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Medical Waste Management Market is expected to reach USD 17.89 billion by the year 2026| Clean Harbors, Daniels Sharpsmart Inc., Stericycle, Waste Management Inc., Remondis Group, etc.

03-26-2020 02:10 PM CET | Health & Medicine

Press release from: Reports And Data

Medical Waste Management Market Size - USD 11.77 Billion in 2018, Market Growth - CAGR of 5.3%

Medical Waste Management Market Size - USD 11.77 Billion in 2018, Market Growth - CAGR of 5.3%

According to the current analysis of Reports and Data, the global Medical waste management market was valued at USD 11.77 billion in 2018 and is expected to reach USD 17.89 billion by the year 2026, at a CAGR of 5.3%. The study talks about the growing population across the globe, which in turn increases the number of patients, resulting in the rising volume of medical waste. Hence there is a requirement of proper management of the medical waste that is generated at an ever-growing rate.

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Companies considered and profiled in this market study

Biomedical Waste solutions, Clean Harbors, Daniels Sharpsmart Inc., Stericycle, Waste Management Inc., Remondis Group

Medical waste is a type that contains infectious materials that are toxic and can cause multiple types of diseases. This medical waste is generated by health care facilities like physician's offices, hospitals, dental practices, clinics, and research facilities. Medical waste can contain things like blood, bodily fluids, and other contaminants. Medical waste management refers to the proper processing of the waste material generated by the various health care institutions. The emergence of medical waste management has led to the prevention of the release of toxic compounds into water and land. Medical waste management is done by treating waste material by adopting an environment-friendly treatment procedure. It also involves developing various methodologies that are environment-friendly.

According to the World Health Organization (WHO), around 16 billion injections are used every year across the world, but not all syringes and needles are disposed of appropriately. Rising concerns over employing Eco-friendly and safe management and treatment process, growing health care industry, development of innovative technology for medical waste management, increasing number of government initiatives, risk and high cost of maintaining the equipment in the hospitals and other medical facilities, and rise in elderly population resulting in higher health care demands are some of the key factors propelling market growth in the industry. However, a shift in the market from more significant players to smaller size players, lack of guidelines, and management of medical waste and availability of advanced substitute products of waste management techniques are the major hindrance for market growth during 2019-2026.

Further key findings from the report suggest

1. Medical Waste Management is one of the biggest challenges faced by health care provider which is further complicated by concerns like HIPAA, epidemiology, potential civil litigation and local and state regulations.

2. According to a research article in Indian Journal of Pharmacy Practice, drug wastage accounted for 2.0% to 3.0% of all drug costs, representing more than USD 1.0 Billion in drug wastage in the U.S.

3. Across the world, out of the total amount of waste generated by health-care activities, about 85% is general waste and remaining 15% is considered hazardous material that may be infectious, toxic or radioactive.

4. According to an article published in Times of India, on March 2018, due to poor healthcare infrastructure, medical staff and lack of stringent regulation by the government, India, is likely to produce 775.5 tons of medical waste by 2022.

5. According to American Hospital Association in 2015 on waste prevention and management in hospitals, nearly 5,000 acute care hospitals in the U.S. generate around 7,000 tons of waste every day and spend USD 10 billion annually on its disposal, hence there is a rapid growth in demand of medical waste management.

6. In the U.S., medical waste is regulated under the Resource Conservation and Recovery Act (RCRA) and the European Commission in Europe by the Environmental Protection Agency, which leads to the efficient management of health facilities' medical waste.

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For the purpose of this report, Reports and Data has segmented the Medical Waste Management market on the basis of waste type, treatment site, treatment type, service type, nature of waste, waste generator and region:

Waste Type (Revenue, USD Million; 2018-2026)

Sharps
Pathological Waste
Pharmaceuticals Waste
Chemical Waste
Infectious Waste
Gene Toxic Waste
Others

Treatment Site (Revenue, USD Million; 2018-2026)

On-site
Off-site

Treatment Type (Revenue, USD Million; 2018-2026)

Chemical Treatment
Incineration
Autoclaving
Others

Service Type (Revenue, USD Million; 2018-2026)

Recycling
Treatment and Disposal
Collection, Transportation and Storage

Nature of Waste (Revenue, USD Million; 2018-2026)

Hazardous
Non-Hazardous

Waste Generators (Revenue, USD Million; 2018-2026)

Hospitals
Retail Pharmacy
Laboratories
Blood Banks
Research Institutions
Waste Generators (Revenue

Regional Outlook (Revenue in USD Million; 2018-2026)

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

Read the Comprehensive Report with a meticulous TOC and panoramic coverage of the market: https://www.reportsanddata.com/report-detail/medical-waste-management-market

Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

Contact Us:

John Watson
Head of Business Development
Reports And Data
40 Wall St. 28th floor New York City, NY 10005 United States
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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