Medical Waste Management Market Development of Reliable Methods for Recycling Medical Waste

The significant factors that are driving the growth of the market include increasing medical waste, initiatives undertaken for medical waste management and the increasing number of patient admissions across the globe. However, lack of awareness about health hazards associated with medical waste is one of the major restraint refraining for the growth of the market to a certain extent. The Asia Pacific region market is the fastest-growing market among all regions and is expected to grow with CAGR of 6.0%. The market for medical waste management in the Asia Pacific region is expected to reach US$ 3,845.2 Mn in 2027 from US$ 2,282.8 Mn in 2018. The market is expected to grow during the forecast period owing to the driving factors such as large patient population resulting in increasing number of hospitals admissions, increasing awareness among socioeconomic groups related to the benefits of proper waste management and stringent regulations enforced by governments of the countries in Asia Pacific with respect to appropriate disposal of medical waste byproducts and residues.

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The 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.

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. The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions, mergers, and agreements to sustain their position in the market. For instance, in February 2015, Clean Harbors, Inc. and Nuverra Environmental Solutions, Inc. signed an agreement to acquire Nuverra's subsidiary Thermo Fluids Inc.

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.

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. For instance, according to a report by the Health Foundation published in February 2018, the annual number of hospital admissions in the English NHS has increased by 28.1% resulting from 14 million admissions in 2015/16 as compared to 11 million admissions in 2006/07. The NHS also reports that the number of patients admitted with at least one of the 22 long-term conditions has doubled from 2006 to more than 4.5 million patients in 2016. Thus, the 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.

The staggering amount of medical waste generated on an everyday basis is necessary to be disposed of appropriately. The environmental effects of discarding these wastes can lead to causing serious effects due to the byproducts and toxicity achieved as a result of the conventional methods used to dispose of the waste. One of the efficient ways that are yet not explored to its best is recycling medical waste. The recycled waste does not go to the landfill for incineration or other disposal techniques leading to a reduction in the intensity of pollution.

Moreover, these steps will lead to increasing adoption of recycling technologies fostering research and development to build sustainable techniques for waste management. Thus, the market players coming up with an innovative idea that maximizes the percentage of solid waste recycling is likely to provide significant opportunities and remain competitive in the global medical waste management market.

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