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Medical Waste Management Market

Non-Hazardous Medical Waste Management to Account for 70% of Global Demand: Fact.MR

Published : 27 Jul 2021 Industry: Healthcare

A recent report by Fact.MR shows that the market is expected to surpass US$ 22 Bn by the end of the 2021-2031 forecast period. A CAGR of over 3% has been projected for the market across the forthcoming decade. Increasing hospitalization rates is compounding the volume of medical waste generated, thus nudging demand.

Historically, demand accelerated at a CAGR of approximately 4%, closing in at over US$ 16 Bn in 2020. The onset of COVID-19 further heightened expansion prospects. As countries continue battling the pandemic even today, hospitals and other healthcare settings are prioritizing on maintaining hygiene standards to prevent infection spread.

The World Health Organization estimated a 40% increase in production of PPE in March 2020, including 89 million medical masks, 76 million examination gloves, and 1.6 million goggles. This increased the amount of medical waste globally at an unprecedented rate. In forthcoming years, as people retain their hygiene consciousness, growth of medical waste management is expected to scale new heights in the forecast period.

Key Takeaways from the Market Study

  • By type of waste, non-hazardous waste management to generate 70% revenue until 2031
  • However, demand for infectious & pathological waste management to surge at 6% CAGR
  • Off-site medical waste management solutions to generate 3 out of 5 sales through 2031
  • Mid & small quantity medical waste management to expand at around 4% CAGR
  • U.S likely to account for 40% of total medical waste management solutions demand
  • Medical waste management services in Europe to surge at a CAGR of 4%
  • India and China to emerge as opportunistic markets across Asia, amid extensive healthcare infrastructure development

 “Legal frameworks implemented for the management of medical waste combined with the use of various technologies in managing medical waste will help achieve a higher level of efficiency in managing medical waste,” says a Fact.MR analyst.

Competitive Landscape

Medical waste management is mainly used in healthcare sectors such as hospitals, clinics, laboratories and other places. Global health markets are experiencing rapid expansion in emerging markets such as North America, Asia-Pacific, and Europe.

The major market players focus their strategies on expanding their capacity and geographic footprint as well as collaborating with local players to eliminate waste in untapped markets. 

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global medical waste management market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study reveals essential insights on the basis of nature of waste, (non-hazardous waste and hazardous waste), type of waste (sharps, infectious & pathological waste, radioactive waste,  pharmaceutical waste and non-infectious waste), waste generator type (large quantity waste generator and mid & small quantity waste generator), service type (on-site waste management and off-site waste management) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).

Fact.MR’s Domain Knowledge on Healthcare

Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Shambhu Nath Jha

Fact.MR

Sr. Consultant - Healthcare

E-mail: shambhu@factmr.com

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Medical Waste Management Market

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Medical Waste Management Market Forecast Trend Analysis & Competition Tracking - Global Review 2021 to 2031