Fact.MR – A Market Research and Competitive Intelligence Provider: As per analysis by Fact.MR, the global medical waste management market is estimated to surpass US$ 22 Bn by the end of 2031 in comparison to the valuation of US$ 16 Bn registered in 2020.
Off-Site Medical Waste Management to Capture 3/5th of the Medical Waste Management Demand
The medical waste management market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers medical waste management demand outlook and studies opportunities existing in key segments, including type and end user. It also highlights key strategies adopted by market players to increase medical waste management sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per analysis by Fact.MR, the global medical waste management market is estimated to surpass US$ 22 Bn by the end of 2031 in comparison to the valuation of US$ 16 Bn registered in 2020.
The increasing necessity of maintaining good hygiene has resulted in an increase in demand for effective medical waste disposal in the environment. This pattern can be attributed to the rising demand for medical waste management in a variety of industries, including hospitals. As a result, the market is expected to grow at a CAGR of around 3% over the forecast period of 2021-2031.
The market will continue to grow at a steady pace, owing to the huge increase in the number of healthcare institutions established around the world. As a result, the demand for such facilities has skyrocketed as the rate of hospitalization has. This will also add to the already-increasing amount of medical waste generated by hospitals and clinics.
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Among various types of waste, non-infectious waste segment is expected to gain immense traction, accounting for nearly 70% of the market share over the forecast period 2021-2031. On the other hand, infectious and pathological waste management is set to expand at a CAGR of 6% over the assessment period.
According to the study, the United States will become the dominating market in North America for medical waste management. Due to the presence of a well-established healthcare industry and the continually expanding volume of medical waste created on a daily basis, the demand forecast for the United States remains optimistic. Fact.MR has estimated that the U.S. market will account for over 40% of the sales in North America.
“With competition gradually soaring, market players are focusing on undertaking strategic collaborations and acquisitions. This in turn will help them to expand their footprint globally and create lucrative opportunities of growth of the overall market in the forthcoming years,” says a Fact.MR analyst.
Key Takeaways from Medical Waste Management Market Study
- Europe is leading the market for medical waste management and is anticipated to rise at a CAGR of around 4% over the forecast period 2021-2031.
- Owing to substantial rise in the volume of medical wastes generated on a daily basis, the U.S. is expected to account for more than 40% of the sales in North America.
- Based on type of waste, infectious and pathological waste management segment is likely to exhibit growth at a CAGR of 6% over the forecast period.
- Based on service site, off-site medical waste management segment will account for over 3/5th of overall demand through 2031.
Key Drivers
- Government initiatives to improve the prudent management of healthcare wastes would have a beneficial impact on market growth.
- The market has seen sales growth as the incidence of chronic diseases has increased, as has the volume of medical waste.
Key Restraints
- The market's expansion is projected to be hampered by a lack of knowledge about the health risks associated with medical waste.
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Competitive Landscape
Key manufacturers operating in the market are undertaking acquisitions and collaborations to expand their footprint globally.
For instance, in 2020, Harsco Corporation announced the acquisition of Stericycle Environmental Solutions business (ESOL). This acquisition of ESOL aligns with the Harsco’s motive to emerge as a global leader capable of offering single-thesis environmental solutions across the globe.
In 2021, Aurora Capital Partners announced the acquisition of Curtis Bay Medical Waste Services, a key provider of medical waste collection, treatment and disposal services. This acquisition of Curtis Bay will help Aurora in expanding its footprint across the market.
Some of the leading players operating in the medical waste management market profiled by Fact.MR are:
- Biomedical Waste Solutions LLC
- Clean Harbors, Inc.
- Waste Management, Inc.
- Suez Environmental Services
- Veolia Environmental Services
- Daniels Sharpsmart Inc.
- US Ecology, Inc.
- Republic Services, Inc.
- Stericycle, Inc.
- All Medical Waste Australia Pty Ltd.
- Casella Waste Systems, Inc.
More Valuable Insights on Medical Waste Management Market
Fact.MR, in its new report, offers an unbiased analysis of the global medical waste management market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on medical waste management market with detailed segmentation:
- Nature of Waste
- Non-hazardous Waste
- Hazardous Waste
- Type of Waste
- Sharps
- Infectious & Pathological Waste
- Radioactive Waste
- Pharmaceutical Waste
- Non-infectious Waste
- Waste Generator Type
- Large Quantity Waste Generator:
- Hospitals (Private & Public)
- Pharmaceutical & Biotechnology companies
- Mid & Small Quantity Waste Generator:
- Clinics & Physicians’ Offices
- Retail Pharmacy
- Ambulatory Surgical Centers & Long-term Care Centers
- Laboratories (Pathological & Diagnostic)
- Academic & Research Institutions
- Blood Banks
- Others
- Large Quantity Waste Generator:
- Service Type
- On-site Waste Management
- Off-site Waste Management
Key Questions Covered in the Medical Waste Management Market Report
- The market survey also highlights projected sales growth for medical waste management market between 2021 and 2031
- The report offers insight into medical waste management demand outlook for forecast period 2021-2031
- Medical waste management market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Medical waste management market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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