Global Medical Waste Management Market

Global Medical Waste Management Market Size, Share, Growth Analysis, By Type(Non-Hazardous Waste, and Hazardous Waste), By Service(Collection, Transportation), By Treatment site(Onsite, and Offsite.), By Application(Hospitals, Retail Pharmacy) - Industry Forecast 2024-2031

Report ID: SQMIG35G2135 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 126 | Figures: 79

Global Medical Waste Management Market Insights

Medical Waste Management Market size was valued at USD 6 billion in 2019 and is poised to grow from USD 6.31 billion in 2023 to USD 9.39 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The prevalence of chronic diseases, the amount of medical waste produced, growing older population, and technological advancements for the effective treatment of medical waste are all driving the growth of the global medical waste management market. The demand for effective medical waste disposal in the environment increases as well as growing public awareness of serious health issues and the importance of keeping impeccable cleanliness are driving the growth of the market.

As the pharmaceutical and healthcare industries grow, particularly in developing countries, the variety of medical wastes—such as biological safety cabinets, infectious, cytostatic, photochemical & pathological waste, slides/paraffin blocks, old X-ray film, outdated medications, solvents, and chemical products grows. The demand for cutting-edge recycling and disposal technologies that will permit the efficient and environmentally friendly handling of various forms of medical waste is anticipated to increase as a result. Government programs to improve medical waste management also foster market growth. Moreover, the market is growing due to increased funding for research work and widespread use of medical technologies and products. Additionally, the market will have numerous opportunities due to the growing number of awareness programs on the management.

US Medical Waste Management Market is poised to grow at a sustainable CAGR for the next forecast year.

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Medical Waste Management Market size was valued at USD 6 billion in 2019 and is poised to grow from USD 6.31 billion in 2023 to USD 9.39 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

Information of each player may be obtained in the competitive landscape for the medical waste management industry. A business overview, financials, revenue generated, market potential, R&D investments, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance are all included in the data. In the data points above, only the companies' emphasis on the medical waste management market is informed. 'Biomedical Waste Solutions, LLC (U.S.),', ' Stericycle, Inc.   ', ' Waste Management, Inc.   ', ' Veolia Environnement S.A.   ', ' Clean Harbors, Inc.   ', ' Republic Services, Inc.   ', ' Daniels Health   ', ' Suez Environnement S.A.   ', ' Sharps Compliance, Inc.   ', ' REMONDIS SE & Co. KG   ', ' GRP & Associates, Inc.   ', ' MedPro Disposal   ', ' Cleanway Environmental Services   ', ' EPCO, Inc.   ', ' Gamma Waste Systems, Inc.   ', ' GIC Medical Disposal   ', ' Healthcare Environmental Services Group   ', ' Medasend Biomedical, Inc.   ', ' United Medical Waste Management   ', ' Medical Waste Management, Inc. ', 'In April 2022, Leading provider of medical waste management Stericycle, Inc. launched its brand-new Safe Shield antimicrobial medical waste containers. It is a set of premiums, standardized containers created especially for the storage and transportation of regulated medical waste (RMW). Compared to Stericycle's current containers, this new range gives clients greater storage options, an enhanced design, and an additional layer of protection to aid in the fight against microorganisms responsible on RMW.', 'In March 2022, Bermuda's biohazardous garbage is now being managed by a brand-new company named MediWaste. Through two purpose-built incinerators, MediWaste is in charge of transporting, treating, and disposing medical waste.'

Healthcare waste is any waste produced by healthcare facilities, biomedical research facilities, healthcare facilities, medical laboratories, and minor or dispersed sources. Hospitals globally produce about 0.5 kg of waste per bed each day, as according research on waste production. However, depending on the local context, higher-income countries produce far more waste than for other countries.

Although it is the most common and widely used method of disposal, burning medical waste is not environmentally safe as it increases global warming, so the incineration segment is expected to account for a significant part of the market. In the coming future, factors like convenience and lower capital costs are likely to drive this segment's growth. The introduction of new companies and government efforts are also anticipated to accelerate the market segment's growth. For instance, the Indian government opened a facility in August 2021 for the disposal of biomedical waste in Buxar Municipality, Bihar, India. This facility has the capacity to process 50 kg of biomedical waste per hour that is made of cotton, plastic, or other similar materials. The market segment is thus expected to grow over the course of the forecast period as a result of the factors listed.

Based on regional analysis, the North American market, especially the U.S. and Canada, had the greatest revenue share in the global market t. This is because of the region's rapidly growing healthcare industry. About 19.7% of the nation’s Gdp will be spent on healthcare in 2020, making it one of the largest industries in the country. and found that the cost of treating chronic diseases was rising. The extensive hospital stays and treatments that these diseases are known to necessitate result in the production of a sizable volume of residues and medical waste. Additionally, growing government initiatives for disposal of medical waste are assisting market revenue growth.

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