Medical Waste Management Market Size, Share, Trends Analysis, 2032

Medical Waste Management Market Insights

Zion Market Research has published a report on the global Medical Waste Management Market, estimating its value at USD 10.11 Billion in 2023, with projections indicating that it will reach USD 30.13 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 12.9% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Medical Waste Management Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Medical centers including hospitals, laboratories, clinics and various places where diagnosis and treatment are carried out generate waste that can be highly hazardous. These waste put people at risk of fatal diseases. However, the understanding of medical waste management and control techniques is important. Proper method used in today scenario for decomposing medical waste includes incineration, autoclaving, chemical treatment and others

Global Medical Waste Management Market: Overview

The Medical Waste Management Market is boosted majorly by the rapidly rising number of the aging population everywhere on the planet. Also to the present, rising initiatives by government organizations are the major factor in powering the event of the Medical Waste Management Market. aside from this, advanced technology and research are among the various factors, which are directly in charge of towering the event of the Medical Waste Management Market. 

For instance, in February 2018 ECCC (Environment and Global Climate Change Canada) planned to roll out its new notice processing system (named as WIETS equivalent system). This, in turn, boosted the worldwide Medical Waste Management Market.

On the other hand, the requirement of high capital investment may be a major hindering factor, which directly hampers the event of the Medical Waste Management Market. Nevertheless, in-progress research and development within the healthcare industry paired with an untapped market of Asia Pacific are anticipated to open growth opportunities for the Medical Waste Management Market in the years to return.

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COVID-19 Impact Analysis

Worldwide, there's a growing concern about the negative effects of infectious Nonhazardous Waste produced during the COVID-19 pandemic and therefore the contamination risks related to waste management. The COVID-19 pandemic has triggered diseases and deaths, created immense confusion for the world, and modified the solid waste management profile. This pandemic changed the behavioral and consumption patterns of people, resulting in a sudden change in the generation amount, composition, and disposal rate of municipal solid waste (MSW), depending on location.

Therefore, measures to make sure that Non-hazardous Waste is managed safely and in an environmentally sound manner will avoid negative health and environmental effects from such waste, thus protecting the health of patients, doctors, and therefore the public generally. However, a lack of awareness regarding health hazards associated with Nonhazardous Waste may hinder the market growth.

Medical Waste Management Market: Growth Factors

In recent years, there has been an unceasing rise in life expectancy and more attention to quality. Consumers are progressively becoming more aware of their health and have started paying more attention to their lifestyles, hygiene, and healthy diets, which has rushed the demand for Medical Waste Management across the globe. 

Also, the young generation giving more importance to their fitness may drive the market growth in a positive way within the near future. Growing interest, increasing healthcare expenditure, and rising awareness among people regarding proper waste management which advances a system are a number of the key factors boosting the worldwide Medical Waste Management Market.

Globally, medical waste management market has been accelerated by increasing/rising numbers of aging population (which serves as patient) across the globe. Moreover, the large amount of waste generated are the key factors for fueling the growth of medical waste management market. Furthermore, increasing initiatives by government authorities for the management of medical waste are also considered for the growth of medical waste management market. However, high capital investment is a key limiting factor which directly affects the growth of medical waste management market. Nonetheless, ongoing research and technological advancement in the healthcare sector are expected to open growth avenues for the medical waste management market over the years.

Medical Waste Management Market: Report Scope

Medical Waste Management Market: Segmentation Analysis

The type market includes nonhazardous waste and hazardous waste. The hazardous waste is further segmented into infectious and pathological waste, pharmaceutical waste, and other Nonhazardous Waste. Based on treatment, the global Medical Waste Management Market is divided into autoclaving, incineration, and other treatments including chemical treatment.

Autoclaving treatment rules the global Nonhazardous Waste treatment market and is likely to develop at the uppermost CAGR with 6.4% amongst the entire division in the years to come. This development is mainly credited to the different effects and characteristics offered by autoclaving.

Based on the type, the global market for medical waste management is bifurcated into two types: nonhazardous waste and hazardous waste. The hazardous waste is further segmented into infectious and pathological waste, pharmaceutical waste and other medical waste. Global medical waste management market is dominated by nonhazardous waste. Nonhazardous waste is the biggest market and acquires 85% of the world market of medical waste management. However, hazardous waste accounts for only 15% of market shares in terms of revenue.

Based on treatment, the global market for medical waste management is bifurcated into four types: incineration, autoclaving, chemical treatment and other treatments. Autoclaving dominates the market of medical waste management based on treatment in terms of revenue and accounts for approximately 40% of market share in 2014. Autoclaving is a most appropriate method for decomposing the medical waste. Autoclaving was followed by incineration.

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Medical Waste Management Market: Regional Analysis

North America was the dominating area for the Medical Waste Management Market in 2023 in terms of income creation. North America was chased by Europe on the back of the availability of enhanced infrastructure and technology. North America adds up to almost 42.3% of the entire market share for the global Medical Waste Management Market.

In addition to this, the Medical Waste Management Market has a huge chance in up-and-coming areas such as Latin America and the Asia Pacific owing to the government & public awareness, government initiatives, increasing aging population, and healthcare infrastructure.

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Medical Waste Management Market: Competitive Analysis

The global Medical Waste Management market is dominated by players like:

• BioNonhazardous Waste  Solutions, LLC
• Clean Harbors, Inc
• Daniels Sharpsmart, Inc
• REMONDIS Medison GmbH,
• Republic Services, Inc
• Sharps Compliance, Inc
• Stericycle, Inc
• Suez Environnement S.A
• Veolia Environnement S.A
• Waste Management, Inc.

The global Medical Waste Management market is segmented as follows:  

By Treatment

• Incineration
• Autoclaving
• Chemical Treatment
• Other Treatments

By Type

• Non-hazardous Waste
• Hazardous Waste

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa