New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Medical Waste Management Market Size, Share & Industry Trends Analysis Report By Type of Waste, By Service, By Treatment & Disposal Type, By Treatment Site, By Waste Generator, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06322175/?utm_source=GNW
), it might also include waste from research labs that contains biomolecules or organisms that are generally prohibited from being released into the environment. Whether or not contaminated by blood and its propensity to cause harm when not carefully regulated and dispersed, the disposed sharps are considered medical waste. Biowaste is one category of waste. Medical waste can be either liquid or solid.
The handling of biomedical waste using a variety of services, including autoclaving, chemical treatment, and burning, is referred to as medical waste management. The byproduct of hospitals, the research sector, laboratories, and surgery centres is medical waste. This market’s expansion is a result of rising medical waste volumes, strict regulations enacted to handle them effectively and sustainably, and the expansion of healthcare infrastructure. Additionally, the market is growing as a result of an increase in awareness campaigns for managing medical waste.
The increasing application of stringent environmental and safety requirements by governments throughout the world is one of the key reasons driving the medical waste management industry. Various federal, state, and local regulations that have established a number of guidelines for the many categories of medical wastes govern this field. The containment, transportation, labelling, storage, and processing of medical waste are generally governed by local and state rules. Any medicine that satisfies the requirements for becoming a hazardous waste must be properly disposed of in the United States in accordance with the Resource Conservation and Recovery Act of the U.S. Environmental Protection Agency.
COVID-19 Impact Analysis
The expansion in aging population, rise in chronic disease incidence, and advancements in technology for the efficient treatment of medical waste are the main factors driving the growth of the market for medical waste management. India created roughly 45,308 tonnes of biomedical waste during June 2020 and May 2021, as per the Central Pollution Control Board (CPCB), as a result of an increase in the usage of various diagnostic procedures and the treatment of COVID-19 patients. Two out of every three senior individuals had a chronic condition in 2020, as per the Longitudinal Ageing Study in India (LASI). Government initiatives for the efficient handling of medical waste are another factor driving market expansion.
Market Growth Factor
Rise in The Amount of Healthcare Wastage
The market-driver for the healthcare business, medical waste management, has experienced tremendous expansion. The demand for medical waste management has expanded due to a growth in hospitals, labs, research institutes, mortuaries, autopsy facilities, blood banks, and collection operations around the world. Hospitals, dentist offices, clinics, blood banks, medical research facilities, and laboratories all produce medical waste on a regular basis.
Stringent Regulations by Governments for Decomposition of Medical Waste
In affluent nations like the US and UK, there is a rise in activities of awareness programmes and conferences to raise understanding of proper medical waste management and prevent medical waste mistreatment. Government and non-government organizations are working by raising public awareness of the right method for getting rid of medical waste in a non-hazardous state. Thus, this growing awareness programs among healthcare institutions and the stringent government regulation would accelerate the growth of the market during the forecast period.
Market Restraining Factor
Requirement of High Investment by Healthcare Companies
Hospitals, healthcare facilities, and pharmaceutical firms must make a sizable capital investment in the gathering and proper processing of waste in order to minimize environmental pollution. The disposal of both hazardous and non-hazardous medical waste calls for sophisticated technology and a large financial commitment. An incinerator facility must be installed, which is an expensive operation. Especially, the expenses associated with building the infrastructure and running the incineration facilities are extremely substantial.
Type of Waste Outlook
On the basis of type of waste, the medical waste management market is bifurcated into Non-hazardous Waste and Hazardous Waste (Infectious & Pathological, Sharp Waste, Pharmaceutical Waste and Others). Hazardous Waste segment procured a significant revenue share in the medical waste management market in 2021. Anything that can have a non-infectious impact on humans is considered a hazardous waste. This can contain items like medical and industrial chemicals, outdated medications, and sharps (scalpels, needles, lancets, etc.). In addition, there are many companies that are taking efforts to dispose all the waste from healthcare firms.
Service Outlook
Based on Component, the medical waste management market is segmented into Collection, transport and storage services; Treatment & disposal services (Incineration, Autoclaving and Chemical Treatment & Others); and Recycling services. The collection, transportation and storage services segment procured the highest revenue share in the medical waste management market in 2021. The treatment, collection, transport & storage services, and disposal services, as well as recycling services, are the market segments for medical waste management. In addition, there is growing adoption of technologies in the healthcare industry, which is accelerating the growth of the segment over the forecast period.
Treatment Site Outlook
By treatment site, the medical waste management market is divided into Offsite Treatment and Onsite Treatment. Onsite Treatment segment recorded a significant revenue share in the medical waste management market in 2021. It is caused by a rise in biomedical waste volume and the emergence of important factors for efficient handling of medical waste. Along with that, there is increase in the efforts by companies operating in healthcare industry to dispose all the medical waste generated across the firm.
