The global medical waste management market is projected to grow at a CAGR of 5.82% during the forecast period to reach US$22.803 billion by 2027, from US$15.350 billion in 2020. Medical waste is generated as a result of medical, surgical, and therapeutic procedures carried out in healthcare institutions. Hospitals, diagnostic institutes, and clinics generate waste that must be properly handled and managed. Medical waste management is defined as the collection, treatment, and disposal of biomedical waste through a variety of services such as incineration, chemical treatment, and autoclaving. Medical waste management assures that biomedical waste is collected, contained, processed, and properly disposed of safeguarding the general public, animals, and the environment. The global medical waste management market is segmented by waste type, treatment site, service, and geography.
The increasing volume of biomedical waste is expected to boost the global medical waste management market’s growth during the forecast period.
The majority of medical waste is generated as a result of various disease treatments and tests. Approximately 85% of waste generated by healthcare activities is non-hazardous. Similarly, around 15% of waste is hazardous, meaning it is toxic and infectious, posing a serious health risk. According to the WHO, over 16 billion injections were administered worldwide in 2018, necessitating proper and adequate processing in order to dispose of medical waste safely. As a result, the medical waste management market is expected to grow as the demand for safe injection disposal grows to avert health crises.
As a result of the COVID-19 outbreak, hospitals are producing more non-hazardous medical waste, such as disposable wipes and empty disinfection containers, propelling the medical waste management industry forward. Furthermore, federal agencies such as the Occupational Safety and Health Administration (OSHA) and the Drug Enforcement Administration (DEA) have specific disposal standards for COVID-19 medical waste. These guidelines simplify and improve the medical waste management process, resulting in increased acceptance of medical waste management. According to the Central Pollution Control Board, India generated 45,308 tons of biomedical waste between June 2020 and May 2021 as a result of an increase in the number of diagnostic activities and treatment of COVID-19 patients. Furthermore, government attempts to improve the management of medical waste are propelling the market ahead. The US Environmental Protection Agency, for example, signed a rule in 2019 titled "management standards for hazardous waste pharmaceuticals and amendment to the P075 listing for nicotine," which outlines streamlined rules for treating hazardous pharmaceutical waste. Furthermore, increased funding for research activities and widespread use of biomedical products and technologies are driving market expansion.
During the projection period, however, the high cost of services and transportation is likely to restrain the medical waste management market's expansion.
By region, North America, followed by Asia-Pacific is expected to drive the growth of the global drug market during the forecast period.
Because of the rising incidence of chronic diseases, the presence of major players has increased environmental consciousness regarding waste management and led to an increase in the amount of medical waste in the region. North America is likely to hold a significant proportion of the medical waste management market. In the United States, many hospitals have started recycling single-use products, which are subsequently sold back to the hospitals at a reduced price.
Many companies in the region are pursuing various growth methods such as collaborations, agreements, mergers, and acquisitions to strengthen their market presence. For example, Waste Management, Inc., a US-based waste management, comprehensive waste management, and environmental services firm, paid $4.6 billion for Advanced Disposal Services, Inc. in 2019. The acquisition expands Waste Management's presence and allows the firm to provide an unrivalled level of differentiated, sustainable waste management and recycling services to over 3 million new commercial, industrial, and residential customers in 16 states throughout the US.
On the other hand, the Asia Pacific region is also expected to grow significantly in the forecast period due to an increase in the prevalence of chronic diseases, a rise in the geriatric population, increased demand for healthcare products and services, and an increase in the number of hospitals and clinics. Rising public awareness and the implementation of severe rules for the correct disposal of medical waste and byproducts are also expected to boost the market in the region. For instance, to reduce the burden of medical waste generated, the Indian state of Himachal Pradesh announced plans in May 2021 to increase the volume of bio-medical waste incineration from 2.4 metric tonnes (MT) per day to 6.4 MT per day by authorising a new common bio-medical waste treatment and disposal facility. Similarly, the Chinese government and the United Nations Development Program (UNDP) announced a new effort in Nepal in August 2021 to assist seven hospitals in the South Asian country in improving their healthcare waste management systems to better address the COVID-19 pandemic.
The global medical waste management market is expected to increase positively as a result of the COVID-19 outbreak. The pandemic has put a strain on the world's healthcare systems, increasing the volume of medical waste generated by hospitals, diagnostic centers, research institutions, laboratories, and clinics. Due to the outbreak, the use of single-use or disposal goods increased dramatically. The majority of hospital waste is made up of surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, intravenous saline bags, and other regularly used disposables. As a result, the medical waste management market is likely to be driven by the increased usage of disposable medical items.
|Market size value in 2020||US$15.350 billion|
|Market size value in 2027||US$22.803 billion|
|Growth Rate||CAGR of 5.82% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Waste Type, By Treatment Site, Service, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Stericycle, Inc., SUEZ, Veolia, CLEAN HARBORS, INC., Waste Management, Inc., BioMedical Waste Solutions, LLC, REMONDIS Group, Daniels Health, BWS Incorporated, Gamma Waste Services|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the medical waste management market size by 2027?
A1. The global medical waste management market is projected to reach a total market size of US$22.803 billion by 2027.
Q2. What are the growth prospects for the medical waste management market?
A2. The medical waste management market is projected to grow at a CAGR of 5.82% over the forecast period.
Q3. What is the size of the global medical waste management market?
A3. Medical Waste Management Market was valued at US$15.350 billion in 2020.
Q4. Which region holds the largest share in the medical waste management market?
A4. North America is likely to hold a significant share of the medical waste management market.
Q5. What factors are anticipated to drive the medical waste management market growth?
A5. The increasing volume of biomedical waste is expected to boost the growth of the global medical waste management market.
CLEAN HARBORS, INC.
Waste Management, Inc.
BioMedical Waste Solutions, LLC
Gamma Waste Services
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