Medical waste is waste generated from healthcare and medical facilities. The release of biological hazards and chemical gases into environment can have disastrous effects on the wellbeing and health of general population.
Medical Waste Management Market: Snapshot
Medical waste is waste generated from healthcare and medical facilities. The release of biological hazards and chemical gases into environment can have disastrous effects on the wellbeing and health of general population. The services and solutions within the global medical waste management market offer a safe method for disposal of medical waste in order to prevent its hazardous effects on the human health. The Increasing awareness pertaining to effective and safe management of medical waste is anticipated to propel the demand within the global medical waste management market in coming years.
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As per the professional intelligence report by the Transparency Market Research, the global medical waste management market is poised to grow at a substantial growth rate i.e. 5 % over the forecast period i.e. 2017 to 2025. It also predicts that the global medical waste management market will rise from its recent evaluation of US$ 10 billion at the beginning of the forecast period in 2017 over the forecast period. The rising prevalence of life style diseases as well as infectious diseases, increase in the healthcare expenditure, adoption of innovative new technologies to treat various diseases, and fast paced growth of the global population are some of the key drivers for the development of the global medical waste management market.
Hazardous Waste Segment to Expand at Significant Rate in Near Future
The segments in the global medical waste management market based on the nature of the waste are hazardous waste and non-hazardous waste. Approximately 85 % of the waste generated from the healthcare industry is considered to be non-hazardous, while the remaining 15 % is considered to be harmful or hazardous. The non-hazardous waste segment dominated the global medical waste management market in 2017, while the hazardous waste segment is predicted to display significantly larger growth rate in the coming years within the global medical waste management market.
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Furthermore, segments in the global medical waste management market by the type of the waste include infectious and pathological waste, pharmaceutical waste, sharps, radioactive waste, and non-infectious waste. Among these, the non-infectious waste segment, also referred to as the general medical waste segment, led the global medical waste management market in 2017. On the other hand, the pathological and infectious waste segment is projected to showcase the highest growth in the global medical waste management market over the forecast period. Types of services offered by the players and service providers functional within the global medical waste management market include off site services as well as on site services.
Segments in the global medical waste management market by the waste generator include large quantity waste generators (such as hospitals, both public and private, and biotechnology and pharmaceutical companies), mid and small quantity waste generators (such as retail pharmacies, long term care centres, clinics and physician’s offices, ambulatory surgical centres, academic and research institutes, laboratories, both diagnostic imaging laboratories and pathological laboratories, blood banks, mortuary and autopsy centres, military and government, tattoo parlours, veterinary clinics, home healthcare, and nursing homes, among others).
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North America Dominates the Medical Waste Management Market
Major regions and countries operational within the global medical waste management market include North America (including Canada and the United States), Europe (including Germany, Italy, Russia, France, the United Kingdom, Spain, and rest of the Europe), Asia Pacific (including India, Australia and New Zealand, China, Japan, and rest of the Asia Pacific), Latin America (including Brazil, Mexico, and rest of the Latin America), and Middle East and Africa (including South Africa, Gulf Cooperation Council countries, Israel, and rest of the Middle East and Africa). North America region leads the global medical waste management market due to the high use of biomedical products and latest medical technologies in the world.
Furthermore, some other notable drivers influencing the growth within the global medical waste management market in North America include rising geriatric population, rising spending on healthcare, strict laws pertaining to the management of medical waste in the region, and increasing awareness pertaining to the security and safety of the environment as well as the public health.
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Players in Medical Waste Management Market Expanding their Facilities and Distribution Networks
Some of the major and leading players functional within the global medical waste management market include Stericycle, Republic Services, Inc., Veolia, US Ecology, Inc., BioMedical Waste Solutions, LLC, Clean Harbours, Inc., Waste Management, Inc., Sharps Compliance, Inc., Daniels Health, BWS Incorporated, and Alba Services GmbH & Co. KG, among others. Leading players and manufacturers operational within the global medical waste management market are expanding their product offerings portfolio through various methods and strategies, such as new service launches, mergers and acquisitions, and expansion of geographical reach.
Several players functional within the global medical waste management market are also adopting new strategies, such as enhancements in distribution networks as well as in production facilities in order to cater to a larger group of consumers across various regions. For example, Sharp Compliance, Inc., received the approval for their latest brand new facility in North-Eastern Pennsylvania, U.S. in August of 2016. This new facility consists of a transfer station for managing pharmaceutical waste and a medical waste treatment plant.
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