Medical Waste Management Market

Medical Waste Management Market

Medical waste is a form of waste that contains infectious material, and it is created by health care facilities such as doctor's offices, hospitals, dental practices, laboratories, medical research facilities, and veterinary clinics. This may contain physical and mental fluids, such as blood or other contaminants. The Medical Waste Tracking Act of 1988 describes it as waste created by either human beings or animals during medical study, testing, diagnosis, immunization or treatment. Culture sheets, glassware, bandages, gloves, discarded sharps such as needles or scalpels, swabs and tissue are some examples. Refuse similar to household waste can be placed through the same cycle of collecting, recycling and sorting as industrial waste in the city. The remaining 10 to 25 per cent were referred to as dangerous medical or special waste.This type of waste entails health risks. The Medical Waste Management Market at global level is projected to reach USD xx.x Bn by 2026 growing at a CAGR of xx.x% during the forecast period of 2021-2026. Increasing concern about the use of environmentally sustainable and safe waste management and treatment processes, rising public volume of medical waste, national growth for effective and environmentally friendly waste management, expanding government initiatives for medical waste disposal, Surging healthcare industry are driving the growth of market.

 

Medical Waste Management Market segmented by Nature of Waste includes Non-Hazardous and Hazardous. Non-hazardous waste segment has the biggest market share owing to the extreme COVID-19 outbreak, large amounts of non-hazardous waste are produced in healthcare facilities across the globe, the amount of non-hazardous medical waste such as disposable wipes and empty disinfectant containers from hospitals is increasing, boosting the market of medical waste management. Dumping hazardous medical waste onto landfills without treating this waste can lead to soil and water contamination, the toxins and bacteria released from untreated medical waste increase the risk of epidemic among residents near the dumping area.

 

Medical Waste Management Market segmented by Service into Disposal, Recycling and Other Processing and Collection, Transportation & Storage. The disposal segment holds the largest share. adoption of on-site disposal and treatment is rapidly increasing to minimize the cost & holding time of the waste. Many organizations are starting their own treatment, disposal systems, and recycling units at the site. Consequently, this market is estimated to grow fastest. Recycling and Other Processing segment is estimated to be the fastest growing segment in the forecast period, owing to the development of creative and environmentally friendly techniques such as the "Best From Waste".

 

Medical Waste Management Market segmented by Treatment Technology into Non-Incineration System and Incineration. Incineration is one of the most commonly used type of treatment, and considered one of the oldest therapy. This process disposes around 90 percent of infectious medical waste. This is the only approach that increases segmental demand for pathological waste, such as identifiable tissue and body parts. The adoption of innovative treatment services technologies along with an increased volume of medical waste owing to coronavirus outbreak will further drive market growth in the segment.

 

North America, Europe, Asia Pacific, and RoW are the geographic segments in this study. North America dominated the market by capturing the largest revenue share of over 32.0 percent. A highly developed healthcare portion and an increasing prevalence of infectious & chronic diseases requiring advanced medical & surgical aids, generating a large number of by-products and residues, an aging population and strict regulations drive market growth. Asia pacific is estimated to exhibit the highest growth owing to higher social awareness and the implementation of strict regulations for the proper disposal of residues and by-products. Adoption of environmentally friendly processes for disposal and recycling is estimated to experience development.


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