A recent report by Fact.MR shows that the market is expected to surpass US$ 22 Bn by the end of the 2021-2031 forecast period. A CAGR of over 3% has been projected for the market across the forthcoming decade. Increasing hospitalization rates is compounding the volume of medical waste generated, thus nudging demand.
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.
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, the growth of medical waste management is expected to scale new heights in the forecast period.
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“Legal frameworks implemented for the management of medical waste combined with the use of various technologies in managing medical waste will help achieve a higher level of efficiency in managing medical waste,” says a Fact.MR analyst.
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
Key Companies Profiled
- Biomedical Waste Solutions LLC
- Clean Harbors, Inc.
- Waste Management, Inc.
- Suez Environmental Services
- Veolia Environmental Services
- Daniels Sharpsmart Inc.
- US Ecology, Inc.
- Republic Services, Inc.
- Stericycle, Inc.
- All Medical Waste Australia Pty Ltd.
- Casella Waste Systems, Inc.
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Medical Waste Management: Market Segmentation
Fact.MR has studied the medical waste management market with detailed segmentation on the basis of nature of waste, type of waste, waste generator type, service type and region.
|
Nature of Waste
|
Type of Waste
|
Waste Generator Type
|
Service Type
|
Region
|
| Non-hazardous Waste |
Sharps |
Large Quantity Waste Generators:
- Hospitals (Public & Private)
- Pharmaceutical & Biotechnology Companies
|
On-site Waste Management |
North America |
| Hazardous Waste |
Infectious & Pathological Waste |
Mid & Small Quantity Waste Generators:
- Clinics & Physicians’ Offices
- Retail Pharmacy
- Ambulatory Surgical Centers & Long-term Care Centers
- Laboratories (Pathological & Diagnostic)
- Academic & Research Institutions
- Blood Banks
- Others
|
Off-site Waste Management |
Europe |
|
Radioactive Waste |
|
|
Asia Pacific |
|
Pharmaceutical Waste |
|
|
Latin America |
|
Non-infectious Waste |
|
|
Middle East & Africa (MEA) |
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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Key Points Covered in Medical Waste Management Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
- Certifications and Compliance Requirements
- COVID-19 Impact on the Ballistic Composite Sales and How to Navigate
- Recommendation on Key Winning Strategies
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global medical waste management market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of nature of waste, (non-hazardous waste and hazardous waste), type of waste (sharps, infectious & pathological waste, radioactive waste, pharmaceutical waste and non-infectious waste), waste generator type (large quantity waste generator and mid & small quantity waste generator), service type (on-site waste management and off-site waste management) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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