blood banks and collection services, and nursing homes for the elderly will increase the medical waste management market share over the forecast period 2022-2028.

Medical Waste Management Market Segmentation

Based on Service (Recycling Services, Transportation, & Storage Services, Collection, Treatment & Disposal Services)
Based on Type of Waste (Hazardous Waste, Non-Hazardous Waste)
Based on Waste Generator (Hospitals & Diagnostic Laboratories, Other Waste Generators)
Based on Treatment Site (Onsite Treatment, Offsite Treatment)

Medical Waste Management Market Restraints

Although most hospital waste is treated as non-infectious waste, there is a large amount of infectious waste that needs to be managed decisively to avoid health and environmental hazards. Infectious waste is combined with non-infectious waste in many health care facilities to reduce costs and save time and is disposed of with serious health and environmental impacts.

This is mainly due to lack of awareness about these hazards and this factor prevents the global medical waste management industry from achieving its full potential. Medical waste management service providers and governments are taking initiatives to create awareness for effective infectious waste management and strive to overcome this barrier in the near future.

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Recent Developments:

April 2022, Stericycle, Inc., which is a leading provider of medical waste management, announced the launch of its new Safe Shield antimicrobial medical waste containers. It is a collection of high-quality, standardized containers designed specifically for storing and transporting Regulated Medical Waste (RMW). In contrast to current containers of Stericycle, this new line offers customers better storage options, improved design, and an additional level of protection to aid in the fight against microorganism growth on RMW containers.

Medical Waste Management Market Regional Analysis

North America dominates the medical waste management industry in terms of market revenue and share and will continue to increase its dominance over the forecast period 2022-2028. This is due to rising aging population and hard and fast regulations in this region.

Europe medical waste management market is estimated to hold the major market share in the global medical waste management scenario. Growing spread of chronic diseases, presence of major pharmaceutical companies, rising hospitalization, and rising focus on efficient waste management are likely to be prominent trends changing medical waste management market development continuously through 2028.

The Asia Pacific on the other hand is expected to exhibit the highest growth in the coming years due to increasing establishment of stringent regulations and social awareness for the proper disposal of byproducts and residues. The adoption of eco-friendly disposal and recycling processes is anticipated to trigger growth.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Medical Waste Management Market Forecast Report (2022-2028).

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Scope of the Report:

Report Attributes	Details
Market Size in 2021	USD 6.5 Billion
Revenue Forecast by 2028	USD 8.8 Billion
CAGR	5.2% from 2022 to 2028
Base Year	2021
Forecast Year	2022 to 2028
Key Players	Stericycle, Veolia Environnement S.A., Suez Environnement, Clean Harbors, REMONDIS AG & Co. KG, Sharps Compliance Inc., Waste Management Inc., BioMedical Waste Solutions LLC, Daniels Sharpsmart Inc., Republic Services Inc., EcoMed Services, GRP & Associates, BWS Incorporated, MedPro Disposal, GIC Medical Disposal, Gamma Waste Services, Triumvirate Environmental, EPCO, Casella Waste Systems Inc., All Medical Waste Australia Pty Ltd.

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