Outlook on the Medical Waste Management Global Market to 2026 - Widespread Use of Biomedical Products and Technologies is Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Medical Waste Management Market - Forecast 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global medical waste management market is projected to grow at a CAGR of 5.56% during the forecast period to reach US$22.690 billion by 2026, from US$15.536 billion in 2019.
Medical waste is generated as a result of medical, surgical, and therapeutic procedures carried out in healthcare institutions. Hospitals, diagnostic institutes, and clinics generate waste that must be properly handled and managed. Medical waste management is defined as the collection, treatment, and disposal of biomedical waste through a variety of services such as incineration, chemical treatment, and autoclaving.
Medical waste management assures that biomedical waste is collected, contained, processed, and properly disposed, safeguarding the general public, animals, and the environment. The global medical waste management market is segmented by waste type, treatment site, service, and geography.
The increasing volume of biomedical waste is expected to boost the global medical waste management market growth during the forecast period.
The majority of medical waste is generated as a result of various disease treatments and tests. Approximately 85 percent of the waste created by healthcare activities is non-hazardous. Similarly, around 15% of waste is hazardous, meaning it is toxic and infectious, posing a serious health risk. According to the WHO, over 16 billion injections were administered worldwide in 2018, necessitating proper and adequate processing in order to dispose of medical waste safely. As a result, the medical waste management market is expected to grow as the demand for safe injection disposal grows to avert health crises.
As a result of the COVID-19 outbreak, hospitals are producing more non-hazardous medical waste, such as disposable wipes and empty disinfection containers, propelling the medical waste management industry forward. Furthermore, federal agencies such as the Occupational Safety and Health Administration (OSHA) and the Drug Enforcement Administration (DEA) have specific disposal standards for COVID-19 medical waste. These guidelines simplify and improve the medical waste management process, resulting in increased acceptance of medical waste management.
According to the Central Pollution Control Board, India generated 45,308 tons of biomedical waste between June 2020 and May 2021 as a result of an increase in the several diagnostic activities and treatment of COVID-19 patients. Furthermore, government attempts to improve the management of medical waste are propelling the market ahead.
The US Environmental Protection Agency, for example, signed a rule in 2019 titled "management standards for hazardous waste pharmaceuticals and amendment to the P075 listing for nicotine," which outlines streamlined rules for treating hazardous pharmaceutical waste. Furthermore, increased funding for research activities and widespread use of biomedical products and technologies are driving market expansion.
During the projection period, however, the high cost of services and transportation is likely to restrain the medical waste management market's expansion.
Because of the rising incidence of chronic diseases, the presence of major players has increased environmental consciousness regarding waste management, and an increase in the amount of medical waste in the region. North America is likely to hold a significant proportion of the medical waste management market. In the United States, many hospitals have started recycling single-use products, which are subsequently sold back to the hospitals at a reduced price.
Many companies in the region are pursuing various growth methods such as collaborations, agreements, mergers, and acquisitions to strengthen their market presence. For example, Waste Management, Inc., US-based waste management, comprehensive waste management, and environmental services firm, paid $4.6 billion for Advanced Disposal Services, Inc. in 2019. The acquisition expands Waste Management's presence and allows the firm to provide an unrivaled level of differentiated, sustainable waste management and recycling services to over 3 million new commercial, industrial, and residential customers in 16 states throughout the US.
The global medical waste management market is expected to increase positively as a result of the COVID-19 outbreak. The pandemic has put a strain on the world's healthcare systems, increasing the volume of medical waste generated by hospitals, diagnostic centers, research institutions, laboratories, and clinics. Due to the outbreak, the use of single-use or disposal goods increased dramatically. The majority of hospital waste is made up of surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, intravenous saline bags, and other regularly used disposables. As a result, the medical waste management market is likely to be driven by the increased usage of disposable medical items.
Key Market Segments
By Waste Type
By Treatment Site
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- Stericycle, Inc.
- CLEAN HARBORS, INC.
- Waste Management, Inc.
- BioMedical Waste Solutions, LLC
- REMONDIS Group
- Daniels Health
- BWS Incorporated
- Gamma Waste Services
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