Medical Waste Management Market to Reach USD 19.6 Billion by 2028 Thanks to Intensifying Focus to Reduce Infectious Diseases
The medical waste management market was valued at USD 13.2 billion in 2021 and is projected to reach USD 19.6 billion by 2028, growing at a CAGR of 5.3% during the forecast period (2022 to 2028).
Westford, USA, Jan. 19, 2023 (GLOBE NEWSWIRE) — The medical waste management market is expanding due to the rising number of diagnostic tests being performed in both developed and developing countries, which increases the amount of medical waste produced. In many developed regions, the handling of medical waste is strictly controlled and has made significant progress in recent decades. In addition, medical waste management is in high demand due to the booming pharmaceutical and medical device sectors. One of the primary aspects propelling the medical waste management industry is the rising implementation of strict environmental and safety standards by governments worldwide.
According to SkyQuest’s research, approximately 62% of biomedical waste is incinerated, 35% is disinfected, and the remainder is handled differently. As a result, the country’s high amount of medical waste would enhance the demand for various medical waste management solutions, boosting the market growth.
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Collection, Transportation, and Storage Segment to Register Phenomenal Growth Rate as Density of Medical Waste Rises
As per SkyQuest’s projection, the collection, transportation, and storage segment are estimated to account for 24% of the medical waste management market by 2025 with a CAGR of 4.8%. With a rise in challenges faced by healthcare facilities, such as proper transportation and packing of non-hazardous and hazardous medical waste, there is a high need for medical waste collection, transportation, and storage services. Furthermore, the high volume of medical waste generated by medical facilities worldwide creates a demand for medical waste collection, transportation, and storage services.
North America is dominant in the medical waste management market and is predicted to continue its dominance in the coming years. The high volume of medical waste created, a rise in healthcare costs, and growing government attempts to raise knowledge about safe medical waste disposal all contribute to this region’s considerable market share.
Keeping up with the newest trends and growth patterns is critical in any business or industry. Along with evaluating the chances for growth, threats are crucial for organizations and stakeholders in a specific sector to consider. SkyQuest research insights highlight in the report any negative factor that will impede the growth of a given market in the discussion. In addition, the report discusses the most promising segments and sub-segments that have the potential to emerge as a stable source of revenue.
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Non-Hazardous Waste Segment to Account for Dominant Revenue Share in Medical Waste Management Market
The non-hazardous waste segment held 53% revenue share in 2021 and is anticipated to take this lead to 61% by 2028. The non-hazardous medical waste poses no biological, chemical, radioactive, or physical risks. This segment’s substantial market share can be attributable to the growing number of healthcare institutions worldwide, an increase in surgical procedures, and government measures to promote effective medical waste management.
Asia-Pacific is predicted to experience the fastest growth rate owing to increased social awareness and the adoption of stringent rules for properly disposing of medical wastes and by-products. Furthermore, several regional hospitals have started recycling used equipment, which is then sold back to the hospital for a fraction of its original cost. Such elements significantly contribute to the expansion of the regional market.
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Key Developments in Medical Waste Management Market
- Aurora Capital Partners (“Aurora”), a top middle-market private equity firm, has acquired Sharps Compliance Corp. (“Sharps” or the “Company”), a full-service national provider of comprehensive waste management solutions comprising medical and hazardous waste. After several recent Aurora investments in the more significant Business Services industry, the deal represents Aurora’s fifth investment in the medical waste management sector.
- Covanta, a leading provider of environmental services for businesses and communities across North America, has acquired the Biologic Environmental Services and Waste Solutions (‘Biologic’), a California-based environmental management company offering comprehensive waste management services. The acquisition of Biologic has provided Covanta with numerous chances to expand in North America. Following the deal, Covanta will add Biologic’s fully authorized facilities in Northern and Southern California to its extensive menu of zero-carbon and zero-waste-to-landfill services.
- Stericycle, Inc., has announced that its SafeShieldTM antimicrobial medical waste containers are part of a line of high-quality, standardized containers specially made for storing and transporting regulated medical waste. The company is a leading medical waste management and patient engagement solution provider.
- The Government of Japan in association with the United Nations Development Program (UNDP) have started a new project to assist the national health agencies and other vital stakeholders in Bangladesh, Bhutan, and the Maldives. The project aims to address the unprecedented rise in infectious healthcare waste brought on by the COVID-19 pandemic. Such a project is among the largest started at a larger scale to manage medical waste.
The best growth tactics for both new market entrants and established businesses are mergers and acquisitions. Large-sized vendors can increase their operational efficiencies and service capabilities by acquiring small companies. The market participants and other stakeholders will benefit from the research report to identify the intensity of market competition and devise their strategies accordingly.
Key Questions Answered in the Medical Waste Management Market Report
- What are the different growth prospects for the medical waste management market?
- What are the major threat factors that will hamper the market’s growth rate?
- What are the major developments and technological innovations in the market?
- Which regions will contribute higher revenue share in the global market?
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Prominent Players in Medical Waste Management Market
- Biomedical Waste Solutions, LLC
- Daniels Health Inc.
- Clean Harbors, Inc.
- Remondis Medison
- EcoMed Services
- Stericycle, Inc.
- Republic Services, Inc.
- Veolia Environmental Services
- Suez Environmental Services
- Waste Management, Inc.
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