According to the recent research report titled ‘Medical Waste Management Market Size By Type of Waste, By Service, By Waste Generator, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global medical waste management market is projected to record considerable growth during 2020-2026.
 

Increasing volume of medical waste generated worldwide, growing importance for effective and eco-friendly waste management, favorable government initiatives for medical waste disposal, and amplifying healthcare industry in developing countries are majorly driving the growth of global medical waste management market.
 

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For those uninitiated, medical waste comprises of infectious waste material produced by healthcare facilities like physician’s offices, dental practices, medical research facilities, laboratories, veterinary clinics. and hospitals. Medical waste can also include bodily fluids like blood or contaminants.
 

Medical waste needs to be handled properly to assure safety of individuals and animals in compliance with the federal and state regulations. Any kind of disparity in the process is considered as a violation of federal or state laws, thereby harming the healthcare facility’s reputation or the environment.
 

Inappropriate handling of medical waste poses a risk to health of employees, staff, as well as professionals. Hence, proper education and training are important in management of medical waste.
 

Proper management of medical waste ensures healthy & safe environment which in turn enhances profitability and performance. Healthcare institutions are responsible for managing medical waste. It is essential to identify areas that generate waste and the type of waste produced in premises to efficiently manage it.
 

However, lack of training for proper disposal of medical waste and limited cognizance of health hazards associated with medical waste may hamper the industry expansion.
 

Based on type of waste, global medical waste management market is divided into non-hazardous and hazardous, wherein the former segment accounted to USD 2 billion in 2019. The non-hazardous medical waste, also referred to as general waste, cannot be disposed into the sewage line.
 

Speaking of service, the industry is segmented into transportation & storage, collection, recycling, treatment & disposable services, and others. Among these, others segment held 13% of market share in the year 2019 and is likely to grow substantially over the study period. These services include records shredding/removal, destruction, training & consulting, and recovery.
 

Elaborating on waste generator, global medical waste management industry is categorized into laboratories & research centers, hospitals, nursing homes, and others. As per the report, others segment is expected to expand with a CAGR of 7.5% in the ensuing years. It includes medical waste from biotech and mortuary & autopsy centers.
 

Major players in global medical waste management market are Triumvirate Environmental, Waste Management Inc., Veolia Environmental Services, US Ecology Inc., Suez Environmental Services, Clean Harbors Inc., Stericycle, Republic Services Inc., Daniels Sharpsmart Inc., and Biomedical Waste Solutions LLC.