Medical Waste Management Market to Reach US$ 25.2 Bn by 2028, Says TMR Report

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Apr 26, 2022, 21:30 ET

Role of accredited government agencies to comprehend the criticality of hazards of medical waste fuels the growth of the medical waste management market
Focus of players to devise innovative platforms to offer comprehensive medical waste management solutions spells the growth of the medical waste management market

ALBANY, N.Y., April 26, 2022 /PRNewswire/ -- Transparency Market Research: Analysts at TMR estimate the medical waste management market to expand at a CAGR of 6.2% during the forecast period from 2021 to 2028. Need for safe disposal of medical waste to prevent its hazardous effect on human health fuels the growth of the medical waste management market. The disposal of medical waste leads to discharge of biological hazards and chemical gases into the environment that can have serious consequences on the health and well-being of population.

Incineration is the most widely used technique for the treatment, disposal, and management of medical waste the world over. However, downsides of incineration and emission norms in place have led to the adoption of new techniques for medical waste management in developed countries.

The COVID-19 outbreak of has created substantial awareness about the importance of safe disposal of medical waste. The prolonged prevalence of the pandemic mandated medical supplies companies to adhere to packaging and disposal standards of Occupational Safety and Health Administration controlled by Centers for Disease Control and Prevention (CDC).

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Medical Waste Management Market – Key Findings of Report

Concerns of discharge of hazardous medical waste are leading to a shift from on-site treatment method to off-site practices. In the U.S., the enforcement of medical waste disposal policies to control the use of on-site incinerators and approvals required for on-site disposal has led to the gradual shift from on-site treatment to off-site treatment methods.
Investments in collection vehicles and focus on large-dollar & nationwide opportunities are some key strategies of companies in the medical waste management market to gain competitive advantage. Savvy players are innovating solutions for route-based pickup service to be integrated with mail-back systems for a comprehensive medical waste management offering.
Demand for small & medium quantity waste generators for medical waste disposal at clinics, dentists, ambulatory surgical centers, blood banks, and urgent care centers is increasing at a significant rate. This is attracting key players in the medical waste management market to provide customized plans to serve the medical waste disposal needs of small health enterprises; the target of Sharps Compliance Inc. to focus on two areas of service: field sales and inside and online sales is a case in point.
Extremely high number of retail health clinics in the U.S. that increased 47% between 2014 and 2017 creates substantial demand for medical waste management services. This provides ample opportunities for medical waste management companies to enter into long-term contract with manufacturers of small & medium capacity medical waste generators.
Rising preference of patients that require long-term care for home care and long-term care facilities in developed countries such as the U.S. is another key factor fueling the demand for small & medium quantity medical waste generators. This involves identifying areas and localities with poor waste collection & disposal to create the demand for medical waste management solutions. Developing and underdeveloped economies with poor waste collection and sanitation services are the best fit for this business model in the medical waste management market.

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Medical Waste Management Market – Growth Drivers

Need for safe disposal of medical waste to prevent hazards to people fuels the medical waste management market
Role of several government agencies, non-government organizations, and community-based organizations in the collection, recycle, and disposal of medical waste stimulates the medical waste management market

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Medical Waste Management Market – Key Players

Some of the key players operating in the medical waste management market are;

Stericycle
Veolia
Biomedical Waste Solutions LLC
Clean Harbours Inc.
Sharps Compliance Inc.
BWS Incorporated
Republic Services Inc.
US Ecology Inc.
Waste Management Inc.
Daniels Health
Alba services GmbH & Co. KG

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The medical waste management market is segmented as follows;

Medical Waste Management Market, by Nature of Waste

Non Hazardous Waste
Hazardous Waste

Medical Waste Management Market, by Waste Type

Sharps
Infectious & Pathological Waste
Radioactive Waste
Pharmaceutical Waste
Non-infectious Waste

Medical Waste Management Market, by Waste Generator Type

Large Quantity Waste Generators

Hospitals

Public
Private

Pharmaceutical & Biotechnology Companies

Mid & Small Quantity Waste Generators

Clinics & Physician Offices
Retail Pharmacy
Ambulatory Surgical Centers & Long Term Care Centers
Laboratories

Pathological Laboratories
Diagnostic Imaging Laboratories

Academic & Research Institutes
Blood Banks
Others (Veterinary, Mortuary and Autopsy Centers, Home Healthcare, Military & Government, Nursing Homes, Tattoo Parlor)

Medical Waste Management Market, by Service Type

On-site Services
Off-site Services

Medical Waste Management Market, by Region

North America

U.S.
Canada

Europe

U.K.
Germany
France
Spain
Italy
Rest of Europe

Asia Pacific

China
Japan
Australia
India
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

South Africa
GCC Countries
Rest of Middle East & Africa

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

Pharmaceutical Waste Management Market: The global pharmaceutical waste management market is driven by increase in the geriatric population in developing economies, growth of the pharmaceutical industry, and rise in government initiatives for safe disposal of unused medications and waste generated by pharmaceutical industry and health care organizations.

Medical Waste Containers Market: The growing requirement for viable garbage removal, expanded mindfulness about garbage removal, a decrement in emergency clinic gained contaminations, and rigid unofficial laws overseeing the appropriate removal of medical waste all over the planet are totally expected to drive the Global Medical Waste Containers Market.

Biomedical Waste Management Market: The rising awareness pertaining to environmental protection as well as the rising need to dispose of the biomedical waste in safe and eco-friendly manner is driving the demand within the global biomedical waste management market.

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