Press release
Medical Waste Management Market is anticipated to grow at a CAGR of 7.2% during the forecast period 2021-2031
Medical Waste Management Market
Medical waste management is the process of handling, transporting, and disposing of medical waste in a safe and responsible manner. Medical waste includes anything that may be contaminated with blood or other body fluids, including sharps (needles, lancets, etc.), lab samples, and used personal protective equipment (PPE). Medical waste management is an important part of any healthcare facility's operations. Healthcare facilities must have policies and procedures in place to ensure that medical waste is properly handled and disposed of.
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Market Trends and Drivers
Increasing volume of medical waste globally is expected to accelerate the market statistics
Medical waste is usually generated at healthcare facilities including hospitals, dental practices, blood banks, clinics, medical research facilities as well as laboratories. For instance, according to the World Health Organization (WHO), 85% of waste generated in the healthcare sector is general and non-hazardous waste. The remaining 15% is hazardous waste which may be infectious, radioactive, or chemical that might be harmful to the environment. Similarly, according to the Center for Science and Environment (CSE), biomedical waste in India grew from 559 tonnes per day in 2017 to 619 tonnes per day in 2019. Moreover, the number of hazardous waste generating units in the country increased by 3.5%, leading to a decline of almost 7% in hazardous waste generation. Hence, these attributes will boost the demand for medical waste management proving favorable for the overall market progression.
Market Restraints and Challenges
Lack of awareness about the health hazards related to health-care waste, inadequate training in proper waste management, absence of waste management and disposal systems, insufficient financial and human resources and the low priority given to the topic are the most common problems connected with health-care waste may impede the market growth. Poor waste collection leads to environmental and marine pollution and can block water drains. Resulting flooding and other standing waters in waste items favour cholera and vector-borne diseases such as malaria and dengue.
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Market Segments
By Type of Waste
• Hazardous
• Non-hazardous
By Service
• Collection, Transportation, & Strong Services
• Treatment and Disposable Services
• Recycling Services
• Others
Major Players in the Global Medical Waste Management Market
The key players in the medical waste management market are Biomedical Waste Solutions. LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Gamma Waste Systems, GRP & Associates, Inc., Republic Services, Inc., Stericycle, Triumvirate Environmental, Veolia Environmental, Waste Management Inc., among others.
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• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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