According to the latest report published by Variant Market Research, the Global Medical Waste Management Market size is projected to reach $26.9 Billion by 2025 from $17.4 Billion in 2017. In this report, medical waste management market forecast says that the global market is growing at a CAGR of 5.6% from 2017 to 2025. By Geography, Asia-Pacific and North America are expected to grow at a CAGR of 6.3% and 6.0%, respectively, during the forecast period. Medical waste management mentions to the proper processing of waste materials produced by the healthcare institutions. Increasing anxieties over employing eco-friendly and safe waste management & treatment process is expected to boost the market in coming years.
“Medical Waste Management Market (By Type: Hazardous and Non-Hazardous; By Treatment: Chemical Treatment, Autoclaving, Incineration and Other Treatments; By Service: Recycling, Disposal, Collection, Transportation & Storage and Other Services; By Treatment Site: Onsite and Offsite.; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025”
The global specialty sorbents market is mainly driven by rapid rise in elderly population.
The factor driving the growth of the medical waste management market are development of advanced manufacturing techniques for drugs & medical appliances in the pharmaceuticals industries and increasing initiatives by government authorities, and rapid rise in elderly population. Additionally, advancement of technological innovations and non-hazardous methods that helps in reducing and recycling of the waste to a huge amount have also stimulated the market growth. However, requirement of high capital investments and lack of strict regulations in emerging countries may hamper the growth of the market. Moreover, outsourcing of medical waste management services and growing healthcare industry would provide lucrative opportunities to the market during the forecast period.
The classifications of the global medical waste management market are type, treatment, service, treatment site and geography. Type segment includes hazardous and non-hazardous. By treatment, the market is bifurcated into chemical treatment, autoclaving, incineration and other treatments. The service segment is classified into recycling, disposal, collection, transportation & storage and other services. Furthermore, treatment site segment includes onsite and offsite.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Russia, Italy, and Rest of Europe are analyzed under the European market. India, China, Japan, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Non-Hazardous, by type segment led the market with major share in 2017
Non-Hazardous contributed for the majority of the share in 2017, in the type segment, and is expected to continue its trend during the forecast period. High quantity of non-hazardous medical waste produced and likewise stringent regulations as that of hazardous waste for the disposal of it has fueled the demand. This class includes pharmaceuticals such as camomile tea or cough syrup that pose no hazard during collection, intermediate storage and waste management.
Incineration segment dominated the application segment in 2017
Incineration occupied the largest market share in the treatment segment and is likely to continue its dominance throughout the forecast period 2017 – 2025. The high growth for this segment can be attributed to advancements in technologies, and the generation of large quantities of medical waste worldwide.
Treatment and disposal segment, by service accounted for the maximum market share in the year 2017
Treatment and disposal segment, by service is projected to be the largest market in 2017.The high growth in this segment is seen due to increasing government initiatives for the disposal of medical waste.
North America accounted for the maximum share in the global medical waste management market
In 2017, North America was the highest revenue generating region in the global medical waste management market, due to the growth in consumer awareness concerning the safety and risk anxieties related to the possible bio-hazards, and stringent regulations for the medical waste management, and rise in per capita healthcare expenditure in the region. However, Asia-Pacific is likely to achieve the fastest CAGR during the forecast period owing to creativities by NGOs for the proper medical waste management, growing economies to afford the waste management services, and government enforcement.
Prominent players operating in the market include REMONDIS SE & Co. KG, Sharps Compliance, Inc., BioMedical Waste Solutions, LLC., Daniels Sharpsmart., Waste Management, Inc., CLEAN HARBORS, INC., Stericycle, Veolia, Republic Services, Inc., and Suez Environnement S.A., among others.