|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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Medical Waste Management Market is poised to grow at a CAGR of 5.5 during the forecast period (2021-2026).
The growing population across the globe is increasing the number of patients, resulting in the rising volume of medical waste. Thus, with the rising volume of medical waste, the governments, worldwide, are taking several initiatives for the management of medical waste. For example, in India, the Ministry of Environment and Forests (MoEF), government of India, notified the Medical Waste Management and Handling Rules, 1998 and the Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003, to provide statutory and obligatory guidelines for healthcare waste management. The Central Pollution Control Board has also issued guidelines on the Central Bio-medical Waste Treatment Facilities (CBWTF). The increasing number of initiatives by the government authorities is driving the medical waste management market. Several federal bodies maintain laws concerning 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 Transportation (DOT), and the Drug Enforcement Administration (DEA). The other factors, like the rising awareness regarding medical waste are also driving the market growth. The medical waste management market has been growing at a tremendous rate, over the past few years, though certain factors are likely to hinder the market growth for medical waste management. Among all, the requirement for huge capital investments, because of the need for high-value machinery and new technology equipment, is a major restraining factor for the medical waste management market growth.
Scope of the Report
Medical waste is a type of waste which contains infectious material and it is the waste generated by healthcare facilities like the physician’s offices, hospitals, dental practices, laboratories, medical research facilities, and veterinary clinics. Medical waste can contain bodily fluids like blood or other contaminants. The 1988 Medical Waste Tracking Act defines it as waste generated during medical research, testing, diagnosis, immunization, or treatment of either human beings or animals. Some examples are culture dishes, glassware, bandages, gloves, discarded sharps like needles or scalpels, swabs, and tissue.
The Medical Waste Management Market is segmented by Type of Waste (Non-hazardous Waste, Hazardous Waste), Treatment (Incineration, Autoclaving, Chemical Treatment, Other Treatments), Service (Collection, Transportation, and Storage, Treatment and Disposal, Recycling, Other Services), Treatment Site (Offsite Treatment, Onsite Treatment, and and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The report offers the value (in USD million) for the above segments.
|Type of Waste|
|Collection, Transportation, and Storage|
|Treatment and Disposal|
Key Market Trends
Incineration segment is estimated to rule the medical waste management market
Incineration is the most common and highly preferred method used for medical waste disposing, although it is unsafe for the environment as it leads to global warming. The Environment Protection Agency has imposed stringent regulations regarding incineration due to the increasing global warming, which has led to the inhibition of emitting harmful gases that effect global warming. For instance, The Canadian Council of Ministers of the Environment has recently proposed new incinerator emission standards that will reduce current dioxin and mercury emissions by 80%. Moreover, the rising generation Health-care waste also contributes to the market growth. For instance, as per WHO (World Health Organization), 2018 data, the total amount of waste generated by health-care activities, includes 85% of general, non-hazardous waste, while remaining 15% accounts for hazardous material that may be infectious, toxic or radioactive.
Hence, owing to aforementioned factors, along with increase in technological advancements are anticipated to propel the growth of the medical waste management market globally.
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The United States to Lead the Market in North America
The US medical waste management market held the largest market share in North America, owing to the presence of the highly developed healthcare sector, along with the rising prevalence of infectious and chronic diseases, which require advanced medical and surgical aids, and the treatment for these diseases also produce a large number of by-products and residues. Many hospitals in the United States have started recycling the single-use products, which are sold back to the hospitals at a fraction of the original cost.
Asia-Pacific is also expected to witness the highest growth rate, due to the rising social awareness and establishment of stringent regulations for the proper disposal of medical residues and by-products.
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Medical waste management is one of the biggest challenges being faced by the healthcare providers day by day. It is often complicated by other concerns like HIPAA, epidemiology, potential civil litigation, and state and local regulation. The major market players in the medical waste management are focusing on elaborating their portfolio of services and products in the waste management market. Companies are also adopting various growth strategies, such as partnerships, agreements, mergers and acquisitions in order to strengthen their market presence in the medical waste management market globally. Further initiatives taken by the governments and collaborations with the NGO’s are further propelling the growth of the medical waste management market. For instance, in February 2018 - the Environment and Climate Change Canada (ECCC) planned to launch its new notice processing system (i.e., WIETS equivalent system) on June 5, 2018.
In August 2021, 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.
In August 2021, The Chinese government and the United Nations Development Program (UNDP) have jointly launched a new initiative in Nepal to help seven hospitals in the South Asian country improve its healthcare waste management system so as to better handle the COVID-19 pandemic.
In March 2020, Central Pollution Control Board (CPCB), has released guidelines for handling, treatment and safe disposal of biomedical waste generated during treatment, diagnosis and quarantine of patients confirmed or suspected to have the novel coronavirus disease (COVID-19).
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Initiatives by Government Authorities
4.2.2 Increasing Awareness of Medical Waste
4.2.3 Increasing Medical Waste
4.3 Market Restraints
4.3.1 Technological Advancements
4.3.2 High-capital Investments
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type of Waste
5.1.1 Non-hazardous Waste
5.1.2 Hazardous Waste
5.2.3 Chemical Treatment
5.2.4 Other Treatments
5.3.1 Collection, Transportation, and Storage
5.3.2 Treatment and Disposal
5.3.4 Other Services
5.4 Treatment Site
5.4.1 Offsite Treatment
5.4.2 Onsite Treatment
5.5.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.5.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.5.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Biomedical Waste Solutions, LLC
6.1.2 Clean Harbors, Inc.
6.1.3 Daniels Sharpsmart Inc.
6.1.4 Republic Services, Inc.
6.1.5 Stericycle, Inc.
6.1.6 Suez Environmental Services
6.1.7 US Ecology, Inc.
6.1.8 Veolia Environnmental Services
6.1.9 Waste Management, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Waste Management Market market is studied from 2018 - 2026.
What is the growth rate of Global Medical Waste Management Market?
The Global Medical Waste Management Market is growing at a CAGR of 5.5% over the next 5 years.
Which region has highest growth rate in Global Medical Waste Management Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Waste Management Market?
North America holds highest share in 2020.
Who are the key players in Global Medical Waste Management Market?
Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Daniels Sharpsmart Inc., Stericycle, Inc., Waste Management, Inc. are the major companies operating in Global Medical Waste Management Market.