Medical Waste Management Market Growth Focusing on Trends & Innovations During the Period Until 2027

The global size of Medical Waste Management Market, valued at $9.2 billion in 2023, is projected to reach $12.2 billion by 2028, growing at a CAGR of 5.9%. Key factors driving this growth include the increasing volume of healthcare waste due to the expansion of hospitals, laboratories, and other healthcare facilities, as well as the rising demand for efficient waste management solutions. High capital investment requirements and lack of awareness in developing countries pose challenges, while increased awareness programs in developed nations present opportunities. The market is segmented by services (collection, transport, storage, treatment, disposal, and recycling), type of waste (non-hazardous and hazardous), treatment site (offsite and onsite), and waste generator (hospitals and diagnostic laboratories). North America holds the largest market share, with the Asia Pacific region expected to grow rapidly. Major players include Veolia Environnement S.A., Clean Harbors, Inc., Stericycle Inc., and Waste Management, Inc., who benefit from extensive service ranges, strong global presence, and substantial R&D investments. Recent developments include Veolia's Vigie COVID-19 solution and acquisitions by Veolia and Waste Management, Inc.

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In 2022, collection, transport and storage services segment held for the largest share of medical waste management market, by services segment.

The medical waste management market is segmented into collection, transport and storage services, treatment & disposal services and recycling services. The highest growth rate of the market is accounted by collection, transport and storage services. Improved innovations in medical equipment and procedures and increasing focus on improving health infrastructure is majorly contributing to the increasing in growth rate.

Non-hazardous waste segment held the highest share during the forecast period.

Based on type of waste, the medical waste management market is divided into non-hazardous waste and hazardous waste. In 2022, the non-hazardous waste segment is estimated to have highest CAGR of the medical waste management market. The non-hazardous waste segment will grow at exponentially due to the rising public health concerns and increasing awareness regarding the appropriate management of medical waste.

The offsite treatment accounted for the largest share of the medical waste management market, by treatment site segment, in 2022.

Medical waste management has been segmented into offsite treatment and onsite treatment based on treatment site. Offsite treatment segment accounted for the largest share of the medical waste management market in 2022 as well as is estimated to have highest growth rate. The rapid growth of healthcare industry and rising healthcare expenditure due to increasing globalization is mainly attributing to the highest market share.

In 2022, The hospital & diagnostic laboratories accounted for the largest share of the medical waste management market, by waste generator segment.

The medical waste management market is segmented into hospital & diagnostic laboratories and other waste generators, based on waste generator. Hospital & diagnostic laboratories segment held the largest share of the medical waste management market in 2022. The highest share can be attributed to the stringent regulatory guidelines for waste management in the developed countries and rising number of conferences for the awareness of adequate waste management in developing countries.

North America is the largest regional market for medical waste management market.

The global medical waste management market is segmented into six major regions-North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa and GCC Countries. North America accounted for the largest regional market for medical waste management market in 2022. The large share of North America in this market can be attributed to the Increasing attention towards implementing effective waste management practices.

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Medical Waste Management Market Dynamics:

Drivers:

1. Increasing volume of healthcare waste

2. Growing geriatric and obese population

3. Rising number of surgical procedures

Restraints:

1. High capital investments

Opportunities:

1. Increasing medical waste awareness programs in developed countries

2. Rising adoption of single-use medical nonwovens and devices

Challenge:

1. Lack of awareness in developing economies

Key Market Players of Medical Waste Management Industry:

The major players operating in this market are Veolia Environnement S.A. (France), Clean Harbors, Inc. (US), Stericycle Inc. (US), Waste Management, Inc. (US), Cleanaway Waste Management Limited (Australia), Casella Waste Systems, Inc. (US), Sharps Compliance, Inc. (US), Covanta Holding Corporation (US), Hazardous Waste Experts (US), REMONDIS SE & Co. KG. (UK), BioMedical Waste Solutions, LLC (US), EcoMed Services (Canada), GRP & Associates, Inc. (US), BWS Incorporated (US), MEDPRO Disposal LLC (US), GIC Medical Disposal (Canada), Gamma Waste Services (US), Triumvirate Environmental (US), EPCO (Saudi Arabia), All Medical Waste Australia Pty Ltd. (Australia), Pro-Disposal Medical Waste Services (Georgia), SSO Medical Waste Management (US), Safeguard Waste Solutions (US), MedWaste Industries Inc. (US), DULSCO (UAE).

Recent Developments of Medical Waste Management Industry:

In December 2021, the Veolia Environnement S.A. launched the Vigie COVID-19 solution, which can track signs of the Omicron variant in wastewater, acting as an early warning system for monitoring the progression of the pandemic.

In May 2022, Veolia Environnement S.A. acquired Suez Environnement. The companies signed an agreement for the acquisition of all of the hazardous waste assets in France to address the European Commission competition concerns made by Veolia.

In October 2020, Waste Management, Inc. acquired Advanced Disposal. This acquisition expanded Waste Management's footprint and provided access to sustainable waste management and recycling services for customers in the US.

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Related Reports:

https://www.prnewswire.com/news-releases/medical-waste-management-market-worth-12-2-billion--marketsandmarkets-302083824.html

https://www.globenewswire.com/en/news-release/2024/03/28/2854003/0/en/Medical-Waste-Management-Market-is-Expected-to-Reach-12-2-billion-MarketsandMarkets.html

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