Medical Waste Management Market size worth over $16 Bn by 2026

Medical Waste Management Market size is forecast to exceed USD 16 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

The rising need for proper handling of biomedical waste will boost the demand for medical waste management across the globe. Moreover, increasing government initiatives with new regulatory guidelines imposed due to the current outbreak of COVID-19 will further augment the market progression.

 

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Growing healthcare industry will act as a foremost growth driver

Rising healthcare industry especially in developing countries of the Asia pacific region will offer lucrative opportunity for medical waste management industry growth. India, China, Japan and South Korea are some of the rapidly developing countries in the Asia pacific region. The government of these countries are constantly focusing on enhancing healthcare services and advancing healthcare infrastructure.
 

Surging healthcare business will generate more medical waste, thereby, creating opportunities for the market players to invest in the medical waste management services. Thereby, rising investment towards improving healthcare infrastructure will drive the market. Moreover, foreign investment has played a major role in the development of research institutes and hospital sector of the Indian healthcare industry.
 

Medical Waste Management Market Regional Insights

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Increasing risk associated with hazardous waste will favor the segmental growth

The hazardous waste segment will witness at around 6.5% CAGR over 2020 to 2026. According to the World Health Organization (WHO), human tissue fluids, contaminated supplies and human tissue fluids are categorized under biohazardous waste. Additionally, pathological, chemical, infectious, sharps and radioactive wastes are also considered hazardous waste that eventually surges the demand. Exposure to hazardous medical waste can cause injury, disease or infection to healthcare professionals that further raise the need for proper medical waste management treatment.
 

Browse key industry insights spread across 235 pages with 218 market data tables & 30 figures & charts from the report, “Medical Waste Management Market Size by Type of Waste (Hazardous, Non-hazardous), By Service (Collection, Transportation & Storage Services, Treatment and Disposable Services, {Incineration, Autoclaving, Microwaving}, Recycling Services), By Waste Generator (Hospitals, Laboratories and Research Centers, Nursing Homes), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-waste-management-market
 

Increasing preference towards recycling services will offer lucrative growth opportunity

Recycling services held around 30% medical waste management market share in 2019. Additionally, recycled waste reduces the amount of pollution each year as they are not buried in the land as compared to others. Moreover, small to medium healthcare units are focusing on recycling the plastic part of syringe that ultimately controls the quantity of waste produced. Rising advantages of recycling services as compared to other services will propel the segment growth.
 

Nursing homes segment is expected to show a substantial growth trajectory

The nursing home segment was valued at over USD 1.2 billion in 2019. Maximum number of elderly population base opt for nursing homes with 24-hour care supervision. Additionally, the medical waste generated through nursing homes should be properly treated and disposed of to avoid any further health crises. Moreover, with the increasing consumption of utilities per bed in nursing homes, the chances for medical waste production is also more. Therefore, rising admissions in nursing homes favour the overall market expansion.
 

Favorable reimbursement scenario in the Asia Pacific region

Asia Pacific is expected to show a lucrative CAGR of more than 7% during 2020 to 2026. The rise is majorly due to the increasing quantity of medical waste produced in India, China and other Asia Pacific countries. Due to the current outbreak of COVID-19, the amount of medical waste gathered across Hubei was nearly around 365 tons, of which 60% was generated from hospitals. Thus, rising amount of waste, thereby, enhances the demand for medical waste management services. Furthermore, favorable new regulatory guidelines due to the COVID-19 impact will foster the overall business expansion.
 

Adoption of organic and in-organic strategies by market players will drive the business growth

The presence of large number of healthcare facilities coupled with increasing demand for better services will augment the market expansion. Few of the prominent players operating in the medical waste management market share are Biomedical Waste Solutions, Clean Harbors, Daniel Sharpsmart, Republic Services, Stericycle, Suez, US Ecology, Veolia Environmental Services, and Triumvirate Environmental.  
 

Market players are engaged into several strategic alliances such as collaboration and acquisitions to gain considerable revenue shares in waste management business. Additionally, market players are also focusing on expanding their service portfolio and products to strengthen the position in the market.
 

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