ROCKVILLE, Md., March 22, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Medical Waste Management market is projected to grow at a compound annual rate (CAGR) of 3% between 2021 and 2031. The market is expected to reach US$ 22 Bn by the end of 2031.
The demand for Medical Waste Management is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 16 Bn by the end of 2020.
The World Health Organization estimated a 40% increase in production of PPE in March 2020, including 89 million medical masks, 76 million examination gloves, and 1.6 million goggles. This increased the amount of medical waste globally at an unprecedented rate. In forthcoming years, as people retain their hygiene consciousness, growth of medical waste management is expected to scale new heights in the forecast period.
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Historically, demand accelerated at a CAGR of approximately 4%, closing in at over US$ 16 Bn in 2020. The onset of COVID-19 further heightened expansion prospects. As countries continue battling the pandemic even today, hospitals and other healthcare settings are prioritizing on maintaining hygiene standards to prevent infection spread.
How is a Flourishing Healthcare Industry Nudging Medical Waste Management Demand?
There has been a substantial increase in the number of healthcare facilities across developing countries. Surging hospitalization rates to address various chronic and infectious diseases have prompted extensive development of adequate infrastructure. Consequently, the quantity of waste generation has increased.
Furthermore, concerns about the environment and awareness about waste management are influencing the market growth. Medical waste poses a threat to health and may cause a variety of diseases and infections. Growing public concerns about the proper disposal of medical waste have prompted the industry to develop new management and disposal technologies.
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Key Segments Covered in the Medical Waste Management Industry Survey
Nature of Waste
- Non-hazardous Waste
- Hazardous Waste
Type of Waste
- Sharps
- Infectious & Pathological Waste
- Radioactive Waste
- Pharmaceutical Waste
- Non-infectious Waste
Waste Generator Type
- Large Quantity Waste Generator:
- Hospitals (Private & Public)
- Pharmaceutical & Biotechnology companies
- Mid & Small Quantity Waste Generator:
- Clinics & Physicians’ Offices
- Retail Pharmacy
- Ambulatory Surgical Centers & Long-term Care Centers
- Laboratories (Pathological & Diagnostic)
- Academic & Research Institutions
- Blood Banks
- Others
- Service Type
- On-site Waste Management
- Off-site Waste Management
Competitive Landscape
Prominent players in the global market for medical waste management are leveraging partnerships with governments, consulting firms and other medical waste management service providers to augment their presence in the market.
- On June 7th, 2021, Cambodia, in cooperation with UNDP, will launch a new medical waste management project under the South-South Cooperation Assistance Fund (SSCAF) with the support of China, to seek experience and expertise in managing infectious waste
- On April 1st, 2021, Aurora Capital Partners announced the purchase of Curtis Bay Medical Waste Services, an industry leader in medical waste collection, disposal, and treatment services. This acquisition will enable it to acquire a strong foothold in the market.
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Key players in the Medical Waste Management Market
- Biomedical Waste Solutions LLC
- Clean Harbors, Inc.
- Waste Management, Inc.
- Suez Environmental Services
- Veolia Environmental Services
- Daniels Sharpsmart Inc.
- US Ecology, Inc.
Key Takeaways from the Market Study
- By type of waste, non-hazardous waste management to generate 70% revenue until 2031
- However, demand for infectious & pathological waste management to surge at 6% CAGR
- Off-site medical waste management solutions to generate 3 out of 5 sales through 2031
- Mid & small quantity medical waste management to expand at around 4% CAGR
- U.S likely to account for 40% of total medical waste management solutions demand
- Medical waste management services in Europe to surge at a CAGR of 4%
- India and China to emerge as opportunistic markets across Asia, amid extensive healthcare infrastructure development
Explore Fact.MR’s Coverage on the Healthcare Domain –
Medical Waste Containers Market Insights - During the forecast period, the non-infectious medical waste sector is expected to drive the worldwide medical waste containers market. In recent years, the use and disposal of medical supplies such as IV bags has increased. This is expected to boost the market for medical waste containers.
Disposable Ophthalmic Surgical Products Market Scope - The market for disposable ophthalmic surgical items is predicted to rise due to the increasing success rate of eye procedures, as well as the rising healthcare infrastructure and favorable reimbursements.
Medical Mask Market Analysis - Consistent increase in the number of surgeries performed around the world are driving up demand for anesthetic masks and laryngeal masks, which will help drive the medical mask market forward during the projected period.
Medical Flexible Packaging Market Forecast - Medical flexible packaging promotes the preservation of hygiene and health of medical devices by providing consumers with price and product distinction. Medical device and pharmaceutical businesses are benefiting greatly from developing economies, which is fueling demand for medical flexible packaging.
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