Medical Waste Management Market Is Expected To Surpass With CAGR Of 3% By 2031
Medical Waste Management Market Size Trend Analysis & Competition Tracking By Nature of Waste (Non-hazardous Waste, Hazardous Waste), By Type of Waste (Sharps, Infectious & Pathological, Radioactive, Pharmaceutical, Non-infectious), By Generator Type (Large Quantity, Mid & Small Quantity) – Global Review 2021 to 2031
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.
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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, growth of medical waste management is expected to scale new heights in the forecast period.
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
Speak To Research Analyst For Detailed Insights
“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.
Medical waste management is mainly used in healthcare sectors such as hospitals, clinics, laboratories and other places. Global health markets are experiencing rapid expansion in emerging markets such as North America, Asia-Pacific, and Europe.
The major market players focus their strategies on expanding their capacity and geographic footprint as well as collaborating with local players to eliminate waste in untapped markets.
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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Key players analyzed in the Medical Waste Management market study:
- 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.
On the basis of region, the Medical Waste Management study contains:
- South Korea
- South Africa
The report covers following Medical Waste Management Market insights and assessment that are helpful for all participants involved in the Medical Waste Management market:
- Data on recently introduced regulations and their impact on key industries and on demand Medical Waste Management
- Latest industry Analysis on Medical Waste Management Market, with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Medical Waste Management Market and changing consumer preferences in major industries.
- Changing Medical Waste Management demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Medical Waste Management major players
- Medical Waste Management Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Medical Waste Management demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
Key Questions in Medical Waste Management Market Research Report:
- What are the current scenarios and key trends in Medical Waste Management Market Industry?
- What key strategies are companies adopting to grow their consumer base?
- What are the key categories and future potential of Medical Waste Management Market?
- What are the key Medical Waste Management Market drivers and what are their projected impacts in the short, medium and long term?
- What is the size of the Medical Waste Management Market and what are the opportunities for the key players?
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