the market for managing medical waste globally, which anticipates market expansion at a CAGR of 6.2% from 2021 to 2028. By the end of 2028, it is predicted that revenue from medical waste management services will increase to US$ 25.2 Bn from US$ 15.3 Bn in 2020. Over the past few years, there has been a steady rise in demand for services to handle medical waste. This is because there is an increasing understanding of the consequences of improperly managing and disposing of hazardous medical waste, as well as the necessity of doing so.
The increasing number of hospitals, clinics, and laboratories, coupled with the growing awareness about the negative environmental impacts of improper disposal of medical waste, has further fuelled the demand for medical waste management services. The research further covers segments such as product type, market share, availability on-premises, and end-users type, and availability in geographical regions such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. The dedicated section on the opportunities and challenges ahead of Medical Waste Management Market participants is a valuable addition to this report. The section can improve business knowledge about the latest innovations and needed improvisation to keep the market position intact with time in the forecast period 2023- 2032.
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Top Companies
- Stericycle
- Republic Services Inc.
- Veolia
- US Ecology Inc.
- BioMedical Waste Solutions LLC
- Clean Harbours Inc.
- Waste Management Inc.
- Sharps Compliance Inc.
Key segments covered
- type of waste
- Non-hazardous waste
- Hazardous waste
- type of waste
- Sharp S
- Infectious and pathological waste
- Radioactive waste
- pharmaceutical waste
- Non-infectious waste
- Waste producer type
- Waste generators for large quantities:
- Hospitals (private & public)
- pharmaceutical and biotechnology companies
- Waste generators for medium and small quantities:
- Clinics & medical practices
- retail pharmacy
- Ambulatory surgical centers and long-term care centers
- Laboratories (pathological & diagnostic)
- Academic and research institutions
- blood banks
- Other
- Waste generators for large quantities:
- service type
- Waste disposal on site
- External waste disposal
Competitive landscape
Prominent players in the global medical waste management market are leveraging partnerships with governments, consultancies and other medical waste management service providers to increase their market presence.
- On June 7, 2021, Cambodia, in cooperation with UNDP, will launch a new medical waste disposal project under the South-South Cooperation Assistance Fund (SSCAF) with support from China to gain experience and expertise in infectious waste management
- On April 1, 2021, Aurora Capital Partners announced the acquisition of Curtis Bay Medical Waste Services, an industry leader in medical waste collection, disposal and treatment. This acquisition will allow the company to gain a foothold in the market.
- On August 18, 2020, OnSite Waste created a portable sharps and red bag waste treatment unit that allows growers to process waste in their own facilities, eliminating the need to hire contractors to process and dispose of hazardous waste. About 15% residue remains after the three-hour process, which can be recycled as municipal solid waste.
Key insights from the Medical Waste Disposal market study:
- By its very nature, non-hazardous medical waste is expected to account for a large portion of the medical waste disposal market. The segment is poised to capture nearly 70% market share during the forecast period.
- By waste type, the infectious waste segment is expected to grow the fastest at a CAGR of 6.0%. This is attributed to the growing prevalence of infectious diseases such as SARS, hepatitis, tuberculosis and influenza. However, the non-infectious segment will remain dominant due to the rising prevalence of chronic diseases as the population ages rapidly.
- After waste producers, large volume waste producers are poised to remain at the forefront of the medical waste producer market. Hospitals represent the largest portion of medical waste generators due to the large amount of surgical procedures that take place in a day.
- By type of service, off-site waste management will become more important due to strict government regulations and an increased burden of healthcare spending. Major healthcare institutions have outsourced their waste management to external parties.
- At a regional level, North America is set to dominate the market, capturing a nearly 40% market share, while Asia-Pacific is expected to have significant leverage. Strict health regulations improve prospects for medical waste disposal in North America, while rapidly developing health infrastructure is driving growth in Asia Pacific.