Medical Waste Management Market

SKU: DMHCIT1022 | Last Updated On: Dec 27 2022 | Available Formats

>Medical Waste Management Market Expected to reach a high CAGR of 5.75% By 2029:

Medical Waste Management Market is segmented By Service Type (Disposal, Recycling, Collection, Transportation & Storage, Others), By Treatment (Chemical treatment, Incineration, Autoclaving, Others), By Type of Waste (Non-Hazardous Waste, Hazardous Waste), By Treatment Site (Offsite Treatment, Onsite Treatment), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Medical Waste Management Market is expected to grow at a CAGR of 5.75% during the forecasting period (2022-2029).

 

Medical waste is any kind of waste that potentially contains infectious material. Medical waste can be solid or liquid (it can contain bodily fluids like blood or other contaminants). The 1988 Medical Waste Tracking Act defines Medical Waste as ‘waste generated during medical testing, research, immunization, diagnosis, or treatment of either human beings or animals.’

Some examples include glassware, culture dishes, gloves, bandages, swabs, discarded sharps like needles or scalpels. Common sources of biomedical waste include hospitals, medical research laboratories, emergency medical services, nursing homes, health clinics, dentists, veterinarians’ morgues or funeral homes.

Medical Waste Management Market - Strategic Insights

Metrics

Details

Market CAGR

5.75%

Segments Covered

By Service Type, By Treatment, By Type of Waste, By Treatment Site and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Dynamics:

The global market for the Medical Waste Management Market is primarily driven by the increasing initiatives by government authorities, a large amount of healthcare waste generated, and raising awareness on using eco-friendly and safe waste management and treatment processes. According to the World Health Organization, an estimated 16 billion injections are administered every year worldwide. But, not all needles and syringes were disposed of safely, creating a risk of injury and infection and opportunities for reuse. Another factor driving the market is the development of the overall healthcare industry including R&D which is triggering the demand for waste management systems. Furthermore, the increase in technological advancements and the rising generation of excess medical waste across the globe is anticipated to propel the growth of the medical waste management market globally.

However, a lack of reimbursement policies and the high cost of some medical waste management systems may hinder the market progress.

Market Segmentation:

By Service Type, the Global Medical Waste Management Market is segmented into Disposal, Recycling, Collection, Transportation & Storage, and Others. The disposal of waste segment accounts for the largest revenue share. Increasing government initiatives for the disposal of medical waste is expected to drive the growth of this market segment. However, the recycling segment is anticipated to be the fastest-growing segment during the forecast period due to the development of innovative and eco-friendly techniques.

By Treatment, the Global Medical Waste Management Market is segmented into Chemical treatment, Incineration, Autoclaving, and Others. Incineration holds the most significant market share as it is the simple, effective, and highly preferred method used for the disposal of medical waste.

The Environmental Protection Agency reports about 80% of biohazardous waste continues to end up in incineration facilities. However, the Environment Protection Agency has imposed strict regulations concerning the incineration of waste due to increasing global warming. Hence, chemical treatment and other non-incineration methods are predicted to replace incineration in the near future.

By Type of Waste, the Medical Waste Management market is bifurcated into Non-Hazardous and Hazardous Waste. Hazardous Waste is further sub-segmented into Infectious & Pathological Waste, Pharmaceutical Waste, Sharps, and others. The non-hazardous waste segment accounts for the most substantial share of the market. Non-Hazardous are almost 80% of the total waste generated by healthcare facilities, while the remaining 20% of waste is considered to be hazardous and may be infectious, toxic, or radioactive.

Geographical Share:

North America leads the global medical waste management market owing to the stringent laws for medical waste management, increasing healthcare expenditure, high use of biomedical technologies and products, presence of a large number of healthcare waste generators, and high awareness about safe medical waste disposal. Moreover, the rapidly aging population and increasing incidents of infectious and chronic diseases that require medical and surgical aids, which generate a large number of by-products and residues is driving the market growth. Stringent government regulations regarding the handling of medical waste have been one of the major factors driving the medical waste management market. For instance, the U.S. Department of Labor Occupational Safety & Health Administration (OSHA), regulates several aspects of medical waste, including management of sharps, requirements for containers that hold or store medical waste, labeling of medical waste containers, and employee training. These standards are designed to protect healthcare workers from the risk of exposure to blood-borne pathogens. However, they also help to systematically manage wastes, which benefit the public and the environment.

Asia Pacific is anticipated to exhibit the fastest CAGR during the forecast period due to the presence of a large patient population, improving healthcare infrastructure coupled with growing social awareness, and establishment of regulations for the proper disposal of medical residues and by-products.

Market Competition:

  • Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches are other ways the leading players improve their market presence.
  • In April 2019, RedHawk Holdings Corp. announced it is increasing its business focus on the development and sale of its line of Sharps and Needle Disintegration Devices (“SANDD”) designed for the safe and environmentally friendly incineration and disposal of hypodermic needles. RedHawk offers two SANDD medical devices – SANDD mini and the SANDD Pro.
  • In April 2019, Waste Management and Advanced Disposal, two of America's largest waste-management companies, are joining forces in a $4.9 billion deal. Texas-based Waste Management has agreed to acquire Florida-based Advanced Disposal for about $2.9 billion in cash, marking one of the biggest acquisitions in the waste collection, recycling, and disposal spaces in more than a decade.
  • In December 2018, Mauser Packaging Solutions, a global leader in solutions and services across the packaging lifecycle, has launched the first medical waste container made of 100% recycled plastics generated from post-consumer packaging waste.
  • In September 2018, Sharps Compliance Corp. announced that the Addictive and Mental Disorders Division (AMDD) of the Montana Department of Public Health and Human Services (DPHSS) is to purchase 212 of the Company’s 38-Gallon MedSafe Medication Disposal Systems via the partnership for Success Grant that was recently awarded.

Key Takeaways:

  • The global market for the Medical Waste Management Market is primarily driven by the increasing initiatives by government authorities, a large amount of healthcare waste generated, and raising awareness on using eco-friendly and safe waste management and treatment processes.

  • The disposal of waste segment accounts for the largest revenue share. Incineration holds the most significant market share as it is the simple, effective, and highly preferred method used for the disposal of medical waste. The non-hazardous waste segment accounts for the most substantial share of the market.

  • North America leads the global medical waste management market owing to the stringent laws for medical waste management, increasing healthcare expenditure, high use of biomedical technologies and products, presence of a large number of healthcare waste generators, and high awareness about safe medical waste disposal.

  • New product launches are other ways the leading players improve their market presence. In April 2019, RedHawk Holdings Corp. announced it is increasing its business focus on the development and sale of its line of Sharps and Needle Disintegration Devices (“SANDD”) designed for the safe and environmentally friendly incineration and disposal of hypodermic needles.

FAQ

What is the Medical Waste Management Market growth?

The market is growing at a CAGR of 5.75%

What is Medical Waste Management Market size in 2022?

The Medical Waste Management Market size was valued at USD YY million in 2022.

Who are the key players in Medical Waste Management Market?

Stericycle Inc, Sharp Compliance Inc., Waste Management Inc., Clean Harbors Inc., Suez Environnement S.A, Republic Services Inc, Daniels Sharpsmart Inc.

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