According to a new market research study titled Medical Waste Management Market – Global Analysis and Forecasts by Service Type, Treatment Type, Treatment Site, and Geography. The global medical waste management market is expected to reach US$ 16,495.8 Mn in 2027 from US$ 10,563.2 Mn in 2018. The market is estimated to grow with a CAGR of 5.2% from 2019-2027. The report highlights the trends prevalent in the global medical waste management market and the factors driving the market along with those that act as deterrents to its growth.
The global waste management market based on treatment type is segmented into incineration, autoclaving, chemical treatment, and others. In 2018, the incineration segment held the largest market share of 39.2% of the medical waste management market, by treatment type. This segment is also expected to dominate the market in 2027 as incineration is the most preferred technique used to destroy both hazardous and non-hazardous solids and liquid byproducts. Moreover, the same segment is also expected to grow at the fastest growth rate of 5.5% during the forecast period, 2019 to 2027.
Globally people around the world strive for better health and do not comprise with the low quality of the services. The environment and its inhabitants are susceptible to a greater risk for contamination with inappropriate medical waste management. Thus, the use of eco-friendly disposal techniques is gaining increasing traction in recent days owing to the advantages that they offer. The environmentally safe waste treatment centers not just use materials and processes that are eco-friendly, but also help to notably lower the amount of toxic waste leaking in the environment. Efforts undertaken for healthcare waste are essential to facilitate a safe and sustainable environment for the commoners as well as to pass on best practices and available solutions to other hospitals for healthcare waste management. For instance, usage of autoclaves for sterilizing sharps and shredding them in landfills significantly reduces their volume in comparison to incinerating them. Thus, the continuous adoption and regulatory reforms to emphasize the practice of eco-friendly waste management solutions is likely to be a prevalent trend in the global medical waste management market over the coming years.
Some of the prominent players operating in the medical waste management market are Medasend Biomedical, Inc, Bondtech Corporation, Sharps Compliance, Inc., Veolia, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., and Waste Management, Inc., among others. The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions and mergers to sustain their position in the market. For instance, in April 2016, Sharps Compliance Corp. launched the TakeAway Recycle System designed for the safe collection, return transportation and recycling of single-use medical devices.
The report segments the global medical waste management market as follows:
- Transportation and Storage
- Treatment and Disposal
· Global Medical Waste Management Market – By Treatment Type
- Chemical Treatment
· Global Medical Waste Management Market – By Treatment Site
· Global Medical Waste Management Market – By Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- South & Central America (SCAM)
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