Medical Waste Management Market Size
Medical Waste Management Market size valued at USD 14 billion in 2022 and is projected to witness over 7.2% CAGR from 2023 to 2032.
During the COVID-19 pandemic, proper management and safe disposal of medical waste played a vital role in an emergency with proper identification, collection and separation, storage, and transportation, as well as safe practices including disinfection along with training healthcare workers.
The global pandemic affected millions of people worldwide, resulting into high mortality rate. During this period, only emergency services were allowed. All the non-emergency and elective surgical procedures had been postponed. Companies in the healthcare and medical industry and several government organizations are continuously working on initiatives for medical waste management in a cost-effective, quick, and accurate manner.
|Market Size in 2022:||USD 14 Billion|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||7.2%|
|2032 Value Projection:||USD 27 Billion|
|Historical Data for:||2018 to 2022|
|No. of Pages:||180|
|Tables, Charts & Figures:||352|
|Segments covered:||Type of Waste, Service, Waste Generator and Region|
|Pitfalls & Challenges:|
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Medical waste is defined as any kind of waste that comprises infectious or non-infectious materials. It includes waste generated by healthcare facilities such as dental practices, hospitals, physician’s offices, veterinary clinics, medical research facilities and laboratories. Such medical waste requires appropriate handling and management. Proper medical waste management enables organizations to minimize the risk factor, raise a safe and healthy working environment that in turn optimize profitability and performance of the organization.
Rising need for effective medical waste disposal in medical waste management
Medical waste is unwanted biological material that is infectious. In other words, any waste contaminated with pathogens or infectious agents that leads to infectious diseases and is harmful to the environment is referred to as medical waste. Medical waste needs to be disposed of properly as it poses environmental and health hazards. Effective waste disposal is the foremost way to prevent getting infected with unwanted diseases. The advantages of proper medical waste include the minimized risk of exposure to blood-borne pathogens and hospital-acquired infections, among others.
Medical Waste Management Market Analysis
Medical waste management market from the hazardous segment held over USD 3 billion revenue in 2022. Sharps waste is considered hazardous waste and can cause injury to healthcare workers while handling and managing medical waste. Medical waste contains potentially harmful micro-organisms that can extensively harm general public, health workers and even hospital patients. Several potential hazards may include drug-resistant microorganisms that further outspread from health facilities into the environment.
Medical waste management market from treatment and disposable services segment accounted for 30% revenue share in the year 2022. With emerging technology, microwaving is mainly used to treat biohazardous waste through moist heat and steam generated by microwave energy to disinfect the medical waste. Whereas incineration is the method used for pathological waste including recognizable tissue as well as body parts that escalate the demand for treatment and disposable services. Nowadays in medical waste management, autoclaving services are mostly preferred as compared to microwaving and others as autoclaves are chemical-free.
Medical waste management market from hospitals segment is anticipated to grow at 6.2% CAGR during the forecast period, due to the rising usage of disposable medical products in hospitals. Majority of products used are meant for single-use to minimize cross-contamination at hospitals. These single-use products are mainly preferred with the outbreak of COVID-19 to avoid the further spread of coronavirus amongst the patients, doctors, nurses, and healthcare providers at hospitals.
North America medical waste management market size dominated around USD 5 billion in 2022, attributed to the rising number of awareness programs regarding medical waste management. Adoption of eco-friendly recycling and disposal processes will further trigger regional progression. Technological advancements along with excess medical waste generation due to the outbreak of the COVID-19 pandemic will enhance the market value.
Medical Waste Management Market Share
Some of the leading companies involved in the medical waste management market include :
- Clean Harbors, Inc.
- BioMedical Waste Solutions LLC
- Daniels Sharpsmart, Inc.
- Gamma Waste Systems
- GRP & Associates, Inc.
- Republic Services, Inc.
- Stericycle AG
- Triumvirate Environmental
- Veolia Environmental Services
- Waste Management Inc.
These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches, etc. to maintain a competitive edge in the industry.
Some of the recent industry developments:
- In May 2022, Republic Services acquired the U.S. Ecology to expand in the U.S. and Canada by expanding its environmental solutions business. This platform provided higher cross-selling revenue opportunity and additional acquisitions. This strategy helped the company to increase its market position across the industry.
This medical waste management market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
By Type of Waste
- Collection, Transportation & Storage Services
- Treatment and Disposable Services
- Recycling Services
By Waste Generator
- Laboratories and research centers
- Nursing homes
The above information has been provided for the following regions and countries:
- North America
- Czech Republic
- The Netherlands
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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