PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1504253
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1504253
Global medical waste management market is projected to witness a CAGR of 8.23% during the forecast period 2024-2031F, growing from USD 12.42 billion in 2023 to USD 23.38 billion in 2031F. The expansion of the market can be attributed to the increase in waste generated by the healthcare sector owing to the rapid expansion of the industry, rise in number of surgical procedures, and expansion of the geriatric population in various regions across the globe. The market growth is also boosted by the rise in the number of programs that boost awareness about the various medical waste management treatments and services.
The rise in the generation of medical waste due to the expansion of the geriatric population is one of the major global medical waste management market trends. According to the estimates of the World Health Organization (WHO), by 2030, one in six individuals across the globe will be of age sixty or above, and by 2050, the population of individuals sixty and above will be at 2.1 billion. The growth of the geriatric population is supporting the expansion of the market as they are more prone to diseases and injuries that often require medical assistance and care, resulting in an increased generation of medical waste.
The requirement for eco-friendly medical waste disposal systems is also rising as they boost sustainability by minimizing the impact on the environment, reducing the amount of waste generated, and ensuring the safety of the staff and the patients by preventing the spread of infectious diseases. According to Practice Greenhealth, a leading sustainable healthcare organization, hospitals generate over 29 pounds of waste per day per bed. The growing presence of stringent regulatory frameworks for safe and effective medical waste management and rapid healthcare infrastructure expansion also supports market growth.
Increasing Prevalence of Chronic Diseases Boost Market Demand
The rise in the number of cases of various chronic health conditions is propelling the generation of medical waste, which in turn is bolstering the requirement for medical waste management services in various regions across the globe. According to the estimates of the World Health Organization, approximately 17.9 million deaths occur globally due to cardiovascular diseases. This increase results in the expansion of healthcare facilities such as autopsy centers, laboratories, hospitals, and mortuaries to meet the growing requirements of the patient, augmenting the quantity of medical waste generated. The effective management of such diseases results in the generation of high quantities of both hazardous and non-hazardous medical waste, resulting in an increased requirement for medical waste
Rise in Research and Development Activities Support Market Growth
The increasing emphasis of various research organizations towards the development of novel technologies for the effective management of biomedical waste will provide lucrative growth opportunities to the market in the coming years. For instance, in March 2024, under the Council of Scientific and Industrial Research (CSIR), the National Institute for Interdisciplinary Science and Technology (CSIR-NIIST), Thiruvananthapuram, unveiled a new technology for effective management of biomedical waste. In three minutes, the technology completes the conversion of one kilogram of biomedical waste to harmless soil additive, supporting the disposal of hazardous medical waste at a low cost at the source. The development of such technologies will provide lucrative growth opportunities to the market over the forecast period as they will allow laboratories, clinics, and hospitals to ensure the safe disposal of medical waste.
North America Holds Significant Share of the Market
The presence of stringent regulations for the disposal of medical waste, rising requirements for surgical procedures, and expansion of the geriatric population are some of the factors supporting the growth of the North America medical waste management market. The rising requirement for surgical procedures is boosted by the increasing prevalence of various infectious and chronic diseases and disorders that require surgical intervention as a means of treatment. According to the estimates of the Pew Research Center, by 2054, adults of age 65 and above are expected to account for 23% of the population, approximately 84 million.
The rapid expansion of the market in the region can also be attributed to a rise in healthcare expenditure and advancements in the healthcare sector. The growing awareness about the presence of various medical waste management programs and augmenting adoption of environment friendly disposal and recycling processes is further supporting the progression of the market in North America.
Hazardous Waste is Witnessing Significant Growth
The factors positively influencing the expansion of the segment include the increasing prevalence of infectious and chronic diseases, a rise in research and development activities in the healthcare sector, and a surge in the development of novel products in the biotechnology and pharmaceutical industries. Approximately 21% of the elderly population in India is living with one chronic disease, and diabetes and hypertension account for about 68% of all chronic diseases. Treatments such as surgeries, chemotherapy, radiation therapy, and the use of disposable medical equipment generate significant amounts of hazardous waste, including contaminated materials, sharps, and chemical agents. The expansion of the segment is also supported by the growth of the healthcare sector owing to the increasing population. Furthermore, the proper disposal of hazardous waste is also essential for preventing the spread of infections and reducing the risk of human infections.
Hospitals Hold Significant Share in the Global Medical Waste Management Market
The expansion of the segment is supported by the rise in the number of various conferences and awareness programs that promote new technologies and practices to support the effective management of medical waste in both developed and developing countries. The increasing utilization of disposable and single-use medical products in order to minimize the risk of cross-contamination in hospitals is further bolstering the requirement for medical waste management. The rise in construction activities to support the development of advanced hospitals is further propelling the expansion of the segment. In April 2024, various business, academic, and civic leaders gathered at Parnassus Heights to break ground at one of the new hospitals of UCSF Health. The iconic UCSF Health Helen Diller Hospital has fifteen stories and will cost USD 4.3 billion. The design of the new facility will integrate care and advanced science with a healing habitat. The hospital will have the latest technologies in surgical procedures, diagnostics, and robotics, including emergency medicine, neurosurgery, transplant, and cardiology.
Future Market Scenario (2024-2031F)
According to the global medical waste management market analysis, the market will witness significant growth over the forecast period. This growth is aided by the growing healthcare sector, the increasing prevalence of chronic health conditions that require surgical procedures for disease management and treatment and rise in the development of technological innovations to support the management of biomedical waste. Due to the rise in the amount of medical waste generated on a daily basis, the traditional methods deployed to support the disposal of medical waste will render environmentally detrimental and inadequate, propelling the requirement for smart disposal systems. The integration of medical waste management with the Internet of Things (IoT) is expected to generate promising results. This integration will enable predictive analytics, allowing the optimization of disposal strategies and support systems in forecasting waste generation patterns. In the coming years, increasing adoption of smart disposable systems will also be witnessed as the accessibility and affordability of IoT technologies rise, bolstering the global medical waste management market size.
Key Players Landscape and Outlook
The major players in the medical waste management market are Waste Management, Inc., Clean Harbors, Inc., Stericycle, Inc., BioMedical Waste Solutions, LLC, and Daniels Sharpsmart, Inc. The growth of the market is supported by the increasing collaborations between various market players and research institutes and rising investments in research and development activities. For instance, the new technology developed by the National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) was transferred to the startup BioVastum Solutions for commercializing the new technology. The advanced technology will ensure the risk-free disposal of medical waste by converting it into a soil
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work