Medical Waste Management Market worth USD 23.6 billion by 2030, says Global Market Insights Inc.

Medical waste management industry is anticipated to register 6.9% CAGR between 2022 and 2030 due to the rising mass of medical waste generated across the globe along with growing government initiatives for medical waste disposal.

Selbyville, Delaware, July 18, 2022 (GLOBE NEWSWIRE) --

The medical waste management market value is expected to reach USD 23.6 billion by 2030, according to a new research report by Global Market Insights Inc. Rising volume of medical waste generated across the globe will fuel the market expansion.

Rising healthcare industry developing economies, will provide lucrative growth opportunities for the medical waste management industry. The growing prevalence of chronic diseases, growing & aging population, technological advancement, infrastructure investment are few drivers of the growing healthcare industry.  Investment in transformational technology and its initiatives are rising in the healthcare sector. Advances in artificial intelligence, analytics, and automation accelerates decision-making and eliminate routine administrative tasks.

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Hazardous waste segment surpassed USD 2.9 billion in 2021. The hazardous waste causes harm in non-infectious ways such as medical chemicals, expired drugs, used needles, lancets, scalpels, and others. Thus, for the management of hazardous waste, the World Health Organization published a guide, Safe Management of Wastes from Healthcare Activities for proper management of hazardous wastes. It also ensures that the health facilities have access to water, sanitation, and waste management systems along with hygienic systems.

Some of the key findings from the medical waste management market report include:

  • Rising importance for effective and eco-friendly waste management serves will spur market progression
  • Growing government initiatives for medical waste disposal in developed as well as developing economies will foster the industry landscape.
  • Surging healthcare industry in developing economies will boost the market size.
  • However, lack of awareness regarding health hazards associated with medical waste and lack of training for proper disposal of medical waste.

Browse key industry insights spread across 140 pages with 173 market data tables & 16 figures & charts from the report, “Medical Waste Management Market Analysis By Type of Waste (Hazardous, Non-hazardous), By Service (Collection, Transportation & Storage Services, Treatment and Disposable Services, {Incineration, Autoclaving, Microwaving}, Recycling Services), By Waste Generator (Hospitals, Laboratory and Research Centers, Nursing Homes), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Medical waste management market from recycling services segment accounted for around 32.3% revenue share in 2021 is set to register a significant CAGR through 2030. This is attributed to managing biomedical waste generated mainly by hospitals and clinics. Some of the wastes such as IV bags, broken glassware, gloves, plastic trays, contaminated glass, medical tools and implants, pitchers, basins are separated by putting plastic and non-plastic waste in different containers. Moreover, few key market players are focusing to recycle medical waste. The company focused on recycling red bag medical waste into plastic lumber by collecting, sterilizing, and recycling regulated medical wastes.

Medical waste management market from nursing home segment accounted for 13.8% business share in 2021 and projected to record a lucrative CAGR in the coming years. This is owing to caring of elderly or geriatric populations at nursing homes. Elderly patients suffering from dementia increases the utilization of syringes and other contaminated medical supplies. Therefore, regulated medical waste must be separated from regular trash to specific containers and disposed of for further processing.

Asia Pacific medical waste management market captured over 21.5% revenue share in 2021 and is poised to grow substantially during the forthcoming years. This is attributed to the expansion of healthcare sector in developing countries. Moreover, growing incomes and affordability, rising elderly population, growing medical tourism, and growing awareness of wellness, preventive care and diagnosis are few insights that lead to expansion of healthcare industry in India.

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Some of the key market players operating in medical waste management industry include Biomedical Waste Solutions. LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Gamma Waste Systems, GRP & Associates, Inc., Republic Services, Inc., Stericycle, Triumvirate Environmental, Veolia Environmental, and Waste Management Inc.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.