Global Medical Waste Management Market- Industry Trends & Forecast Report 2027 - PDF document

Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period Global Medical Waste Management Market - Industry Trends & Forecast Report 2027 Summary Glo bal Medical Waste Management Market, By Type of Waste (Non - hazardous waste, Hazardous waste), By Treatment (Incineration, Autoclaving, Chemical treatment, Other treatments), By Service (Collection, transportation, and storage, Treatment and disposal, Recyc ling, Other services), By Treatment Site (Off - site treatment, On - side treatment), By Region (North America, Europe, Asia - Pacific (APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 . A rece nt study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global medical waste management market was worth USD 6 .5 billion in the year 2020. The data yielded by the study further reveals that the market is estimated to grow at the CAGR of 6.1%, earning revenue of around USD 9.8 billion by the end of 2027. A growing number of medical procedures and diagnostics genera tes large amounts of medical waste, which is a major factor driving the growth of the global waste management market. Moreover, environmental concerns and waste management awareness are also driving the market growth . Global Medical Waste Management Mark et - Industry Trends & Forecast Report 2027 The global medical waste management market was worth USD 6.5 billion in 2020 and is further projected to reach USD 9.8 billion by the year 2027, growing at a CAGR of 6.1% in the forecast period (2021 - 2027). The g rowth of this market can View report Press release Sample report Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period be attributed to factors such as the development in the healthcare and medical industry, technological advancements, along with the rising prevalence of the chronic diseases and increasing road accidents. Furthermore, as the health care and medical sector grows, enormous amounts of medical waste and by - products are generated. Global Medical Waste Management Market - Overview Medical waste management entails the efficient processing of waste generated by healthcare facilities. Medical waste is the waste which is generated by healthcare or medical facilities during any diagnosis or medical treatment of humans or animals. Bandage s, gloves, syringes, culture dishes, tissues, scalpels, swabs, etc. are some of the most commonly used medical items which generate large amounts of waste as they are for only one - time use. The medical waste contains contaminated and infectious materials a nd body fluids like blood, pus, and so on. Hospitals, laboratories, dentistry practices, physician's clinics, veterinary clinics, medical research institutes, and other healthcare facilities generate a significant amount of medical waste. According to the WHO, non - hazardous waste accounts for around 85% of all waste generated by health - care activities. Thus, about 15% of all waste is hazardous, whether it is infectious, toxic or radioactive. Environmentally friendly treatment procedures are used in medical waste management solutions. Using these treatments, waste can be repurposed into resources while emitting zero toxic emissions. Global Medical Waste Management Market Forecast and Trends Growth Drivers Increasing Healthcare Facilities and Medical Waste Rec ently, the development of healthcare facilities such as hospitals and clinics has accelerated, especially in developing countries. As for healthcare developments, government as well as private facilities are both investing in this sector. As a result, the release of medical waste has increased several folds. This is one of the most crucial reasons which has triggered the growth of the medical waste management market. Furthermore, a multitude of medical waste items like PPE kits, gloves, masks, etc. have exp loded in the wake of the recent Coronavirus outbreak. When COVID - 19 was first reported in China, the Emergency Management Office of the Ministry of Ecology and Environment reported a 23% increase in medical waste generation and treatment. Expanding Researc h and Development in the Technological Advancements As research and development (R&D) in waste manage ment and treatment techniques expands, the global medical waste management market is expected to increase significantly during the forecast period. With technical advancements, it is possible to develop new techniques and processes for the treatment of med ical waste that are both effective and do not harm the environment. Furthermore, the waste management companies too are investing considerable amounts on research and development to launch effective products, which is estimated to drive the growth of the m edical waste management market in the foreseeable future. Moreover, the World Health Organization (WHO) reaffirmed in a meeting in Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period Geneva in June 2007 that the government should allot some budget for setting up, supporting, and maintaining an efficient hea lthcare waste management system. This initiative is also encouraging R&D in medical waste management. Restraints High Capital Investments Involved for the Equipment may Hinder the Market Growth Since the past few years, the global market for medical waste management has grown at an astounding rate. However, high capital investment involved in the initial setup may hinder the market growth. A lack of industrial recycling facilities, especially in developing countries, may pose another obstacle. Furthermore, lack of awareness regarding the proper disposal of medical waste in emerging economies like India is limiting the government’s interest and investments in the development of waste management facilities, which may slow down the growth rate of the market. Al so, lack of effective medical waste management training program for the hospital staff is yet another obstacle impeding the growth of the market. Impact of Covid - 19 on Global Medical Waste Management Market Due to the Covid - 19 - induced pandemic, the global medical waste management market flourished immensely. As the Covid - 19 cases surged around the world, the demand for healthcare services increased. Various medical conditions, including Covid - 19 treatment, resulted in an increase in patients seeking treatme nt in healthcare facilities. According to Biotic Waste Management, a leading common facility in Delhi (India) for biomedical waste treatment, the average daily generation of biomedical waste was 7.2 tonnes in July 2020, which increased to 12.5 - 23 tonnes by the end of April 2021. Consequently, there is a strong tendency for medical waste to accumulate, which poses a concern for almost every country. As a result of the pandemic, the need for proper medical waste management accelerated, driving the overall mar ket to grow. Global Medical Waste Management Market - By Type of Waste Based on the types of waste, the medical waste management market is segmented into non - hazardous