Global Medical Waste Management Market Size

Medical Waste Management Market Analysis

The Global Medical Waste Management Market is expected to register a CAGR of 5.5% during the forecast period(2024-2029).

Due to the increase in coronavirus-infected populations, the medical waste generated by health facilities has increased tremendously. Special care should be taken when disposing of COVID-19-related medical waste, as it is likely to spread the virus if not incinerated properly. With the growth in medical waste generation amid the outbreak, several authorities worldwide have devised strategies for waste disposal. For instance, in early 2020, the Central Pollution Control Board (CPCB) India provided guidelines for the management, treatment, and disposal of waste generated during the treatment, diagnosis, and confinement of COVID-19 patients. This has had a positive impact on market growth. Additionally, in August 2021, the Chinese government and the United Nations Development Program (UNDP) jointly launched a new initiative in Nepal to help seven hospitals in the South Asian country improve their healthcare waste management systems to better handle the waste generated during the COVID-19 pandemic. Thus, COVID-19 has had a significant impact on the growth of the market.

Population growth worldwide is increasing the number of patients, leading to an increase in the volume of medical waste generated. Thus, with the increase in medical waste, governments around the world are taking new steps to combat the issue. For example, in India, the Ministry of Environment and Forests (MoEF) introduced the Medical Waste Management and Handling Rules, 1998, and the Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003 to provide official and mandatory guidelines for health care waste management. The Central Pollution Control Board has also issued guidelines on Central Medical Waste Treatment Plans (CBWTF).

Moreover, a growing number of government-sponsored programs are also driving the market for medical waste management. Several government agencies adhere to laws relating to medical waste. These include the Occupational Safety and Health Administration (OSHA), the Centers for Disease Control (CDC), the U.S. Food and Drug Administration (FDA), the Department of Transport (DOT), and the Drug Enforcement Administration (DEA). Additionally, the initiatives taken by the governments of different countries are also propelling the growth of the market. For instance, in August 2021, the Indian government virtually inaugurated a decentralized biomedical waste incinerator at Buxar Municipality, Bihar. The technology developed by Ganesh Engineering Works was selected through the Biomedical Waste Treatment Innovation Challenge launched in June 2020 by the Waste to Wealth Mission.

Furthermore, the advancement in technology is also contributing to the growth of the market. For instance, in February 2022, Envetec Sustainable Technologies Limited launched its GENERATIONS technology. It is a breakthrough cleantech solution that safely treats biohazardous waste and materials, including plastics, glass, PPE, sharp containers, and other general laboratory consumables, on-site at the source. Envetec is one of the pioneers in environmentally friendly, cleantech solutions engineered for laboratories in the diagnostic, pharmaceutical, medical device, and food and beverage industries. With the introduction of GENERATIONS, Envetec became one of the world's first and only cleantech companies with a validated technology providing treatment at the source to eliminate the existing harmful treatment and disposal of biohazardous waste and materials.

Thus, the market is expected to experience growth over time. However, the need to invest heavily due to the demand for high-value equipment and new technological equipment may hinder the growth of the medical waste management market.