WASHINGTON, June 29, 2022 (GLOBE NEWSWIRE) -- In recent years, countries worldwide are struggling to develop innovative strategies and infrastructure for the proper disposal of medical waste. Advancements in technology in social networks, transportation, and trade are further helping global economic growth resulting in the expansion of healthcare systems and a concomitant increase in demand for medical equipment and supplies. The safe nature of manufacturing medical devices but careless disposal of medical waste is another factor driving the growth of the market, thus owing to these benefits the market is gaining huge demand. The Global Market revenue stood at a value USD 6.5 Billion in the year 2021.
The Global Medical Waste Management Market size is forecasted to reach USD 8.8 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period; states Vantage Market Research, in a report, titled “Medical Waste Management Market Size, Share & Trends Analysis Report by Service (Collection, Transportation, & Storage Services, Treatment & Disposal Services, Recycling Services), by Type of Waste (Non-Hazardous Waste, Hazardous Waste), by Treatment Site (Offsite Treatment, Onsite Treatment), by Waste Generator (Hospitals & Diagnostic Laboratories, Other Waste Generators), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Medical Waste Management market is predicted to grow at a CAGR of roughly 5.2% during the forecast period.
The Medical Waste Management market was estimated to be worth roughly USD 6.5 Billion in 2021 and is expected to reach USD 8.8 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Medical Waste Management market.
The report on Medical Waste Management Market highlights:
Historic Data, Estimates, and Forecast
Porter’s Five Forces Analysis
Rising Government Initiatives for Medical Waste Management Market
The majority of medical waste generated ends up in landfills or oceans. This affects the natural habitat of living organisms and generates future healthcare risks. The rise in soil erosion and growing waste in water bodies are further risking human health and are expected to cost major healthcare issues shortly. Private associations and government bodies are taking stringent measures for reducing medical waste. For instance, the US government has started Medical Waste Tracking Act (MWTA) which helps track medical waste across the nation. The majority of medical waste generated from the healthcare sector is not always more hazardous than general household waste. For instance, infectious waste accounts for 15% to 25% of the total medical waste, this includes sharp objects, plastic syringes, organs, chemical or expired medicines, and radioactive and cytotoxic waste. Thus, owing to the rising medical waste, various governments across the globe are taking initiatives to control medical waste.
High Cost of Service by Key Players
It is estimated that healthcare organizations pay up to USD 7 billion due to an over-reliance on single-use materials and improper disposal of items, particularly in regulated medical waste (RMW) and landfill bins. Another factor that makes it expensive is the high-cost labor; the cost of a waste management worker is 33% higher than that of a regular industrial worker. The factors such as insurance, safety, and family cover make it more complicated for the smooth functioning of the Medical Waste Management Market sector. Thus, key players charge huge amounts from medical facilities for the appropriate running of Medical Waste Management Market.
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Segmentation of the Global Medical Waste Management Market:
Collection, Transportation, & Storage Services
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The COVID-19 outbreak has affected various industries worldwide. The Medical Waste Management Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementation of strict social distancing measures, to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, reduced manufacturing activities further affected the demand for Medical Waste Management Market across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
Impact Assessment of COVID-19 Pandemic
Quarterly Market Revenue Forecast by Region 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Increasing Growth of Medical Waste Management Market in North America
North America accounted for the largest share of the Medical Waste Management Market in 2021. The large share of this region in the Global Medical Waste Management Market can be attributed to the factors such as the rising prevalence of medical waste and the growing population.
Asia Pacific is expected to grow at the fastest rate during the forecast period, owing to the prevalence of an increase in the number of well-established management firms and research institutes in the US and Canada. Also, a large number of ongoing research studies and the growth of the overall healthcare sector on a global scale are among the few factors expected to contribute to the growth of this market. Key players spending huge funds on Research and Development (R&D) are also one of the factors that are booming the development of Medical Waste Management Market in this region.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Medical Waste Management Market Size, Share & Trends Analysis Report by Service (Collection, Transportation, & Storage Services, Treatment & Disposal Services, Recycling Services), by Type of Waste (Non-Hazardous Waste, Hazardous Waste), by Treatment Site (Offsite Treatment, Onsite Treatment), by Waste Generator (Hospitals & Diagnostic Laboratories, Other Waste Generators), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Medical Waste Management Market:
Veolia Environnement S.A. (France)
REMONDIS AG & Co. KG (Germany)
BioMedical Waste Solutions LLC (US)
Daniels Sharp smart Inc. (Australia)
Casella Waste Systems Inc. (US)
All Medical Waste Australia Pty Ltd. (Australia)
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Medical Waste Management Market?
How will the Medical Waste Management Market change in the upcoming six years?
Which application and product will take a lion’s share of the Medical Waste Management Market?
What is the Medical Waste Management market drivers and restrictions?
What will be the CAGR and size of the Medical Waste Management Market throughout the forecast period?
This market titled “Medical Waste Management Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
• Service ° Collection, Transportation, & Storage Services ° Treatment & Disposal Services ° Recycling Services • Type of Waste ° Non-Hazardous Waste ° Hazardous Waste • Treatment Site ° Offsite Treatment ° Onsite Treatment • Waste Generator ° Hospitals & Diagnostic Laboratories ° Other Waste Generators • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa
• North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa
• Stericycle (US) • Veolia Environnement S.A. (France) • Suez Environnement (France) • Clean Harbors (US) • REMONDIS AG & Co. KG (Germany) • Sharps Compliance Inc. (US) • Waste Management Inc. (US) • BioMedical Waste Solutions LLC (US) • Daniels Sharpsmart Inc. (Australia) • Republic Services Inc. (US) • EcoMed Services (US) • GRP & Associates (US) • BWS Incorporated (US) • MedPro Disposal (US) • GIC Medical Disposal (Canada) • Gamma Waste Services (US) • Triumvirate Environmental (US) • EPCO (Saudi Arabia) • Casella Waste Systems Inc. (US) • All Medical Waste Australia Pty Ltd. (Australia)
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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