Waste Generator Outlook
Based on waste generator, the medical waste management market is fragmented into Hospital & diagnostic laboratories and Other waste generator. The hospital & diagnostic laboratories segment garnered the highest revenue share in the medical waste management market in 2021. It is mostly because there are more awareness-raising initiatives for managing medical waste in industrialized nations. Hospitals typically produce a variety of garbage, including medical, office, and domestic waste.
Regional Outlook
Region-wise, the medical waste management market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the medical waste management market with the highest revenue share in 2021. The rise in the number of elderly people is responsible for the expansion of the medical waste management industry in North America. Owing to the prevalence of a highly developed healthcare system and a growth in infectious and chronic diseases, which call for cutting-edge medical and surgical resources and treatments, the US maintains the greatest market share in North America for medical waste management.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Veolia Environnement S.A., Waste Management, Inc., Clean Harbors, Inc., Remondis SE & Co. KG (Rethmann Se & Co. Kg), Biomedical Waste Solutions, LLC, Daniels Sharpsmart, Inc. (Daniel Health), Sharps Compliance, Inc., Republic Services, Inc. (Cascade Investment Group, Inc.), EcoMed Services (Tristel Plc) and Stericycle, Inc.
Strategies deployed in Medical Waste Management Market
Apr-2022: Remondis acquired selected sites and contracts from Veolia and Suez in Australia. Under this acquisition, Veolia aimed at the sale of the assets in undertakings offered to the Australian Competition and Consumer Commission (ACCC) in the anti-trust review of its acquisition of competitor Suez. In addition, REMONDIS would strengthen its position to improve its commercial, industrial, and medical waste management and recycling portfolio to new and prevailing customers across the B2G, B2B, and B2C sectors.
Apr-2022: Stericycle launched its new SafeShield antimicrobial medical waste containers. This product is a line of high-quality, standardized containers particularly developed for the storage as well as transport of regulated medical waste (RMW).
Feb-2022: Republic Services signed an agreement to acquire all outstanding shares of US Ecology, a leading provider of environmental, emergency, and disaster response services. This acquisition would allow Republic Services to deliver clients with one of the most complete sets of product lines across the environmental services space and develop a significant value for its stakeholders.
Feb-2022: Sharps Compliance took over Midwest Medical Waste, a full-service, route-based provider of medical and hazardous waste solutions. This acquisition aimed to support Sharps’ strategy to boost its organic growth initiatives that augment its route density and expand its reach in the marketplace.
Oct-2021: Sharps Compliance acquired Affordable Medical Waste, a full-service, route-based provider of medical waste solutions. This acquisition aimed to support Sharps’ strategy of driving organic growth and getting complementary route-based providers developed to boost route density and further establish its leadership position as a provider of complete waste management solutions.
Sep-2021: Republic Services took over ACV Enviro from Kinderhook Industries. This acquisition aimed to grow the environmental solutions category of Republic Services and also enable the company to use the core capabilities of the acquired firm to fulfil their growing customers’ demands.
May-2021: Stericycle came into a partnership with UPS Healthcare, a provider of unparalleled healthcare logistics. This partnership aimed to offer end-to-end logistical support to the healthcare sector. In this partnership, UPS would not only provide crucial healthcare packages to companies and customers but also build a connection with its partners and Stericycle to responsibly handle the disposal of medical waste.
Apr-2021: Veolia formed a merger with Suez, a French-based utility company. This merger aimed at the implementation of Veolia’s plan to develop a global champion of ecological transformation.
Oct-2020: Waste Management took over Advanced Disposal, a company that brings fresh ideas and solutions to the business of a clean environment. This acquisition aimed to expand Waste Management’s footprint and enable the company to offer unparalleled access to varied, sustainable waste management and recycling services to approximately 3 million latest commercial, industrial and residential clients majorly situated in 16 states in the eastern half of the United States.
Scope of the Study
Market Segments covered in the Report:
By Type of Waste
• Non-hazardous
• Hazardous
o Infectious & Pathological
o Sharp Waste
o Pharmaceutical Waste
o Others
By Service
• Collection, Transport & Storage
• Treatment & Disposal
o Incineration
o Autoclaving
o Chemical Treatment & Others
• Recycling
By Treatment Site
• Offsite
• Onsite
By Waste Generator
• Diagnostic Laboratories
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Veolia Environnement S.A.
• Waste Management, Inc.
• Clean Harbors, Inc.
• Remondis SE & Co. KG (Rethmann Se & Co. Kg)
• Biomedical Waste Solutions, LLC
• Daniels Sharpsmart, Inc. (Daniel Health)
• Sharps Compliance, Inc.
• Republic Services, Inc. (Cascade Investment Group, Inc.)
• EcoMed Services (Tristel Plc)
• Stericycle, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06322175/?utm_source=GNW
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