Medical Waste Management Market: Increase in Volume of Healthcare Waste is Projected to Boost the Growth of the Global Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to Transparency Market Research’s latest report on the global medical waste management market for the historical period 2017–2019 and forecast period 2021–2028, increase in volume of healthcare waste and surge in geriatric and obese populations are projected to boost the growth of the global market during the forecast period
Medical Waste Management Market Outlook 2028
- The global medical waste management market was valued at US$ 15.3 Bn in 2020
- It is estimated to expand at a CAGR of 6.2% from 2021 to 2028
- The global medical waste management market is expected to reach the value of US$ 25.2 Bn by the end of 2028
Technological Advancements and New Methods of Waste Disposal: Key Driver
Incineration technique employed for treatment, disposal, and management of medical waste has been one of the oldest and most widely adopted techniques in the U.S.
However, implementation of new policies and emission norms laid down by regulatory authorities have led to evolution and adoption of new techniques of medical waste management in the country
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In order to achieve effective disposal of medical waste, several waste management companies are coming up with novel and advanced non-incineration management techniques such as steam autoclave treatment, chemical treatment, ozone treatment, pyrolysis, and electron beam technology
Recycling of medical waste is another emerging trend in the U.S., wherein techniques such as single-stream recycling and all-in-one mixed-waste processing have helped increase the rate of recycling and material recovery
New techniques and methods of waste disposal and management introduced in the U.S. are expected to gain regulatory approvals in the next few years. This is anticipated to drive the medical waste management market in the U.S. between 2021 and 2028.
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Shift in Focus Toward Small & Medium Quantity Waste Generators Presents Lucrative Opportunities
Small- and medium-quantity waste generators comprise clinics & physician offices, dentists, long-term care & urgent care centers, ambulatory surgical centers, pharmacies, research institutes, blood banks, and others. These entities generate medical waste such as biomedical, hazardous, and pharmaceutical waste.
Key players in the global medical waste management market are targeting this group by providing customized service plans specific to the need of the waste generating firm
For instance, Sharps Compliance, Inc., one of the leading players in the global medical waste management market, has started targeting this market by focusing on two areas: field sales, which focuses on larger-dollar and nationwide opportunities where the route based pickup service is integrated with mail-back system solutions to create a comprehensive medical waste management offering. The other approach is inside and online sales, which focuses on individual or small groups such as professional offices, government agencies, smaller retail pharmacies & clinics, and assisted living/ long-term care facilities.
Currently, there are around 800,000 physician offices in the U.S. The number of retail health care clinics in the country increased from 1,914 in 2014 to 2,800 in 2017, an increase of 47%.
These factors along with rise in patient preference for treatment in home care and long-term care facilities in the U.S. are expected to drive the small-quantity & medium-quantity waste generators segment compared to the large-quantity generators segment during the forecast period.
This presents new opportunities for market players to enter into long-term contracts with manufacturers of small- and medium-quantity waste generators in the global medical waste management market
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High Initial Capital Investment and Environmental Safety Considerations
The global medical waste management market has witnessed strong growth in the past few years. However, high initial investment to establish the business, for instance high cost required to build the facility, cost of land for dumping the waste, high cost specialized waste collection vehicles and equipment utilized in the safe disposal of the waste, is likely to hamper the growth of the global market over the next few years.
The disposal and recycling process includes the emission of dangerous gases and compounds that are likely to disturb the environment and ecosystem. Hence, the medical waste management facility should be away from residential areas or be very effective in managing all the toxic gases responsible for air pollution.
Nevertheless, keeping all the drawbacks in consideration, various non-incineration technologies have been introduced in the past few years such as non-ionization treatment and steam autoclave treatment
However, adoption of more than one treatment method leads to increased economic burden on medical waste management service providers as well as waste generators preferring on-site medical waste management for their own medical waste disposal facility
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Medical Waste Management Market: Competition Landscape
This report profiles major players in the global medical waste management market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global medical waste management market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global medical waste management market are
- Republic Services Inc.
- US Ecology Inc.
- BioMedical Waste Solutions
- Clean Harbours Inc.
- Waste Management Inc.
- Sharps Compliance Inc.
- Daniels Health
- BWS Incorporated
- and Alba Services GmbH & Co. KG
- among others
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