and hazardous waste. The hazardous waste segment includes sharps, chemical waste, pharma ceutical waste, pathological waste, and others while non - hazardous medical waste includes pulp and paper, glass, concrete, iron and steel, etc. Based on special guidelines for proper disposal of medical waste in light of COVID - 19, the nonhazardous waste se gment is expected to account for a significant share of the medical waste management market during the forecast period and to grow at a higher CAGR. Global Medical Waste Management Market - By Treatment Based on treatment type, the medical waste management market is segmented into incineration, autoclaving, chemical treatment, and others. The incineration segment accounted for the largest market share in the year 2020. The growth in this segment can be associated with technological advancements, increasing government initiatives for medical waste management and the generation of huge medical waste across the globe by the medical & healthcare industry. However, Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period the autoclaving technique is expected to witness a high CAGR during the forecast period as it uses heat, steam, and pressure for processing waste, which is deemed as environment friendly. As a sterilizer, an autoclave is capable of destroying bacteria and infectious materials found in biomedical waste. Global Medical Waste Management Market - By Service Based on service, the global medical waste management market is categorized into collection, transportation, and storage, treatment and disposal, recycling and other services. Waste management companies offer and include all these services. These services are usually executed both at on - site and off - site locations. Among all the services, the treatment and disposal segment registered the largest market share. The recycling segment, however, is expected to grow at a rapid rate during the forecast period as healthcare facilities attempt to cut down on medical waste amount and costs overall. Global Medical Waste Management Market - Regional Insights Based on region, the global medical waste management market is segmented into North America, Europe, Asia - Pacifi c, Latin America, and Middle East & Africa. Among these regions, North America holds the largest market share due to its policy and reforms for medical waste management, rising prevalence of infectious and chronic diseases that require advanced medical & s urgical aids, which generates a vast number of by - products and residues, which in turn is likely to drive the medical waste management market globally in the coming years. On the other hand, Europe holds the second - largest position, with countries such as France at the forefront of Covid - 19 during its early stages. Competitive Landscape The leading market players in the global medical waste management market are Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Waste Management, Inc., Suez Environment al Services, Veolia Environmental Services, Daniels Sharpsmart Inc., US Ecology, Inc., Republic Services, Inc., Stericycle, Inc., All Medical Waste Australia Pty Ltd., Casella Waste Systems, Inc., and other prominent players. The companies are consistently focusing on launching effective products and services for expanding their product portfolio and consumer base. The adoption of competitive strategies like partnerships, mergers, acquisitions, product launches is also very common in this market. Recent Dev elopments l In May 2021, Truist Financial Corporation, an American bank holding company which offers corporate and investment banking services, announced to add waste and environmental services into their industry specialties. The waste management company will primarily focus on industrial waste, medical waste, commercial waste, etc. l In May 2021, Stericycle, Inc., a renowned medical waste management firm established in the United States, received the Silver Stevie Award in the 19th Annual American Business Awards. Scope of the Report Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period Attributes Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Market Coverage North America, Europe, the Asia - Pacific, Latin America, and the Middle East and Africa Product Service/Segmentation By Type of Waste , By Treatment, By Service, By Treatment Site, By Region Key Players Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Waste Management, Inc., Suez Environmental Services, Veolia Environmental Services, Daniels Sharpsmart Inc., US Ecology, Inc., Repu blic Services, Inc., Stericycle, Inc., All Medical Waste Australia Pty Ltd., Casella Waste Systems, Inc., Sharps Compliance, Inc., Remondis Se & Co. Kg, Triumvirate Environmental Inc., GIC Medical Disposal, Gamma Waste Services, GRP & Associates, Inc., Eco med Services, Medpro Disposal, and other prominent players By Type of Waste Ø Non - hazardous waste Ø Hazardous waste By Treatment Ø Incineration Ø Autoclaving Ø Chemical treatment Ø Other treatments By Service Ø Collectio n, transportation, and storage Ø Treatment and disposal Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period Ø Recycling Ø Other services By Treatment Site Ø Off - site treatment Ø On - side treatment By Region Ø North America Ø Europe Ø Asia - Pacific (APAC) Ø Latin America (LATAM) Ø Middle - East & Africa (MEA) FAQs: 1. What is the current size of the global medical waste management Market? Answer: The global medical waste management Market reached USD 6.5 billion in 2020. 2. What are the major factors driving the growth of the global medical waste m anagement Market? Answer: The major factors driving the growth of the global medical waste management Market are; increasing healthcare facilities and medical waste and expanding research and development in the technological advancements. 3. Who are the ke y players in the global medical waste management Market? Answer: The key players in the global medical waste management Market are: Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Waste Management, Inc., Suez Environmental Services, Veolia Environmen tal Services, Daniels Sharpsmart Inc., US Ecology, Inc., Republic Services, Inc., Stericycle, Inc., All Medical Waste Australia Pty Ltd., Casella Waste Systems, Inc., Sharps Compliance, Inc., Remondis Se & Co. Kg, Triumvirate Environmental Inc., GIC Medica l Disposal, Gamma Waste Services, GRP & Associates, Inc., Ecomed Services, Medpro Disposal, and other prominent players 4. Which treatment segment accounted for the largest share in the global medical waste management Market? Answer: The incineration segme nt accounted for the largest share in the global medical waste management Market. 5. Which region is at the highest growth rate in the global medical waste management Market? Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period Answer: North America has the largest share in the global medical waste managemen t Market. About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. 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