“Medical Waste Management Market Worth $17.02 billion by 2030” |
Meticulous Research®—a leading global market research company, published a research report titled ‘Medical Waste Management Market by Waste Type (Non-Hazardous, Infectious, Sharps, Pharmaceutical), Service (Collection, Treatment & Disposal [Incineration, Autoclaving], Recycling), Treatment Site (Off-site, On-site), Source – Global Forecast to 2030’.
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According to this latest publication from Meticulous Research®, the global medical waste management market is projected to reach $17.02 billion by 2030, at a CAGR of 5.4% from 2023 to 2030. Factors driving this market’s growth include the increased volume of medical waste generated globally, stringent regulations for medical waste management, and the growing number of surgical procedures. Additionally, the growing utilization of single-use devices and emerging economies offer opportunities for market growth. However, the lack of standardized regulations for medical waste management is restraining the market growth. Additionally, a lack of awareness regarding medical waste management in developing countries challenges market growth.
The global medical waste management market is segmented by waste type (non-hazardous waste, hazardous waste [infectious & pathological waste, pharmaceutical waste, sharps waste, and other hazardous waste]), services (collection, transportation, & storage, treatment & disposal services [incineration, autoclaving, chemical treatment, and other treatment & disposal services], and recycling), treatment site (off-site treatment, on-site treatment) source (hospitals & clinics, diagnostic laboratories, research laboratories, blood banks, and other sources) and geography. The study also includes an analysis of the regional and country-level markets.
Based on waste type, in 2023, the non-hazardous waste segment is expected to account for the larger share of the global medical waste management market. The non-hazardous medical does not pose any biological, chemical, radioactive or physical hazard. The large market share of this segment is mainly attributed to a large number of healthcare facilities globally, an increase in the number of surgical procedures, and government initiatives to promote proper medical waste management.
Based on services, in 2023, the collection, transportation, and storage segment is expected to account for the largest share of the global medical waste management market. There is a large demand for medical waste collection, transportation, and storage services due to issues faced by healthcare facilities in terms of proper transportation and packaging of non-hazardous and hazardous medical waste. Furthermore, the large volume of medical waste across medical facilities globally generates the demand for medical waste collection, transportation, and storage services.
Based on treatment site, in 2023, the off-site treatment segment is expected to account for the largest share of the global medical waste management market. The large market share of this segment is attributed to the technological advancement in waste management and advantages offered by off-site treatment, such as a reduction in the volume and weight of medical waste.
Based on source, in 2023, the hospitals & clinics segment is expected to account for the largest share of the global medical waste management market. The large market share of this segment is attributed to a large volume of medical waste generated by hospitals and government initiatives to promote proper medical waste management for hospitals.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Latin America (Brazil and Mexico), and the Middle East & Africa. Based on geography, in 2023, North America is expected to account for the largest share of the global medical waste management market. The large share of this region is mainly attributed to a large volume of medical waste generated, high healthcare expenditures, and government initiatives to raise awareness regarding proper medical waste disposal.
Key Players
Key companies operating in the global medical waste management market are Biomedical Waste Solutions, LLC (U.S.), Clean Harbors, Inc. (U.S.), Daniels Sharpsmart Inc. (U.S.), Stericycle, Inc. (U.S.), Veolia Environnement SA (France), Waste Management, Inc. (U.S.), EcoMed Services (Canada), and Gamma Waste Services (U.S.), REMONDIS SE & CO. KG (Germany), and GIC Medical Disposal, Inc. (Canada).
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