Analysis of Potential Impact of COVID-19 on Biomedical Waste Management Market

Global Biomedical Waste Management Market: Overview

Biomedical waste means any waste which is generated during diagnosis, treatment, or immunization of human beings or animals or in research activities pertaining thereto or in production or testing of biological and including categories mentioned in Schedule I of U.S. controlled drug substance act. Improper management of biomedical waste poses high health risk to individuals coming in contact with it either during handling or disposal. For instance, according to statistics by the World Health Organization (WHO), in 2000, injuries caused by sharps accounted for 66,000 cases of hepatitis B virus, 16,000 cases of hepatitis C virus, and 200 to 5,000 cases of HIV infections among health care personnel globally. The biomedical waste management includes steps such as collection, segregation, storage, transport, treatment, and disposal of waste material. According to the Schedule II of U.S. controlled drug substance act, there is a specific color code for the collection of biomedical waste, which depends on the type of waste material. For instance, yellow plastic bags is code for human anatomical waste, animal waste, microbiological waste, and solid waste.

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Global Biomedical Waste Management Market: Drivers and Restraints

Growing geriatric population requiring health care products and services, increasing incidence and prevalence of infectious and lifestyle diseases, expanding health care infrastructure, changing lifestyles, enforcement of various regulations for the management of biomedical waste, and increasing awareness about safety and security against the hazards caused by biomedical wastes are some factors driving the global biomedical waste management market. However, high cost of services provided by biomedical waste management players, lack of education to workers handling the waste and health care workers about importance of biomedical waste treatment and disposal are factors restraining the market.

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Global Biomedical Waste Management Market: Key Segments

The global biomedical waste management market can be segmented based on type of waste, type of waste generator, type of service, and region. In terms of type of waste, the global biomedical waste management market can be bifurcated into non-hazardous biomedical waste management and hazardous biomedical waste. The hazardous biomedical waste is further classified into sharps, infectious & pathological waste, radioactive waste, and pharmaceutical waste. Based on type of waste generators, the global biomedical waste management market can be classified based on the quantity of the waste produced by them in to large quantity waste generators and mid and small quantity waste generators. According to EPA guidelines, large quantity waste generators produce more than or equal to 1000-kilograms of biomedical waste per month, whereas mid and small quantity medical generators create less than 1000-kilograms of biomedical waste per month. Large quantity biomedical waste management generators can be divided into hospitals and pharmaceutical & biotechnology companies. The hospitals segment can be segregated into public sector hospitals and private hospitals. The mid and small sized waste generators are categorized into clinics & physician offices, ambulatory surgery centers & long-term care centers, laboratories, academic & research institutes, blood banks, and others (veterinary mortuary and autopsy centers, home health care, military & government, nursing homes, tattoo parlors). In terms of types of service, the global biomedical waste management market can be divided into on-site services and off-site services.

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Geographically, the global biomedical waste management market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global biomedical waste management market owing to high use of biomedical technologies and products, rising geriatric population, increasing health care expenditure, stringent laws for biomedical waste management, growing awareness about safety and security of public health and environment. Europe is the second largest biomedical waste management market due to increasing prevalence of infectious and lifestyle diseases, growing adoption of advanced medical technologies leading to increasing diagnosis and treatment of various diseases, and presence of a large number of key players in the region.

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Global Biomedical Waste Management Market: Key Players

Key players operating in the global biomedical waste management market include Waste Management, Inc., BioMedical Waste Solutions, LLC., Clean Harbors, Inc., Daniels Sharpsmart, REMONDIS SE & Co. KG, Republic Services, Inc., Sharps Compliance, Inc., SUEZ , BWS Incorporated, and Veolia.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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