According to a new market research report titled, ‘Medical
Waste Management Market by Waste Type (Non-hazardous, Hazardous), Service
(Collection, Transport, Treatment (Incineration, Autoclaving, Chemical),
Disposal), Source (Hospital, Diagnostic Laboratory, Research Laboratory) -
Global Forecast to 2029,’ published by Meticulous Research®, the global medical
waste management market is projected to reach $16.69 billion by 2029, at a CAGR
of 6.3% from 2022 to 2029.
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Medical waste is the waste produced in healthcare or
diagnostic activities. It can be both non-hazardous and hazardous waste. Those
in contact with medical waste are potentially exposed to various risks such as
trauma, infection, chemical, fire or explosion, and radioactivity. In Addition,
medical waste also risks environmental pollution and contamination. With the
large amount of medical waste generated by hospitals, laboratory and research
centers, and nursing homes, there is a high demand for medical waste management
services. The report covers various medical waste management services offered
by key companies in terms of non-hazardous and hazardous waste collection,
transportation and storage, treatment, and recycling. The growth of this market
is driven by the increase in the volume of medical waste generated globally,
stringent regulations for medical waste management, and growing government
initiatives to raise awareness regarding proper medical waste disposal.
Impact of COVID-19 on Medical Waste Management Market
According to WHO, around 30% of healthcare facilities
globally are not equipped to handle medical waste loads. The global medical
waste management market experienced tremendous pressure during the COVID-19
pandemic due to the high demand for healthcare waste management services. There
is a large concern about hazardous medical waste produced during the COVID-19
pandemic and the risks of contamination associated with waste management.
According to WHO, till now, around 10,000 tons of extra medical waste has been
generated in response to the COVID-19 pandemic. While countries were actively
procuring commodities such as personal protective equipment, PPE kits,
diagnostic test kits, disinfectant chemicals, and vaccines, less attention and
resources were allocated to the safe and sustainable management of
COVID-19-related medical waste.
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The WHO Global analysis of health care waste in the context
of COVID-19 estimates that between March 2020 and November 2021, approximately
87,000 tons of PPE were procured and shipped to various countries to support
COVID-19 response needs. Since the start of the pandemic, over 140 million diagnostic
test kits that could generate 2,600 tons of medical waste have been shipped
globally. Furthermore, as of 7 January 2022, over 9 billion doses of COVID-19
vaccine have been administered globally, producing 144,000 tons of additional
medical waste in the form of syringes and needles (88,000 tons) and safety
boxes (8,000 tons) (source: WHO). The companies operating in the medical waste
management market experienced tremendous strain due to the huge demand for
healthcare waste management services. Although these companies reported an
increase in revenue due to high demand for COVID-19-related waste management
and decontamination services, the amount of medical waste generated
tremendously exceeded their waste management capacity. For example, according to
an article published (dated April 2021) in SAGE Journals by the International
Solid Waste Association, in March 2020, the medical waste generated in Wuhan,
China, rose from a normal level of 40 tons per day to approximately 240 tons
per day, exceeding the city’s maximum capacity of 49 tons per day. The pandemic
has boosted the revenue of companies offering medical waste management services
but has also imposed a tremendous strain on the market.
Medical Waste Management Market: Future Outlook
The global medical waste management market is segmented by
waste type (non-hazardous waste and hazardous waste), services (collection,
transportation, & storage, treatment [incineration, autoclaving, chemical
treatment, and other treatments], and recycling), source (hospitals &
clinics, diagnostic laboratories, research laboratories, other sources), and
geography (North America, Europe, Asia-Pacific, Latin America, and the Middle
East & Africa). The study also evaluates industry competitors and analyzes
the country and regional-level markets.
Based on waste type, in 2022, the non-hazardous waste
segment is expected to account for the largest share of the global medical
waste management market. The non-hazardous medical waste does not pose any
particular biological, chemical, radioactive or physical hazard. The major
factor contributing to this segment's large market share is increased surgical
procedures globally. Many surgeries are performed globally that generate
various types of medical waste, including non-hazardous waste such as plastic
packaging, clean glass and plastic, paper, and cardboard. According to
Eurostat, in 2020, at least 1.12 million caesarean sections were performed in
the EU. For instance, a total of 637,100 caesarean sections were performed in
Turkey, while 234,000 and 147 600 caesarean sections were performed in Germany
and Poland, respectively (source: Eurostat). Thus, the large number of
surgeries performed is expected to boost the demand for medical waste
management services.
Based on services, in 2022, the collection, transportation,
and storage segment is expected to account for the larger share of the global
medical waste management market. The large market share of this segment is
attributed to the large volume of medical waste generated globally, which
further creates demand for medical waste collection, transportation, and
storage services. For instance, according to a new article released by the
Waste Agency of Catalonia (ARC), in April 2020, an estimated 350% increase in
waste (including medical waste such as masks and gloves) since mid-March was
observed in Catalonia.
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Based on source, in 2022, the hospitals & clinics
segment is expected to account for the largest share of the global medical
waste management market. Hospitals perform various medical procedures that
generate non-hazardous and hazardous wastes. The large market share of this
segment is mainly attributed to a large number of hospitals and other
healthcare facilities globally and government initiatives to promote proper
medical waste management. For instance, according to American Hospital
Association (AHA) Hospital Statistics, 2022 edition, there are 6,093 hospitals
with 920,531 staffed beds in the U.S.
Based on geography, the global medical waste management
market is segmented into North America (U.S., Canada), Europe (Germany, France,
U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India,
Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest
of Latin America), and the Middle East & Africa. In 2022, North America is
expected to account for the largest share of the global medical waste
management market. The largest share of this region is attributed to a large
volume of medical waste generated, rising healthcare expenditures, and growing
government initiatives to raise awareness regarding proper medical waste
disposal
Key companies operating in the global medical waste
management market are Biomedical Waste Solutions, LLC (U.S.), Clean Harbors,
Inc. (U.S.), Daniels Sharpsmart Inc. (U.S.), Republic Services, Inc. (U.S.),
Stericycle, Inc. (U.S.), SUEZ SA (France), VEOLIA ENVIRONNEMENT SA (France),
Waste Management, Inc. (U.S.), Sharp Compliance, Inc. (U.S.), and Gamma Waste
Services (U.S.).
To gain more insights into the market with a detailed
table of content and figures, click here: https://www.meticulousresearch.com/product/medical-waste-management-market-5350?utm_source=Blog&utm_medium=Social&utm_campaign=Product&utm_content=08-11-2022
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