Medical Waste Management Market Overview
Medical Waste Management Market is poised to grow at a CAGR of 5.5 during the forecast period (2021-2026). The growing population across the globe is increasing the number of patients, resulting in the rising volume of medical waste. The increase in technological advancements and the rising generation of excess medical waste across the globe is anticipated to propel the growth of the medical waste management market globally. In August 2021, The Chinese government and the United Nations Development Program (UNDP) have jointly launched a new initiative in Nepal to help seven hospitals in the South Asian country improve their healthcare waste management system so as to better handle the COVID-19 pandemic.
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Medical Waste Management Market – Geographical Overview
North America holds the largest market share in the medical waste management market
The US medical waste management market held the largest market share in North America, owing to the presence of the highly developed healthcare sector, along with the rising prevalence of infectious and chronic diseases, which require advanced medical and surgical aids, and the treatment for these diseases also produce a large number of by-products and residues. Many hospitals in the United States have started recycling single-use products, which are sold back to the hospitals at a fraction of the original cost.
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Key Highlights of the Medical Waste Management Market
- The major market players in medical waste management are focusing on elaborating their portfolio of services and products in the waste management market. Companies are also adopting various growth strategies, such as partnerships, agreements, mergers, and acquisitions in order to strengthen their market presence in the medical waste management market globally.
- The Asia-Pacific region is also expected to witness the highest growth rate in the medical waste management market, due to the rising social awareness and establishment of stringent regulations for the proper disposal of medical residues and by-products.
- The incineration segment and autoclaving segment are likely to hold the largest shares in the market. Incineration is the most common and highly preferred method used for medical waste disposal, although it is unsafe for the environment as it leads to global warming. For instance, The Canadian Council of Ministers of the Environment has recently proposed new incinerator emission standards that will reduce current dioxin and mercury emissions by 80%.
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List of Key Players in the Medical Waste Management Market
- Biomedical Waste Solutions, LLC
- Clean Harbors, Inc.
- Daniels Sharpsmart Inc.
- Republic Services, Inc.
- Stericycle, Inc.
- Suez Environmental Services
- US Ecology, Inc.
- Veolia Environnmental Services
- Waste Management, Inc.
*List Not Exhaustive
Mordor Intelligence has segmented the global medical waste management market on the basis of type of waste, treatment, service, treatment site, and geography:
- Type of Waste (Market Size & Forecast (2018-2026) in USD billion)
- Non-hazardous Waste
- Hazardous Waste
- Treatment Type (Market Size & Forecast (2018-2026) in USD billion)
- Chemical Treatment
- Other Treatments
- Service Type (Market Size & Forecast (2018-2026) in USD billion)
- Collection, Transportation, and Storage
- Treatment and Disposal
- Other Services
- Treatment Site Type (Market Size & Forecast (2018-2026) in USD billion)
- Offsite Treatment
- Onsite Treatment
- Geography (Market Size & Forecast (2018-2026) in USD billion)
- North America
- United States
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
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