Vantage Market Research
Jun 27, 2022
In terms of revenue, the Global Medical Waste Management Market is expected to reach USD 8.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.2% from 2022 to 2028.
The treatment and disposable services segment is anticipated to upsurge the market growth and growth in the volume of medical waste and the rise in geriatric population, rise in prevalence of chronic disease, and increase in technology for effective treatment of medical waste are a few driving factors for the market.
Key Highlights from Report:
- The Non-Hazardous Waste segment held a significant share in 2021. This is attributable to the large quantities of Non-Hazardous Waste generated in healthcare facilities across the globe; owing to this, there is a significant focus on effective management. Several service providers in the North American region are providing non-hazardous waste services for the effective disposal of medical waste.
- The treatment and services segment is projected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to minimizing the cost & holding time of waste, the adoption of onsite disposal and treatment is rapidly increasing. Many firms are starting up their onsite treatment, disposal systems, and recycling units. Thus, this segment is expected to be the fastest growing during the forecast period.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to rising social awareness and the establishment of stringent regulations for the proper disposal of residues and byproducts. The adoption of eco-friendly disposal and recycling processes is anticipated to trigger growth.
The rising prevalence in the geriatric population & chronic diseases is anticipated to augment the growth of the Medical Waste Management Market in the years to come. This is owing to the growing implementation of strict environmental and safety regulations by governments around the world. The domain is regulated by different federal, state, and local regulations, which have formulated several rules for the different types of medical waste. The local and state regulations generally adhere to containment, labeling, transportation, storage, and treatment of medical waste. In the U.S., as per the U.S., Environmental Protection Agency’s Resource Conservation and Recovery Act, the proper disposal of any drug which meets the criteria for being a Hazardous Waste is mandatory.
Moreover, the growing number of different types of medical waste is also resulting in the growth of the Medical Waste Management Market. Due to the expansion of the pharmaceutical and healthcare industries, majorly in the emerging economies, the volume of various medical wastes, such as biological safety cabinets, infectious, cytostatic, photochemical & pathological waste, slides/paraffin blocks, old X-ray film, old medicines, solvents, and chemicals, is surging. This is projected to lead to an increase in demand for state-of-the-art recycling and disposal technologies for facilitating the treatment of different types of healthcare waste in an efficient and environment-friendly way.
Increasing medical waste generation, across the world, is expected to accelerate the growth of the Medical Waste Management Market size. The increased volume of healthcare waste generation is attributed to the rising geriatric population. The geriatric population is more prone to diseases such as high blood pressure and diabetes, due to which their hospital visits have increased in the past few years. Apart from this, strict laws and regulations defined by the government of many countries to manage healthcare waste are also likely to boost the market growth even further.
North America - North America was the largest regional market for Medical Waste Management in 2019. The market is segmented into North America, Europe, the Asia Pacific, America, the Middle East, and Africa. In 2019, North America also held the largest share of the market, followed by Europe. The increase in the aging population and strict regulations in this region is one of the major factors driving the growth of the Medical Waste Management industry in North America. Healthcare providers are adopting innovative technologies for the treatment of COVID-19 biomedical waste processes. Increasing technological advancements will lead to an increase in demand for effective Medical Waste Management processes, thereby fostering market growth.