Stringent Regulations by Government Bodies to Stimulate Medical Waste Management Market Growth, COVID-19 to Fuel Demand for Medical Waste Management, Projects Fact.MR
Published : 21 May 2020 Industry: Healthcare
The medical waste management market is poised to expand steadily, growing at a CAGR of 5.1% across the forecast period (2020-2025). As healthcare infrastructure has started to develop, the number of surgical procedures for treating various chronic and infectious diseases have also increased. This has necessitated the safe disposal of medical waste generated during the surgical process. Over the years, various governmental and non-governmental organizations have bolstered efforts to ensure proper management of medical waste.
However, medical waste management is an expensive process. The Centers of Medicare and Medicaid Services (CMS) project that healthcare spending shall increase by 5.6% across the forecast period. As a result, healthcare settings have been outsourcing their medical waste management services to third parties, thus broadening the scope of the market. The ongoing coronavirus pandemic is also anticipated to leverage the need for proper medical waste disposal to avoid the spread of infection within healthcare settings.
Key Takeaways from the Medical Waste Management Market Study:
- By nature, non-hazardous medical waste is anticipated to account for a major chunk of the medical waste management market. The segment is poised to capture a market share of nearly 70% across the forecast period.
- By waste type, the infectious waste segment is expected to grow the fastest, at a CAGR of 6.0%. This is attributed to the growing prevalence of infectious diseases such as SARS, Hepatitis, Tuberculosis and influenza. However, the non-infectious segment shall remain dominant, owing to rising prevalence of chronic disorders in the wake of a rapidly aging population.
- By waste generator, large quantity waste generators are poised to remain in the vanguard of the medical waste generators market. Hospitals constitute the major chunk of medical waste generators, owing to the large volume of surgical procedures happening in a day.
- By service type, off-site waste management shall gain traction, attributed to stringent government regulations and increased burden of healthcare expenditure. Key healthcare settings have been outsourcing their waste management to outside parties.
- Regionally, North America is set to dominate the market, capturing nearly 40% market share while Asia-Pacific is expected to be significantly leveraged. Stringent healthcare regulations are boosting medical waste management prospects in North America while a rapidly evolving healthcare infrastructure drives growth in the Asia-Pacific.
“The medical waste management market is poised to gain traction across the forecast period, attributed to legal frameworks implemented for tackling medical waste. Key market players are capitalizing on their internal dynamics to provide efficient waste management solutions to potential clients,” says a Fact.MR analyst.
Focus on Organic Growth and Innovative Solution Packages to Drive Market Players’ Growth:
The medical waste management market consists of the following prominent market players: Medical Waste Solutions, CLEAN HARBORS INC., Stericycle, Waste Management, Inc., Sharps Compliance, Inc., US Ecology, Inc., and Veolia. Besides these, there are other players, which are fragmenting the medical waste management market. Strengthening internal organizational structures to facilitate enhanced research and development on novel solutions determines the key players’ market presence. For instance, Stericycle is concentrating on the expansion of its Steri-Safe OSHA Compliance Program and sharps management services to promote organic growth.
Likewise, CLEAN HARBORS, INC., announced the launch of new facilities, expansion of business segments in new areas and products and services between 2013 and 2016. Its current services portfolio includes collection, transportation and logistics management with regard to medical waste, treatment and disposal, total project management and resource recovery & fuel blending.
The novel coronavirus pandemic has made medical waste disposal an even more critical need. With hundreds of new cases emerging every day, the amount of medical waste generated by hospitals, clinics, isolation wards, testing centers and homecare settings has also increased. As a result, governments have been issuing stringent guidelines regarding the disposal of medical waste in such a situation.
Measures such as using color-coded dustbins, double-layered bags and mandatory labelling have proven helpful in segregating medical waste and preventing the spread of infections. Moreover, it is anticipated that individuals will tread more carefully in the aftermath of the pandemic, making personal and community hygiene a top priority. This is anticipated to leverage the demand for medical waste disposal solutions in the forecast period.
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The research study on the medical waste management market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the medical waste management market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of nature of waste (non-hazardous and hazardous), type of waste (sharps, infectious & pathological waste, radioactive waste, pharmaceutical waste and non-infectious waste), waste generator type (large quantity waste generators and small quantity waste generators) and service type (on-site waste management and off-site waste management) across five major regions.
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