Medical Waste Management Market 2030

Medical Waste Management Market Expected to Reach $12.834 Billion by 2030

PORTLAND, OREGON, UNITED STATE, July 12, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “medical waste management market by service, type of waste, and treatment site: global opportunity analysis and industry forecast, 2021–2030," The global medical waste management market size was valued at $7.226 billion in 2020, and is estimated to reach $12.834 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends

Medical waste management is defined as the measures taken to ensure safe and environmentally sound management of health care waste. It enables to prevent adverse health and environmental impact from medical wastes, which are produced by release of biological & chemical hazards and drug resistant microorganisms. Medical waste management services aim to protect health of patients, physicians, health workers and the general public. There are various types of medical waste generated from hospitals, clinics, and pharmaceutical industries such as infectious waste, pathological waste, sharps waste, chemical waste, pharmaceutical waste, cytotoxic waste, and non-hazardous waste.

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Key Market Players

Biomedical Waste Solutions, LLC
Clean Harbors, Inc.
Daniels Health Inc.
EcoMed Services
Remondis Medison (A Subsidiary of Remondis Ag & Co.Kg)
Republic Services, Inc.
Stericycle, Inc.
Suez Environmental Services
Veolia Environmental Services
Waste Management, Inc.

Increase in volume of medical waste, rise in demand for medical waste management services, and surge in number of hospitals and clinics are anticipated to drive growth of the medical waste management market. In addition, increase in demand for healthcare products, diagnostic tools, and technologies have led to development of huge amount of medical waste, which propels growth of the market.

Moreover, initiatives taken by governments for effectively managing medical wastes and increase in awareness regarding hazards caused, owing to rise in biomedical waste are the key factors that boost growth of the market. Furthermore, increase in per capital healthcare expenditure and surge in number of funding for various research activities propel growth of the market. In addition, rise in concern regarding ecofriendly and safe environment and enforcement of various regulations for management of biomedical waste fuel the market growth.

Key Market Segments

By Service
Collection, Transportation, and Storage Services
Treatment & Disposal Service
Incineration
Autoclaving
Chemical Treatment
Others
Recycling Services
By Type of Waste
Non-Hazardous Waste
Hazardous Waste
Infectious & Pathological Waste
Pharmaceutical Waste
Sharp Waste
Others

KEY FINDINGS OF THE STUDY

By service, the collection, transportation, and storage services segment was the highest contributor to the market in 2020.
By type of waste, the non-hazardous waste segment was the highest contributor to the market in 2020.
By treatment site, the offsite segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
By region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global medical waste management market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, presence of key players, increase in environmental awareness regarding waste management, and increase in volume of medical waste in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases, rise in geriatric population, increase in demand for healthcare product & services, and rise in number of hospital and clinics.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global medical waste management market. The COVID-19 pandemic has stressed healthcare systems in the world and increased volume of medical waste, which are produced from hospital, diagnostic centers, research centers, laboratories, and clinics.

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David Correa
Allied Analytics LLP
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