Pune, Oct. 13, 2020 (GLOBE NEWSWIRE) -- The global medical waste management market size is expected to gain momentum during the forecast period. This is ascribable to factors such as rising prevalence of diseases and strict government regulations regarding proper disposal of medical waste.
Medical waste is the waste generated in medical institutions during diagnosis, treatment, and research. They are mostly segregated into four types of waste such as general, hazardous, infectious, and radioactive. A proper management of the medical waste is important to protect the patients from ill effects of the waste along with protecting the environment.
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
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What does the Report Include?
The market report includes detailed information on the growth parameters such as the drivers, challenges, opportunities, and restraints that the market will go through during the forecast period. Furthermore, it provides qualitative and quantitative details about the regional demographics present in the market.
Moreover, the competitive landscape includes in-depth information of the companies proliferating in the market and the strategies such as mergers and acquisitions, product launches, and collaborations adopted by them to gain market presence between 2020 and 2027.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Stringent Government Regulations for Waste Disposal Owing to COVID-19 to Spur Demand
The novel coronavirus, COVID-19 has highlighted the importance of frontline workers such as medical professionals, nurses, medical service providers, and pathologists, among others. In addition to this, the need to manage solid healthcare amenities is at fore.
Medical waste related to the novel coronavirus is being obtained from designated locations such as major hospitals and zonal areas. This type of waste is deemed highly infectious and therefore, strict government regulations have been put forth regarding the management of the waste and its disposal. Furthermore, the Governments have made it compulsory for the medical institutions to follow the guidelines.
For instance, in India, strict government regulations has propelled Ramky Enviro Engineers Ltd., a Hyderabad-based firm to manage biomedical waste that is generated by hospitals. The Company is doing so by collecting and segregating the waste at the source and further incinerating the waste at extreme high temperature to destroy the coronavirus.
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High Adoption of Medical Waste Disposal Activities in North America to Fuel Demand
Among the regions, North America is anticipated to register high growth for the market during the forecast period. This is ascribable to factors such as increasing prevalence of chronic diseases in countries such as the U.S. Additionally, high adoption of medical waste management in North America will propel it to gain maximum medical waste management market revenue in the forthcoming years.
Europe, on the other hand, is expected to be the second-most leading region during the projected horizon. This is attributable to factors such as high prevalence of chronic disease and strict government regulations for medical waste disposal. Furthermore, increasing social awareness regarding proper disposal of medical waste in Europe will bode well for the growth of the market between 2019 and 2026.
TerraConsult Merging with ByrneLooby to Aid Growth
According to the report, the market comprises of several small, medium, and large industries striving to gain major market share and maintain their presence in the highly competitive landscape. Adoption of strategies such as merger and acquisition, product launches, and collaboration, among others is expected to positively affect the market growth during the forecast period.
For instance, in April 2019, TerraConsult, a leading UK-based medical waste management Company, announced its plan to merge with ByrneLooby, an excellent engineering solutions provider. The merger is expected to expand TerraConsult operations geographically.
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List of the Companies Proliferating in the Medical Waste Management Market:
- Stericycle
- Sharps Compliance, Inc.
- Veolia, Daniels
- CLEAN HARBORS, INC.
- medwastemngmt.com
- BERTIN MEDICAL WASTE
- Republic Services, Inc.
- Among others
Medical Waste Management Market Segmentations:
By Waste Type
• Sharps
• Infectious and Pathological Waste
• Radioactive Waste
• Pharmaceutical Waste
• Non-infectious Waste
By Waste Generator Type
• Large Quantity Waste Generators
• Mid & Small Quantity Waste Generators
• Others
By Service Type
• On-site Services
• Off-Site Services
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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