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Medical Waste Management Market Growth and Regional Outlook by 2027 | Daniels Sharpsmart, Stericycle, REMONDIS, Republic Services, Waste Management
Medical Waste Management Market
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.
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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 the others.
Medical waste poses a growing problem across the world, jeopardizing the health of patients, staff, workers involved in disposal, and others. The primary reason behind the exponential increase in the volume of medical waste generated can be directly associated with the increasing number of patient admissions across various medical specialties. The healthcare authorities in almost all the countries of the world reports increase in the number of patient influx within the public as well as private healthcare facilities.
In 2018, the treatment and disposal segment held the largest market share of 40.7% of the medical waste management market, by service type. The consumables segment is also expected to dominate its market share in 2027 as treatment and disposal are one of the most crucial steps conducted for discarding hospital generated waste. On the other hand, recycling segment is anticipated to witness the fastest growth rate of 6.6% during the forecast period, 2019 to 2027 owing to the majority of the companies working towards developing eco-friendly solutions that includes recycling of medical wastes.
MARKET SEGMENTATION ANALYSIS:
Global Medical Waste Management Market - By Service Type
o Collection
o Transportation and Storage
o Treatment and Disposal
o Recycling
Global Medical Waste Management Market - By Treatment Type
o Incineration
o Autoclaving
o Chemical Treatment
o Others
Global Medical Waste Management Market - By Treatment Site
o Offsite
o Onsit
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Thus, increasing number of patient admissions for outpatient surgeries as well as inpatient hospital stays is likely to propel the increasing demand for medical waste management in these facilities, thereby promoting market growth.
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