Medical Waste Management Market Revenues to Reach USD 22.3 Bn by 2025
The global medical waste management market is projected to reach USD 22.3 Bn by 2025 with the cumulative annual growth rate (CAGR) of over 5.1% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) “Medical Waste Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”. The report suggests that rise in the generation of medical waste and stringent environmental and medical regulations across the regions are the factors expected to boost the market growth. North America will continue to be at the forefront of global demand, with the market in the region growing at above 4% through 2025 owing to highly stringent regulations governing disposal of medical waste especially sharps and infectious & pathological waste. Growing economy, initiatives by NGOs, and increasing awareness about the health risks associated with the improper management of medical waste are dominating factors expected to drive the market in Asia Pacific region in coming the coming years. Thus, the Asia Pacific medical waste management market is expected to witness significantly high growth rate during the period of 2017 to 2025.
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The report offers detailed segmentation of global medical waste Management market based on nature of waste, waste type, and waste generator type, and service type. The non-hazardous medical waste segment is poised to account for leading share owing to high quantity of non-hazardous medical waste generated and similarly stringent regulations as that of hazardous waste for the disposal of it. According to WHO, 85% of the medical waste generated is non-hazardous in nature, however, it is not allowed to dispose in municipal landfills without prior treatment as there are still chances of mixing and contamination of non-hazardous waste with the hazardous waste at the site of waste generation. The hazardous medical waste is anticipated to grow at highest CAGR during the forecast period owing to increase in the number of surgical procedures resulting in the generation of waste sharps, rise in the aging population demanding various treatments, and increase in the research and development activities in pharmaceutical and biotechnology fields. In terms of waste generator types, the market is divided into large quantity medical waste generators and mid and small quantity medical waste generators. The large quantity medical waste generators dominates the global market owing to highest waste generated by this segment which includes hospitals and pharmaceutical & biotechnological companies. The mid and small quantity medical waste generators which includes clinics and physician’s offices, retail pharmacies, ambulatory surgical centers and long term care centers, laboratories, academic and research institutes, blood banks, and others (veterinary, mortuary and autopsy centers, home healthcare, military & government, nursing homes, tattoo parlor) are expected to witness highest CAGR during the forecast period owing to increasing number of procedures performed in these centers.
Among the service type, the off-site medical waste management segment is expected to dominate the global medical waste management market owing to attractive packages offered by the leading service providers, increasing preference given to the off-site medical waste management owing to the high cost of on-site waste disposal which includes the cost of establishing medical waste disposal equipments, land cost, labor cost, and training cost; risk of non-compliance to the regulatory standards of medical waste disposal, and possible environmental hazards that may affect to the nearby population with the released toxic gases from the incinerators. Thus, the off-site medical waste management segment is expected to witness higher growth rate during the period of 2017 to 2025.
In terms of value, North America is likely to continue its dominance in the global medical waste management market throughout the forecast period, owing to the stringent regulations for the medical waste management, highest awareness among the population regarding the safety and risk concerns related to the possible bio-hazards, and rise in per capita healthcare spending in the region. The Europe is the second dominating region in the global medical waste management market owing to presence of large number of pharmaceutical and biotechnology industries, increasing prevalence of lifestyle diseases such as diabetes, high blood pressure, and cancer among the population, and stringent regulations for the protection of environment.
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Asia pacific is considered as an emerging market for medical waste management owing to initiatives by NGOs for the proper medical waste management, government enforcement, and growing economies to afford the waste management services. Moreover, rise in the medical waste generated per bed in the growing economies of the region such as China, Japan, India, and Australia are expected to lift the market up in the region. For instance, in richer countries like Japan, Australia and New Zealand, around 2.5 kg to 3.0 kg medical waste is produced per bed/day while countries like India, China, Pakistan, Singapore and Malaysia produce 1.0 kg to 2.0 kg per bed/day. However, low level of awareness regarding the risks associated with improper medical waste disposal; economic barrier in major countries, and lack of strict policies & guidelines are some major challenges needed to be dealt in the region.
Latin America and Middle East & Africa are expected to witness rapid growth in the global medical waste management market owing to rise in the generation of medical waste due to the factors such as increasing incidence and prevalence of various infectious and lifestyle diseases, increasing urbanization, changing lifestyles, and growing healthcare awareness. According to the website of the Encyclopedia of Earth, Latin America produces on an average 3 kg of medical waste per bed/day and Middle East produces in a range of 1 kg to 1.5 kg per bed/day. Several key players are aiming towards increasing their market penetration in these high growth potential regions which is likely to contribute towards the growth of global medical waste management market in Latin America and Middle East & Africa.
The report also provide profiles of leading players operating in global medical waste management market. Major players operating in the global medical waste management market includes CLEAN HARBORS, INC., Stericycle, Waste Management, Inc., Republic Services, Inc., Sharps Compliance, Inc., Veolia, Daniels Health, US Ecology, Inc., BioMedical Waste Solutions, LLC., and BWS Incorporated. The emerging players in the global medical waste management market includes ALBA Services GmbH & Co. KG, SUEZ, GRP & Associates, Inc., among others. The leading players in the market are focusing on the service portfolio and geographic reach with the help of mergers and acquisitions, partnerships, and new products launches.
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