Medical Waste Management Market is Moving Fast! | Major Key Companies are Triumvirate Environmental, Veolia, Daniels, US Ecology, Stericycle, Biomedical Waste, Suez, Sharpsmart, Republic Services, Clean Harbors

The global medical waste management market is poised to witness a positive growth trend as well as some remarkable developments over the next few years. The increasing burden of various chronic diseases and an ageing world population have led to increased usage of medical gloves, masks, syringes, and other equipment in surgeries and treatment. These factors result in the accumulation of large amounts of waste every year which needs to be managed effectively and sustainably in order to reduce the risk of cross contamination as well as the environmental impact.

Biomedical waste, also known as healthcare waste or hospital waste, includes various infectious components generated by hospitals, clinics, blood banks, and research centers. These organizations need to comply with strict guidelines and standards to control the spread of infections via medical waste and are constantly implementing new innovative approaches and strategies for efficient waste management.

Let’s now take a look at how the global medical waste management market is evolving and some of the key trends that the industry will witness in the near future.

Rising hazardous medical waste accumulation in Asia Pacific

Biomedical waste can be broadly classified into hazardous and non-hazardous waste. The hazardous medical waste management market in Asia Pacific is projected to expand at an 8% CAGR through 2026.

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Depending upon its origin and risk of exposure to human tissue, hazardous waste is generally known as infectious waste. This includes sharp medical waste which may cause severe damage to healthcare workers while handling the waste. Infectious waste may be reactive, flammable, and toxic and thus needs to be disposed of and treated accordingly.

Increasing demand for recycling services in North America

The different types of medical waste management services include collection, treatment and disposal, transportation and storage, and recycling. In North America, recycling services has generated over USD 1.3 billion in annual revenue during 2019 and will witness a notable demand in the future.

Recycling is a critical step in the sustainable management of hospital waste and can lead to a significant drop in pollution as the waste is not buried in the ground. The U.S. EPA, WHO, and other regulatory bodies are making active efforts to promote the recycling of medical waste.

Growing amount of hospital waste in European countries

Hospitals, laboratories, nursing homes, and research centers are among the leading generators of healthcare waste. It is estimated that the Europe medical waste management market size from the hospital segment will grow at a 5% CAGR up to 2026.

Medical gloves, masks, syringes, and other types of single-use equipment is extensively used in hospitals, resulting in the accumulation of massive amount of waste. In European countries, the government and regulatory bodies have implemented strict guidelines for on-site treatment of waste in well-established hospitals.

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Strict biomedical waste disposal regulations in the U.S.

The market for medical waste management in the U.S. is slated to grow at a steady 6% CAGR over the forthcoming years led by the presence of numerous leading industry players. A well-established healthcare system and strict regulations regarding biomedical waste disposal will further augment the regional growth.

The rapid spread of the novel coronavirus outbreak in 2020 and its resurgence along with newer variants in many parts of the country has resulted the tightening of regulatory guidelines throughout the country in order to curb the spread of the virus through hospitals.

Positive medical waste management efforts in France

France medical waste management industry share is estimated to expand at a CAGR of around 5.5% in the coming years. The country has made numerous efforts and put several initiatives in place to ensure appropriate collection, transportation, storage, and disposal of waste and restrict the spread of infectious diseases.

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The regional companies are focusing on providing effective waste management services while complying with government and regulatory guidelines to protect human health as well as the environment.

Exponential rise in medical waste in China due to COVID-19

With a rapid increase in the urban population as well as the occurrence of numerous major chronic conditions, China has witnessed an exponential rise in healthcare waste accumulation. Earlier in 2019, China accounted for over 25% revenue share of Asia Pacific medical waste management market and will grow substantially by 2026.

The COVID-19 pandemic has further increased the amount of waste generated. The quantity of waste collected across the Hubei province alone exceeded 365 tons, of which approximately 60% was generated by hospitals.

The sustained nature of the COVID-19 pandemic will continue to create a promising outlook for medical waste management service providers globally as government and regulatory bodies further tighten norms regarding waste disposal and handling.

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