PUBLISHER: The Business Research Company | PRODUCT CODE: 1429551
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429551
Medical waste management refers to services that encompass the collection, transportation, storage, and recycling of waste. Biomedical waste, generated during the diagnosis, treatment, and immunization of human beings or other living beings, originates from healthcare facilities.
The primary categories of medical waste management include bio-hazardous/infectious waste, non-hazardous waste, sharps, pharmaceutical waste, radioactive waste, and others. Any waste containing infectious materials or potentially contagious compounds, such as blood, falls under the classification of biohazardous waste, commonly known as infectious waste or biomedical waste. Various treatment methods are employed, including incineration, autoclaving, chemical treatment, and others, with services offered both onsite and offsite. Applications for medical waste management span across hospitals, clinics, ambulatory surgical centers, pharmaceutical companies, biotechnology companies, and others.
The medical waste management market research report is one of a series of new reports from The Business Research Company that provides medical waste management market statistics, including the medical waste management industry global market size, regional shares, competitors with a medical waste management market share, detailed medical waste management market segments, market trends and opportunities, and any further data you may need to thrive in the medical waste management industry. This medical waste management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical waste management market size has grown strongly in recent years. It will grow from $18.79 billion in 2023 to $19.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historical period can be attributed to the increasing emphasis on effective waste management and the growing initiatives by governments for the disposal of medical waste.
The medical waste management market size is expected to see steady growth in the next few years. It will grow to $23.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to the rise in the use of disposable medical products, the increasing adoption of new guidelines by prominent industry players, innovative technologies, and the escalating volume of medical waste, which are expected to drive the market. Key trends in the forecast period include the adoption of new treatment methods, embracing emerging technologies such as microwaving technology, introducing new recycling services, engaging in mergers and acquisitions, and adopting environmentally friendly waste treatment practices.
The growth of the medical waste management market is anticipated to be fueled by the increasing utilization of disposable medical products in healthcare facilities. Within healthcare settings, a majority of products are designed for single-use to mitigate cross-contamination among patients and reduce hospital-acquired infections. The prevalence of single-use or disposable items experienced a surge during the COVID-19 pandemic. Commonly used disposables, such as surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, and intravenous saline bags, constitute a significant portion of hospital waste. Consequently, the heightened adoption of disposable medical products is expected to propel the expansion of the medical waste management market.
The global rise in population is projected to drive the growth of the medical waste management market in the foreseeable future. The growth in population signifies an increase in the number of individuals residing in specific regions or globally. This surge in the global population leads to heightened demand for healthcare services, resulting in increased medical waste and a subsequent need for waste management solutions. As of November 15, 2022, according to estimates from the United Nations Conference on Trade and Development, the global population surpassed 8 billion, marking a one-third increase in the Earth's population over the last 25 years, equivalent to 2.1 billion individuals. Projections indicate a further one-fifth increase, reaching just under 10 billion by around 2050. Consequently, the expanding population is expected to play a continuing role in driving the growth of the medical waste management market.
Recycling is poised to emerge as a significant trend in medical waste management, spurred by the ongoing shortage of medical supplies resulting from the COVID-19 pandemic. The FDA-approved Battelle Critical Care Decontamination System, utilizing hydrogen peroxide, facilitates the decontamination of N95 respirators and personal protective equipment (PPE) kits, promoting sustainable recycling of medical products.
In August 2023, Australia-based healthcare solutions provider Hipac entered into an undisclosed partnership with France-based Bertin Technologies. This collaboration enables the introduction of Sterilwave, offering an innovative and eco-friendly approach to managing biomedical waste, making it available to healthcare facilities across Australia.
In April 2021, Aurora Capital Partners, a US-based private equity firm, acquired Curtis Bay Medical Waste Services for an undisclosed amount. This strategic acquisition positions Curtis Bay Medical Waste Services for the next stage of expansion. The company, operating the largest medical waste incinerator in the United States, is also the sole facility in the Northeast capable of converting infectious/biomedical substances and non-hazardous pharmaceuticals into innocuous waste.
Major companies operating in the medical waste management market report are Stericycle, Inc., Waste Management, Inc., Veolia Environmental Services, Clean Harbors, Inc., Suez Environmental Services, Republic Services, Inc., Sharps Compliance Inc., Daniels Health Inc., Biomedical Waste Solutions, LLC, Remondis SE & Co KG, A2Z Green Waste Management Ltd., BVG India Ltd., Tatva Global Environment Ltd., Hanjer Biotech Energies Pvt. Ltd., The SafeGroup, Initial Medical, PHS, Medisort Ltd., Biffa Waste Services, BioSter SA, EKOMED Sp. z o.o, Medbox, Medikal Polska Sp. z o.o, ARTECH Reduction Technologies, Environmental Waste International Inc., Pilot Performance Resources Management, Inc., Eco Medical, United Medical Waste Management, MedPro Disposal, Sanpro, Myron L Company, Picvisa Machine Vision Systems S.L.U, Tana Oy, Presona AB, Lindner-Recyclingtech GmbH, DILO Armaturen und Anlagen GmbH, Propex Operating Company, LLC, Lamor Corporation Ab, Globalex Enviro LLC, Condor Medical Waste Treatment Company LLC, Green Mountains Environment And Transport Services, Mazaya Waste Management LLC, Averda Waste Management, Al Dhafra Waste Collection LLC, Compass Medical Waste Services (Pty) Ltd., Kudoti (Pty) Ltd., Med-X Waste Solutions (Pty) Ltd
Asia-Pacific was the largest region in the medical waste management market in 2023. North America was the second-largest region in the global medical waste management market share. The regions covered in the medical waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the medical waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Medical waste management consists of revenues earned by entities by providing services such as waste treatment and disposal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Waste Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical waste management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical waste management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical waste management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.