Medical Waste Management Market to Reach USD 20.5 Billion by 2032 | CAGR: 9.1% | DataHorizzon Research

Fort Collins, Colorado, Sept. 18, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Medical Waste Management Market Size, Growth, Share, Statistics Report, By Type (Hazardous, Non-hazardous), By Treatment Site (Offsite Treatment, Onsite Treatment), By Services (Collection, Transportation & Storage, Treatment & Disposal), By Source, By Region, and Segment Forecasts, 2023-2032.” 

According to DataHorizzon Research, The medical waste management market size was valued at USD 8.7 Billion in 2022 and reach USD 20.5 Billion by 2032 with a CAGR of 9.1%. The growing awareness regarding healthcare-associated infections in developing economies is a major factor driving the market growth. The risk of acquiring Healthcare-associated infections (HAI) is quite high in low and middle-income countries. Thus, increasing alertness and stringent regulations regarding the correct handling and disposal of this waste in lead to market expansion.

Furthermore, the developing healthcare infrastructure and growing proportion of people seeking healthcare treatment is also leading to increased quantity of waste generation. Thus, the requirement for proper treatment and disposal facility facilities for this high volume of waste is increasing, propelling market growth.

Medical waste is generated from healthcare activities, including used syringes, packaging films, cardboard, needles, vials and soiled bandages or body parts, blood, or various pharmaceuticals. Proper management of this waste is essential to prevent the spread of infections and avoid getting healthcare workers or waste handlers exposed to toxic or radioactive chemicals. Additionally, improper handling of such waste also pollutes the environment and affects the health of the community at large.

The various awareness campaigns to raise awareness regarding the proper disposal of hazardous and non-hazardous waste presents various opportunities to the market leaders. Public awareness and participation along with government laws and funding are crucial for effective waste management. The development of specific environmental laws aimed at proper management of waste, as well as the implementation of such laws is essential to setup a sustainable system. Such laws lead to increased demand for proper handling, containerized or packaging, and transportation of waste by authorized waste management company.

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Report Snapshot:

Segmentation Overview

The medical waste management market has been segmented into type, treatment site, services, source, and region. Based on the type, the hazardous waste segment is expected to exhibit a high CAGR during the forecast period owing to the growing awareness regarding the inappropriate disposal of this waste, leading to the spread of various diseases. The onsite treatment segment is anticipated to exhibit substantial growth based on the treatment site. Based on services, the treatment and disposal segment accounted for a significant share of the medical waste management market. Contained treatment and disposal are essential for biomedical as they may include hazardous or infectious components.

Geographically, North America held a significant share of the medical waste management market. The United States is the major market in this region, due to high spending on healthcare and high awareness regarding medical waste management. Asia Pacific is expected to grow significantly due to the growing geriatric population and high prevalence of chronic diseases in this region.

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Key Developments in the Industry:

• In September 2023, the Zimbabwe government took various initiatives to improve waste management systems for health centers in Mashonaland East due to the increased quantity of medical waste generated from activities such as vaccination, or syringes, vials, and PPE test kits. The Mutawatawa District Hospital implemented the project with the support of the government of Zimbabwe, the World Bank, and Cordaid.

• In August 2023, the United Nations Development Program Indonesia and India’s e-gov signed a MoU to counter the problem of medical waste in Indonesia. In Indonesia, the amount of medical increased by 30% post-pandemic. The aim of the partnership is to implement sustainable waste management practices with the aid of eGov Foundation's Digital Public Infrastructure (DPI). The collaboration is also intended to bring transparency and accountability in the end-to-end waste management across 13000 health facilities in Indonesia.

Medical Waste Management Market Report Highlights:

• The Medical Waste Management market is projected to attain a CAGR of 9.1% by 2032. 

• The non-hazardous waste segment held a significant market share and is predicted to remain dominant during the forecast years. This waste includes the plastic packaging and the single-use medical equipment.

• The collection, transportation, and storage segment is expected to account for a significant market share during the forecast period in the medical waste management market.

• The hospital segment accounted for a substantial market share in 2022, due to the increase in the number of hospitals generating more medical waste.

• North America is a major market for medical waste management due to the robust healthcare infrastructure and high prevalence of various diseases in this region.

• The prominent players in the medical waste management market are Republic Services, Waste Management Inc., Biomedical Waste, Solutions LLC, Veolia Environnement, Clean Harbors, Remondis SE, and Co. KG, Stericycle, Daniels Health, EcoMed Services, Gamma Waste Systems, Suez Environmental Services and Triumvirate Environmental.

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Medical Waste Management Market Report Segmentation:

Medical Waste Management Market, By Type (2023-2032)

• Hazardous
• Non-Hazardous

Medical Waste Management Market, By Treatment Site (2023-2032)

• Offsite Treatment
• Onsite Treatment

Medical Waste Management Market, By Services (2023-2032)

• Collection, Transportation & Storage
• Treatment and Disposal
• Recycling

Medical Waste Management Market, By End-Use (2023-2032)

• Hospitals
• Diagnostics Laboratories
• Research Laboratories
• Others

Medical Waste Management Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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