By 2027, Medical Waste Management Market to reach USD 16.49 Billion with 5.2% of CAGR - The Insight Partners

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.

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.

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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.

According to The Insight Partners market research study titled Medical Waste Management Market - Global Analysis and Forecasts by Service Type, Treatment Type, Treatment Site, and Geography. 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.

Increasing Medical Waste to Drive Global Medical Waste Management Market Growth

With the modern medicine continuing to maintain and sustain current quality of wellness and care standards, the medical industry continues to produce enormous amount of byproducts that can pose adverse threat to both people and environment. Healthcare waste has witnessed comparatively lower attention in developing economies that has led to increasing diseases occurring due to side-effects of these waste products. According to the World Health Organization, an estimated of 16 billion injections are administered across the globe in 2018, however not all the sharps and needles and disposed orderly after their use. According to a report published by biomedical Waste Solutions, 5.9 million tons of medical waste was produced by American hospitals in 2018.

Furthermore, in emerging economies such as India that has high-tech medical facilities and is one of the most common destination for medical tourism also has a humongous amount of hospital waste generated in the country. For instance, according to the General Health Services India, the country generates approximately 550.9 tons of medical waste on a regular basis and is expected to produce775.5 tons of waste by 2022.

Moreover, according to the NHS UK, in 2015, the domestic material consumption was recorded to be 576 million tons, which is a slight decrease from 591 million tons in 2014. In addition, according to a survey conducted and published by Wockhardt Hospitals, on an average, high income countries generate up to 0.5 kg of hazardous waste per bed per day as compared to 0.2 kg that is generated in low income countries.

The rising volumes of these waste materials demands appropriate disposal mechanism that can be achieved through the services offered by medical waste management companies. Thus, the faster growing generation of medical waste products is likely to propel the growth of global medical waste management market over the forecast years.

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