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Medical waste includes the waste generated during medical research, diagnosis, testing, treatment or immunization of either human beings or animals, such as glassware, culture dishes, gloves, bandages, discarded sharps like needles or scalpels, swabs and tissue. Increasingly stringent regulations for management of healthcare waste and advancements in the technologies by leading service providers in the medical waste management market are likely to drive the revenue growth during the forecast period. For instance, in December 2017, BERTIN MEDICAL WASTE launched Sterilwave 100, a compact solution for the decontamination of potentially hazardous medical waste. According to WHO, about 85% of all medical waste is deemed as non-hazardous and the other 15% is hazardous which can be further categorized into infectious, radioactive, toxic, sharps waste etc. Biohazardous waste contains harmful microorganisms and can infect healthcare workers, patients, and general public. There are various methods of medical waste treatments such as incineration, autoclaving, microwaving, chemical, and biological methods. Innovations pertaining to each type of waste disposal method to make it more cost effective, minimally hazardous to environment, and complying to the regulations of local and international regulatory bodies are expected to increase demand for medical waste management outsourcing in near future.
Key Market Driver -
Rising prevalence of chronic diseases and increasingly stricter regulations by government for medical waste disposal
Key Market Restraint -
Lack of awareness about the health hazards associated with medical waste
Rising prevalence of chronic diseases requiring long hospital stays, increasing focus on medical waste management in developed, and emerging countries, and strict rules by government for proper medical waste disposal are the factors expected to fuel the market growth. According to the Centers for Disease Control, nearly half (approximately 45%) of all Americans suffer from at least 1 chronic disease. Thus, growing incidences of various chronic diseases and growing adoption of disposable medical devices are likely to increase the quantity of medical waste generation in forthcoming years.
However, lack of awareness about the health hazards associated with medical wastes and slow adoption of new technologies in developing regions is projected to hamper the growth of the medical waste management market.
The major companies in the global medical waste management market report includes Stericycle, Sharps Compliance, Inc., Veolia, Daniels, CLEAN HARBORS, INC., medwastemngmt.com, BERTIN MEDICAL WASTE, Republic Services, Inc., and other prominent players.
The global medical waste management market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to be the largest regional market owing to the increasing prevalence of chronic diseases requiring long hospital stays in the U.S. Also, a strong focus on proper medical waste management in this region are the responsible factors for the market dominance.
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Europe is expected to have the second-largest market share during the forecast period. The market in Asia Pacific and Latin America region is expected to register a fast market growth in the forecast period due to the rising prevalence of chronic diseases, stringent regulations by the government for disposal of medical waste and the growing social awareness about the medical waste management.
By Waste Type
By Waste Generator Type
By Service Type
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