From 2021 to 2028, demand for medical waste management is expected to grow at a CAGR of 6.2%. Fact.com experts conducted a complete study survey on the medical waste management market. MR, a market research and competitive intelligence service, forecasts a market worth of US$ 15.2 billion in 2020, with an expected sales total of US$ 25.2 billion by the end of 2028.
The emphasis on healthcare has increased in recent years, resulting in a significant increase of medical waste. Factors influencing medical waste production and management over the predicted period include an ageing population, an increase in the incidence of chronic diseases, an increase in hospitalisation rates, and a growing pressure on healthcare infrastructure.
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Governments and medical waste management service providers are concentrating on raising awareness about the dangers of incorrect waste management, as a lack of awareness is expected to limit the potential of the medical waste management market throughout the forecast period.
Key medical waste management service providers and governments throughout the world are focusing on the establishment of new waste management facilities in order to deal with rising volumes of medical waste on a global scale.
- The Government of India announced the establishment of a new decentralised biomedical waste incinerator in August 2021. This facility was established in Bihar, India, to address the growing biological waste generated by the COVID-19 pandemic.
Key Takeaways from Market Study
- The medical waste management market is expected to generate $15.3 billion in revenue by 2020.
- From 2021 to 2028, demand for medical waste management solutions is expected to grow at a CAGR of 6.2%.
- The projected market value for medical waste management in 2028 is $25.2 billion USD.
- The growing emphasis on healthcare, rising elderly population, incidence of chronic diseases, and stringent
- waste management rules are likely to boost the market potential for medical waste management.
- Lack of knowledge about inappropriate medical waste disposal is expected to impede market growth to some extent.
- North America is expected to see rapid rise in demand for medical waste management services as a result of rigorous rules and rising hospitalizations caused by the region’s rising incidence of chronic diseases and obesity.
Competitive Landscape
Key medical waste management service companies are expanding their services through mergers and acquisitions, which will help them increase their market presence globally.
- Aurora Capital Partners bought Curtis Bay Medical Waste Services, a renowned waste management firm situated in Maryland, United States, in April 2022. This acquisition was made to strengthen the firm’s market presence in the worldwide landscape.
Winning Strategy
Market participants are concentrating on expanding their waste management facilities in order to address the increasing volume of medical waste on a global basis. Medical waste management market companies are also projected to use a variety of organic and inorganic tactics to expand their presence across several geographies.
Strict waste management mandates are expected to increase acceptance of services offered by key medical waste management market players, boosting market potential during the forecast period.