Rise in elderly population, development of advanced manufacturing techniques for medical & drugs equipment, increasing initiative by government towards developing the healthcare infrastructure across the world, favorable research funding scenario, increase in health care expenditure, and rise in awareness regarding medical waste are key factors contributing to high CAGR of Medical Waste Management during forecast period.
Market Size – USD 11.77 Billion in 2018, Market Growth – CAGR of 5.3%, Market Trends – Outsourcing of medical waste management services and growing health care industry
The Global Medical Waste Management Market was valued at USD 11.77 billion in 2018 and is expected to reach USD 17.89 billion by the year 2026, at a CAGR of 5.3%. The study talks about the growing population across the globe, which in turn increases the number of patients, resulting in the rising volume of medical waste. Hence there is a requirement of proper management of the medical waste that is generated at an ever-growing rate. Medical waste is a type that contains infectious materials that are toxic and can cause multiple types of diseases. This medical waste is generated by health care facilities like physician’s offices, hospitals, dental practices, clinics, and research facilities. Medical waste can contain things like blood, bodily fluids, and other contaminants. Medical waste management refers to the proper processing of the waste material generated by the various health care institutions. The emergence of medical waste management has led to the prevention of the release of toxic compounds into water and land. Medical waste management is done by treating waste material by adopting an environment-friendly treatment procedure. It also involves developing various methodologies that are environment-friendly.
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According to the World Health Organization (WHO), around 16 billion injections are used every year across the world, but not all syringes and needles are disposed of appropriately. Rising concerns over employing Eco-friendly and safe management and treatment process, growing health care industry, development of innovative technology for medical waste management, increasing number of government initiatives, risk and high cost of maintaining the equipment in the hospitals and other medical facilities, and rise in elderly population resulting in higher health care demands are some of the key factors propelling market growth in the industry. However, a shift in the market from more significant players to smaller size players, lack of guidelines, and management of medical waste and availability of advanced substitute products of waste management techniques are the major hindrance for market growth during 2019-2026.
Further key findings from the report suggest
- Across the world, out of the total amount of waste generated by health-care activities, about 85% is general waste and remaining 15% is considered hazardous material that may be infectious, toxic or radioactive.
- Infectious and anatomic wastes together represent the majority of the hazardous waste, up to 15% of the total waste from health-care activities. Sharps represent about 1% , Chemicals and pharmaceuticals account for about 3% of waste from health-care activities while gene toxic waste, radioactive matter and heavy metal content account for around 1% of the total health-care waste
- According to a research article in Indian Journal of Pharmacy Practice, drug wastage accounted for 2.0% to 3.0% of all drug costs, representing more than USD 1.0 Billion in drug wastage in the U.S.
- According to American Hospital Association in 2015 on waste prevention and management in hospitals, nearly 5,000 acute care hospitals in the U.S. generate around 7,000 tons of waste every day and spend USD 10 billion annually on its disposal, hence there is a rapid growth in demand of medical waste management.
- In the U.S., medical waste is regulated under the Resource Conservation and Recovery Act (RCRA) and the European Commission in Europe by the Environmental Protection Agency, which leads to the efficient management of health facilities’ medical waste.
- The dumping of hazardous medical wastes onto the landfills without treating this waste can cause contamination of soil and water. Additionally, the toxins and the bacteria released from the untreated medical waste increases the risk of epidemic among the people residing close to the dumping area.
- According to an article published in Times of India, on March 2018, due to poor healthcare infrastructure, medical staff and lack of stringent regulation by the government, India, is likely to produce 775.5 tons of medical waste by 2022.
- Medical Waste Management is one of the biggest challenges faced by health care provider which is further complicated by concerns like HIPAA, epidemiology, potential civil litigation and local and state regulations.
- Major players include Biomedical Waste solutions, Clean Harbors, Daniels Sharpsmart Inc., Stericycle, Waste Management Inc., Remondis Group
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For the purpose of this report, Reports and Data has segmented the Medical Waste Management market on the basis of waste type, treatment site, treatment type, service type, nature of waste, waste generator and region:
Waste Type (Revenue, USD Million; 2018–2026)
- Pathological Waste
- Pharmaceuticals Waste
- Chemical Waste
- Infectious Waste
- Gene Toxic Waste
Treatment Site (Revenue, USD Million; 2018–2026)
Treatment Type (Revenue, USD Million; 2018–2026)
- Chemical Treatment
Service Type (Revenue, USD Million; 2018–2026)
- Treatment and Disposal
- Collection, Transportation and Storage
Nature of Waste (Revenue, USD Million; 2018–2026)
Waste Generators (Revenue, USD Million; 2018-2026)
- Retail Pharmacy
- Blood Banks
- Research Institutions
- Waste Generators (Revenue
Regional Outlook (Revenue in USD Million; 2018–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of the Asia-Pacific
- Middle East & Africa
- Latin America
Key Highlights of the Report:
- Extensive analysis of the competitive scenario along with key developmental patterns
- Supply chain analysis and latest technological advancements
- Market forecast for 8 years covering all the segments and sub-segments in key regions and countries
- In-depth analysis of current and emerging market trends and market dynamics
- Insights on rivers, restraints, growth prospects, and market opportunities
- SWOT analysis and Porter’s Five Forces analysis along with feasibility analysis and investment return analysis
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