Global Medical Waste Management Market to Record Substantial Growth Over 2020-2026

June 12, 2020

As per the 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 LLC, global medical waste management market is expected to amass significant revenues by the year 2026.

Surging demand for effective solutions for management of medical waste to ensure safety of individuals, animals, and environment, in line with massive volume of medical waste generated annually is impelling the growth of global medical waste management market. 

Medical waste includes infectious materials generated from healthcare facilities such as hospitals, laboratories, veterinary clinics, dental practices, physician’s offices, and medical research facilities. This waste can also include bodily fluids such as contaminants or blood as well.

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Medical waste management needs to comply with strict federal as well as state regulations. Having any disparity in the process could violate laws and put the healthcare institute’s reputation at risk and even harm the surrounding environment. Moreover, improper management of medical waste can potentially harm the healthcare professionals, staff, and employees as well. The necessity of medical waste management along with benefits such as improved performance and profitability will sustain the industry growth in the ensuing years.

Based on type of waste, non-hazardous segment accrued over USD 2 billion in 2019 and will gain decent traction in the coming years. Non-hazardous medical waste, also referred as general waste, cannot be disposed into sewage line. Approximately 85% of the entire pharmacy inventory waste is non-hazardous and need for its management will fuel the segmental growth.

Elaborating on the service scope, the market is classified into treatment and disposable services, recycling services, collection, transportation & storage services, and others. Others segment accounted for 13% market share in 2019 and is poised to display a decent growth trend over the forecast timeline. Other services include records removal/shredding, recovery, destruction, training and consulting.

Considering the waste generator spectrum, medical waste management market is split into nursing homes, hospitals, laboratories & research centers, and others. Others segment including mortuary & autopsy centers and biotech, is expected to exhibit a CAGR of 7.5% throughout the estimated timeframe.

As per the regional analysis, global medical waste management market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

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

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