Medical Waste Management Market Size, Share, Growth, Forecast 2030

Global Medical Waste Management Market: Overview

The global Medical Waste Management Market accounted for USD 14.90 Billion in 2020 and is expected to reach USD 22.17 Billion by 2028, growing at a CAGR of 4.9% from 2021 to 2028.    

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 opposite 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 within 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 Nonhazardous 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.

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.

Medical Waste Management Market: Report Scope

Segment Analysis Preview

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 5.4% amongst the entire division in the years to come. This development is mainly credited due to the different effects and characteristics offered by autoclaving.

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Key Market Players & Competitive Landscape

Some of the key vendors of the global Medical Waste Management Market include 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., and Waste Management, Inc.

Regional Analysis Preview

North America was the dominating area for the Medical Waste Management Market in 2020 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 40% 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

• Nonhazardous 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