Medical Waste Management Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2025

Medical Waste Management Market Size and Outlook:

The global medical waste management market was valued at US$ 16 Bn in 2019 and is anticipated to reach US$ 22 Bn by the end of the forecast period (2020-2025). The market is poised to be on a modest trajectory with growth pegged at 5.1%. The amount of medical waste generated by healthcare facilities has increased, owing to rising number of surgeries performed across the world. This has prompted countries to implement stringent regulations regarding the disposal of such waste.

In order to ensure safety from hazardous medical waste, governmental organizations such as the FDA, the EPA and the DEA are constantly working towards proper management of such wastes. In addition, growing support from NGOs and CBOs such as Intervol actively collect, recycle and dispose-off medical waste. The ongoing coronavirus pandemic has only increased the importance of proper medical waste disposal with market players stretching for gains.

Medical Waste Management Market: Technological Insights:

Implementation of new policies and emission norms laid down by regulatory authorities have led to the evolution and adoption of new medical waste management technologies. The most common method of medical waste disposal has been incineration. However, environmental concerns have prompted a change in waste disposal techniques. In order to achieve effective disposal of medical waste, companies have invested in developing advanced non-incineration management techniques such as steam autoclave treatment, chemical treatment, ozone treatment, pyrolysis and electron beam technology.

In 2017, Sterlis LLC, a company based in Boxborough (U.S) developed a new device for management of regulated medical waste, which combines steam sterilization with grinding. The treatment can be performed on-site at a low cost and with less hazards to the environment. Recycling techniques such as single-stream recycling and all-in-one mixed-waste processing have also become quite popular. Such new technologies are anticipated to gain approval, thereby leveraging the medical waste management market.

Medical Waste Management Market: Waste Type Insights:

The non-infectious waste segment is anticipated to remain in the vanguard of the medical waste management market, capturing almost 70% of the market share. The infectious and pathological waste segment shall expand the fastest, at a CAGR of 6.0% across the forecast period.

The resultant prevalence of chronic diseases has led to an uptick in provision of medical care. Consequently, the amount of non-infectious waste has expanded over the years, driving the growth of the non-infectious waste management market. Also, rising prevalence of infectious diseases such as tuberculosis, hepatitis, SARS and influenza have burgeoned the scope of the infectious waste management segment.

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Medical Waste Management Market: Service Type Insights:

The off-site medical waste management segment is poised to gain significant traction throughout the forecast period. It is expected to capture more than 3/5^th of the medical waste management market. Stringent waste management regulations imposed by governments coupled with increased burden of healthcare expenditure has prompted healthcare setting to outsource waste management to third parties.

Medical Waste Management Market: Regional Insights:

North America is poised to dominate the medical waste management market, capturing nearly 2/5^th of the market share. However, the Asia-Pacific region is poised to gain significant traction during the forecast period, expanding at a CAGR of almost 6.0%.

Enforcement of stringent regulations for environmental protection and rapidly increasing quantities of medical waste generation is anticipated to drive the North American medical waste management market. Growth in the Asia-Pacific is attributed to the increase in healthcare spending fueled by economic growth and the resulting development of the healthcare infrastructure.

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Medical Waste Management Companies: Fostering Change through Business Expansion

The medical waste management market is highly fragmented, with several domestic as well as global players operating in different service segments. Thus, the degree of market competition amongst market players ranges from moderate to high. Some prominent players providing medical waste management solutions include, but are not limited to, Stericycle, Waste Management, Inc., Sharps Compliance, Inc., and CLEAN HARBORS, INC., US Ecology, Inc., Medical Waste Solutions and Veolia. Emphasis on organic growth is an important determinant of the prominent players’ market presence.

For instance, 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.

Likewise, Stericycle is determined to focus on revenue growth in its core service lines and capitalize on the efficiencies of the company’s operating platforms. Its organic growth strategy includes expansion of its platforms such as the Steri-Safe OSHA Compliance Program and sharps management services.

COVID-19’s Impact on the Medical Waste Management Market:

Since its onset, the novel coronavirus pandemic has posed immense challenges to healthcare providers in terms of its diagnosis and eradication. Medical waste management has become even more important in this scenario. Recognizing the rapid rate of infection associated with the virus, governments across the world have mandated hospitals, isolation wards, quarantine centers, sample collection centers and laboratories to implement strict medical waste disposal guidelines. Adoption of practices such as using double-layered bags, mandatory labelling and color coded dustbins for waste management are commonplace.

An important point of concern is the risks faced by sanitation workers while handling COVID-19 biomedical waste. In developing countries like India, sanitation workers and rag pickers are the most vulnerable to contracting the COVID-19 infection from medical wastes discarded by quarantined patients. Discarded masks, gloves and tissues are breeding grounds for the virus and can infect anybody who comes in contact with them. To offset this risk, hospitals and other healthcare settings are increasingly adopting safe and novel ways of disposing off medical wastes. Leading medical waste management solutions providers are also contributing in terms of issuing strict guidelines for the disposal of COVID-19 waste materials.

Analyst’s Viewpoint:

“Rising incidences of chronic and infectious diseases has led to an increase in the number of surgical procedures, thus augmenting the need for proper medical waste disposal. The ongoing COVID-19 pandemic only serves to leverage market prospects, as individuals are becoming more conscious about the need to maintain personal and community hygiene to prevent further spread of infections. North America and Asia-Pacific shall generate lucrative growth opportunities for the medical waste management market.”

Medical Waste Management Market: Report Scope:

The recent study undertaken by Fact.MR on medical waste management incorporates a 5-year forecast period ranging from 2020 to 2025. It explicates on vital dynamics such as the key drivers, opportunities and restraints influencing the growth of the market. The report includes a detailed analysis in terms of revenue, market share and growth prospects based on the following segments: nature of waste, type of waste, waste generator type and service type.

Each of the abovementioned segments has also been analyzed for each region. The regional analysis is based on the following five geographies: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. In addition, a section on the competitive landscape has been provided. Detailed information about the leading market players, their revenue and market shares, collaborations and product portfolio have been incorporated in this section. Additionally, a SWOT analysis of each market player is provided to outline a more realistic outlook for the future.