PUNE, India, Nov. 30, 2020 (GLOBE NEWSWIRE) --
The Global Medical Waste Management Market, Trends, Analysis and forecasts 2020-30 gives a brief idea on the key developments, business strategies, research & latest innovations and key events in the industry and market composition analysis.
The medical waste management market was valued at US$ 9.7 billion in 2019 and is expected to reach US$ 19.7 billion by 2030 at a CAGR of 6.6%. The global waste management size has registered significant growth since past few years and expected to grow rapidly during the forecast period. Medical Waste Management is the process of handling the waste produced by several health care institutions such as hospitals, private healthcare clinics, blood banks, medical laboratories, etc. This medical waste when not handled properly can contaminate and pollute the environment that makes it hazardous to the human habitation. This hazardous nature of the Medical waste makes it a potential danger and serves as the driving force for the growth of Medical Waste Management Market.
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Medical Waste Management should be able to prevent the toxic compounds from polluting the habitat and should provide a solution to treat this waste in an eco- friendly manner. The ideal Medical Waste Management treatments should be environment friendly and emit zero toxic compounds. The rising occurrences of diseases such as cancer and other chronic disorders and increase in road accidents results in greater demand for advanced medical solutions. While there is increase in availability of advanced medical solutions combined with the expanding volume of patients in hospitals leads to large amount of waste and byproducts. The need to develop new medicines, the research behind them also contribute to the Medical wastes. These wastes can be toxic or non-toxic in nature.
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Rapid Upsurge in Waste Generation triggered by growing Healthcare Sector
The driving forces behind Medical Waste Management Market are the rise in aging population, new regulations that are to be followed in waste management and the generation of huge medical waste from the institutions. The rapid growth in healthcare sector leads to increase in waste generation thereby creating a huge scope of growth for the market. The danger in waste management system is the lack of awareness regarding the potential harm that the waste would pose. This inadequate knowledge poses as a stalling factor for market growth but there are several initiatives taken by the government to increase the awareness and need for an efficient Medical Waste Management which provides as a potential growth factor for the market. The growth of excess medical waste across the globe is expected to accelerate the growth of the medical waste management market globally.
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Companies are adopting various growth strategies, like agreements, partnerships, acquisitions and mergers in order to increase their market presence in the medical waste management market globally. The increase in number of multispecialty clinics, hospitals and diagnostic centres, which are deemed necessary for the large number of increasing health problem and is leading to the generation of more waste. This rapid growth of healthcare institutions leads to more waste generation, which in turn fuels the scope for the market.
Hospitals and healthcare centres are higher revenue generating Segment
As, the waste are generated by the healthcare centres they are the principal contributors to medical waste management market. Medical waste management is one of the challenges that are faced by the healthcare providers. They require medical waste management to safely dispose all the toxic and non-toxic waste compounds that are generated while treating patients.
North America dominates the global market for Medical Waste Management
North America has the biggest scope for Medical Waste Management Market. It is because of the presence of advanced Healthcare Systems present in that region. The highest growing medical waste management geography is Asian Pacific. It is because of the developing healthcare institutions and the initiatives taken by the native government and the Non- Governmental Organizations of that region to increase the awareness of the health hazards when exposed to untreated medical waste. South America, Middle East and Africa (MEA) and Europe are said to have a moderate market growth in this sector. As long as the healthcare sector prevails, there is a huge scope of growth for the Medical Waste Management Market.
Key Players Operating in Global Medical Waste Management Market
Some of the major players in medical waste management market are BioMedical Waste Solutions, LLC, Clean Harbors Inc., REMONDIS Medison GmbH, Veolia Environment S.A., Daniels Sharpsmart, Inc., Republic Services Inc., Sharps Compliance Inc., Stericycle Inc., Suez Environment S.A., and Waste Management Inc.
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