Medical Waste Management Market Size (2023-2030)

The global Medical Waste Management Market size is estimated to reach USD 9.3 billion by 2030 from USD 7.2 billion in 2022 with a CAGR of 6.1% during 2023-2030. Medical waste is a type of waste that may be the infectious material dumped by healthcare centers like hospitals, dental clinics, blood banks, research centers. The medical waste produced by hospitals and other healthcare centers is either hazardous or non-hazardous. 85% of the waste produced is non-hazardous and 15% is hazardous. 

Market Drivers:

Factors driving the medical waste management growth market include the rising healthcare industry, increasing government initiatives. Increasing the elderly population with growing chronic cases like cancer, cardiovascular diseases, and boosting the number of accidents drive the medical waste management growth. Also, the quick increase in the number of hospitals, clinics, research centers for daily functioning resulting in generating more waste. Environmental issues and awareness about waste management enhance the market growth. 

Market Restraints:

The risk of alternate products and extreme competent scripts common in the medical wastage management market obstructs the market growth globally. Moreover, a lack of awareness regarding health hazards and the absence of medical professionals limit the medical waste management market. 

COVID-19 Impact on Medical Waste Management Market:

Due to the sudden eruption of the novel coronavirus (COVID-19), the global Medical Waste Management Market is said to have a positive impact. During the pandemic period, huge medical waste is dumped by hospitals, laboratories, diagnostic centers, and clinics. The pandemic is likely to lead to an increasing demand to dispose of medical waste properly among the healthcare to avoid the infection spread. During the COVID-19 period, tons of medical waste is collected, and a high volume of medical waste surges quicker than the capacity to hold it. Various developed countries are using advanced technologies to administer biomedical waste. 

MEDICAL WASTE MANAGEMENT MARKET REPORT COVERAGE:

Segmentation Analysis:

The global Medical Waste Management Market is segmented and sub-segmented based on the type of waste, service, treatment site, treatment technology, and waste generator. 

Medical Waste Management Market - By Type of Waste

• Sharps

• Pathological waste

• Pharmaceutical waste

• Chemical waste

• Infectious waste

• Gene toxic waste

Infectious waste and pathological waste types of waste segments are estimated to grow with a quick CAGR rate during the COVID-19 period. 

Medical Waste Management Market - By Service

• Collection, Transportation, & Storage Services

• Treatment & Disposal Services

  • Incineration

  • Autoclaving

  • Chemical Treatment

  • Other Treatments\

• Services

By services, collection, transportation, and storage services segment are dominating the market in 2019. The market growth owes to the existence of strict regulations for the collection, storage, and transportation of medical wastage.The chemical treatment is the second-highest segment with ease of availability of chemicals like hydrogen peroxide, and other chemicals for disinfecting the medical waste escalates the medical waste management market growth. 

Medical Waste Management Market - By Treatment technology

• Non-incineration system 

• Incineration system

Incineration system treatment technology is a highly chosen treatment procedure as the incineration method leads to the emission of gases resulting in global warming. 

Medical Waste Management Market - By Treatment Site

• Offsite Treatment

• Onsite Treatment

Based on the treatment site, the Offsite treatment segment dominated in 2020. The segment growth owes to the rising occurrence of chronic diseases, using innovative technologies, and increasing advancements in research and development activities. Onsite treatment is witnessing significant growth in the global medical waste management market due to the growing volume of biomedical waste and existing key players. 

Medical Waste Management Market - By Nature of Waste

• Non-hazardous 

• Hazardous

The non-hazardous nature of the waste segment dominated the global medical waste management market owing to the increasing number of hospitals and clinics and boosting the demand for healthcare products for treating diseases. 

The hazardous segment is anticipated to experience a considerable growth rate in the global medical waste management market. The growth is attributed to increasing infectious diseases, enhancing the development of pharma and biotechnology industries. 

Medical Waste Management Market - By Waste Generator

• Hospitals

• Retail pharmacy

• Laboratories

• Blood banks

• Research institutions

Hospitals are the main waste generators producing high-volume waste globally. The increasing patient population with the growing number of chronic diseases, and a high number of surgeries performed in hospitals. Moreover, during COVID-19, hospitals release more medical waste escalates the medical waste management market growth throughout the forecast period. 

Medical Waste Management Market - By Regional Analysis:

• Geographically, North America is dominating the medical waste management market with a major share in 2020 and is likely to continue its dominance throughout the timeline period. Rising chronic diseases, growing knowledge in nature about waste management, and rise in medical wastage volume. The U.S medical waste management holds the highest share in the region. 

• In February 2018, the Environmental and Climate Change Canada (ECCC) has planned to launch its new notice processing system on June 05, 2018. In the U.S., many hospitals have started recycling their single-use products that are sold back to the hospitals for the original cost. 

• Europe is accounted to hold considerable growth in the medical waste management market owing to a surge in older people and reimbursement policies. 

• Asia-Pacific is estimated to grow with the highest CAGR rate during the historical period. The region's growth owest rising elderly people and quick increase in the number of hospitals and clinics. Factors like growing social awareness, and implementing strict rules for the disposal of medical products. Japan is awaited to have 

• Latin America and the Middle East & African regions are expected to have notable growth in the medical waste management market. 

Medical Waste Management Market - Key players

1. Stericycle (US)

2. Triumvirate Environmental (US)

3. Veolia Environnement S.A. (France)

4. Suez Environnement (France)

5. REMONDIS AG & Co. KG (Germany)

6. Sharps Compliance, Inc. (the U.S)

7. Waste Management, Inc., (US)

8. Clean Harbors (US)

9. Daniels Sharpsmart Inc. (Australia)

10. EcoMed Services (US)

11. GRP & Associates (US)

12. BioMedical Waste Solutions, LLC (US)

13. BWS Incorporated (US)

14. MedPro Disposal (US)

15. GIC Medical Disposal (Canada)

16. Republic Services, Inc. (US)

17. Gamma Waste Services (US)

18. EPCO (Saudi Arabia)

19. Casella Waste Systems, Inc. (the US)

All Medical Waste Australia Pty Ltd. (Australia) are some major players involved in the medical waste management market.

Recent Market Developments

• On October 24, 2017, PROSHERD was associated with MedPro Waste Disposal. The association provides best-in-class services for medical waste disposal and information destruction.

• On July 06, 2021, Stericycle and UPS Healthcare associated with each other to control the reverse logistics of medical waste.

• On January 13, 2020, Clean Harbors, a US environmental services firm opened a new Capability Centre in Hyderabad.