Press release
Medical Waste Management Market Size, Share Outlook, Size, Share and Growth and Forecast Assumptions
New York , United States- Report Ocean presents a new report on Medical Waste Management Market size, share, growth, industry trends, and forecast 2030, covering various industry elements and growth trends helpful for predicting the market's future.The global medical waste management market size was US $6.2 billion in 2020. The global medical waste management market is forecast to reach US $11.1 billion by 2030 and will grow at a compound annual growth rate (CAGR) of 6% during the forecast period from 2021-2030.
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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Medical Waste Management Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market's future growth.
Managing medical waste involves disposing of it efficiently by healthcare facilities. Any waste generated by healthcare facilities or medical facilities during a diagnosis or treatment for humans or animals is considered medical waste. Bandages, gloves, syringes, culture dishes, tissues, scalpels, swabs, etc., are among the most commonly used medical items that generate large amounts of waste since they are one-time use. In addition to contaminated and infectious materials, the medical waste contains body fluids like blood and pus. Healthcare facilities generate considerable amounts of medical waste, including hospitals, laboratories, dental practices, veterinary clinics, and research institutions. World Health Organization estimates that about 85% of all healthcare waste is non-hazardous. Thus, approximately 15% of all wastes are hazardous. Treatment procedures in medical waste management are environmentally friendly. It is possible to repurpose waste into resources while emitting zero toxic emissions through these treatments.
Factors Influencing the Growth
A rising geriatric population, a rise in chronic disease prevalence, and improvements in technology are contributing to the growth of the global medical waste management market. The Central Pollution Control Board (CPCB) reports that the medical waste generation in India increased from June 2020 to May 2021 due to the increased number of diagnostic tests and treatment of COVID-19 patients.
Governments are taking steps for the effective management of medical waste in order to stimulate the growth of the market. For example, The United States Environmental Protection Agency signed a rule in 2019 to streamline the standards for handling hazardous pharmaceuticals waste, which states that the draft standards will be revised to add nicotine to the P075 listing.
Growing research funding and the high utilization of biomedical products and technology are driving the market's growth.
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Impact Analysis of COVID-19
A major boom was seen in the global medical waste management market following the Covid-19 pandemic. The increase in cases of Covid-19 around the world caused a surge in healthcare services. A variety of medical conditions, including Covid-19 treatment, led to increasing patients seeking treatment in healthcare facilities.
Regional Insights
North America is forecast to dominate the global market for medical waste management in the forecast period due to the driving policy, reforms for medical waste management, and the prevalence of infectious and chronic diseases, which generate a vast number of by-products and residues. The second-largest region is Europe, with countries like France leading the Covid-19 initiative in its early stages.
Leading Competitors
The leading prominent competitors profiled in the global medical waste management market are:
Biomedical Waste Solutions, LLC
Clean Harbors, Inc.
Waste Management, Inc.
Suez Environmental Services
Veolia Environmental Services
Daniels Sharpsmart Inc.
US Ecology, Inc.
Republic Services, Inc.
Stericycle, Inc.
All Medical Waste Australia Pty Ltd.
Casella Waste Systems, Inc.
Sharps Compliance, Inc.
Remondis Se & Co. Kg
Triumvirate Environmental Inc.
GIC Medical Disposal
Gamma Waste Services
GRP & Associates, Inc.
Ecomed Services
Medpro Disposal
Other Prominent Players
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Scope of the Report
The global medical waste management market segmentation includes Type of Waste, Waste Generator, Service, Treatment Site, and Region.
Segmentation based on Type of Waste
Non-hazardous Waste
Hazardous Waste
Infectious & Pathological Waste
Pharmaceutical Waste
Sharp Waste
Other Medical Waste
Segmentation based on Waste Generator
Hospitals
Diagnostic Laboratories
Other Waste Generators
Segmentation based on Service
Collection
Transportation
Storage Services
Disposal Services
Treatment
Incineration
Autoclaving
Chemical Treatment
Other Treatments
Recycling Services
Segmentation based on Treatment Site
Offsite Treatment
Onsite Treatment
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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What are the aspects of this report that relate to regional analysis?
The report's geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter's Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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