Medical Waste Management Market

Market Snapshot

According to Fact.MR, the medical waste management market was valued at above US$ 16 Bn in 2020, and is expected to surpass US$ 22 Bn by 2031. There is growing market demand for clean and safe disposable medical wastes in the industry due to the increasing number of diseases around the world.

Healthcare systems have outsourced their medical waste management services to third parties, therefore expanding their scope. Furthermore, the COVID-19 pandemic is likely to lead to an increased need to properly dispose of medical waste within healthcare settings to prevent the spread of infection.

Key Points Covered in Medical Waste Management Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• Assessment by Product Grade / Purity / Formulation Standards
• Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
• Certifications and Compliance Requirements
• COVID-19 Impact on the Ballistic Composite Sales and How to Navigate
• Recommendation on Key Winning Strategies

Medical Waste Management: Historical Trends 2016-2020 vs. Market Outlook for 2021 to 2031

According to Fact.MR, a market research and competitive intelligence provider, global market for medical waste management has grown by an average of 4% CAGR annually over the last five years, closing in at above US$ 16 Bn by 2020. Increasing volumes of medical waste generation due to surging hospitalization rates led to such an incline.

As awareness about core health issues and the importance of maintaining good hygiene acquire precedence, there has been an increase in the demand for proper disposal of medical waste in the environment, in turn driving the market growth of medical waste management. The market is expected to surge at a CAGR of over 3% from 2021 to 2031.

How is a Flourishing Healthcare Industry Nudging Medical Waste Management Demand?

There has been a substantial increase in the number of healthcare facilities across developing countries. Surging hospitalization rates to address various chronic and infectious diseases have prompted extensive development of adequate infrastructure. Consequently, the quantity of waste generation has increased.

Furthermore, concerns about the environment and awareness about waste management are influencing the market growth. Medical waste poses a threat to health and may cause a variety of diseases and infections. Growing public concerns about the proper disposal of medical waste have prompted the industry to develop new management and disposal technologies.

How has COVID-19 Spurred Demand for Medical Waste Management?

According to the World Health Organization, managing medical waste during the COVID-19 pandemic is no longer a challenge. In response to the growing number of COVID-19 cases, national and local governments worked harder to promote mass vaccinations and the production of various safety kits and masks.

In addition, tons of bio-medical waste were collected during the COVID-19 crisis. Worldwide, the volume of medical waste increases faster than the capacity to handle it.

For instance, W.H.O urged a 40% increase in production of PPE in March 2020 to meet model estimates of 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. Various countries used advanced technologies to manage biomedical waste to deal with the challenges.

Country-wise Analysis

How is the Medical Waste Management Outlook across the U.S?

The medical waste management market in the U.S is likely to account for 40% demand across North America. Due to the expanding scope of the healthcare sector in the region and the rising volume of medical waste, the U.S. remains the largest country-level market for medical waste management equipment globally.

As medical waste generation is increasing, regulatory authorities are  enforcing stringent regulations for the proper handling and disposal of medical wastes. This is expected to drive the market for U.S. medical waste management.

Why is Europe a Preferred Destination for Key Medical Waste Management Players?

Europe owns a substantial share in the global medical waste management market and is likely to hold a dominant share over the forecast period due to the increasing environmental concern related to medical waste management.

According to the market analysis undertaken by Fact.MR, the European landscape is poised to expand at around 4% CAGR by 2031. Development of environmentally sustainable methods of waste disposal could be a beneficial strategy for European markets.

Category-wise Insights

Which is the Most Promising Category by Type of Waste?

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.

Simultaneously, infectious and pathological waste management is likely to expand the fastest, at a CAGR of 6% across the forecast period. Growth was especially fueled amidst the COVID-19 outbreak.

How is Off-Site Medical Waste Management Acquiring Traction?

Off-site medical waste management is poised to gain significant traction throughout the forecast period. It is expected to capture more than 3/5th of overall demand.

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.

Competitive Landscape

Prominent players in the global market for medical waste management are leveraging partnerships with governments, consulting firms and other medical waste management service providers to augment their presence in the market.

• On June 7th, 2021, Cambodia, in cooperation with UNDP, will launch a new medical waste management project under the South-South Cooperation Assistance Fund (SSCAF) with the support of China, to seek experience and expertise in managing infectious waste

• On April 1st, 2021, Aurora Capital Partners announced the purchase of Curtis Bay Medical Waste Services, an industry leader in medical waste collection, disposal, and treatment services. This acquisition will enable it to acquire a strong foothold in the market.
• On August 18th, 2020, OnSite Waste created a portable sharps and red bag waste treatment unit that will enable generators to process wastes at their own facilities, eliminating the need to hire contractors to handle hazardous waste processing and disposal. About 15% residual remains after the process takes three hours, which can be recycled as municipal solid waste.

Report Scope

Key Segments Covered

• Nature of Waste

  • Non-hazardous Waste
  • Hazardous Waste

• Type of Waste

  • Sharps
  • Infectious & Pathological Waste
  • Radioactive Waste
  • Pharmaceutical Waste
  • Non-infectious Waste

• Waste Generator Type

  • Large Quantity Waste Generator:
    • Hospitals (Private & Public)
    • Pharmaceutical & Biotechnology companies
  • Mid & Small Quantity Waste Generator:
    • Clinics & Physicians’ Offices
    • Retail Pharmacy
    • Ambulatory Surgical Centers & Long-term Care Centers
    • Laboratories (Pathological & Diagnostic)
    • Academic & Research Institutions
    • Blood Banks
    • Others

• Service Type

  • On-site Waste Management
  • Off-site Waste Management

Medical Waste Management Market- Report Scope

A recent study by Fact.MR on the medical waste management market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering medical waste management solutions.

The study also provides the dynamics responsible for influencing the future status of the medical waste management market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the medical waste management market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of medical waste management solutions across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of medical waste management during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

• Which are the most lucrative medical waste management markets?
• Which factors will impact the growth of medical waste management?
• How will changing trends impact the strategies of market players?
• How can market players capture the low-hanging opportunities across regions?
• Which companies are leading the medical waste management industry?
• What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for medical waste management are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global medical waste management market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the medical waste management during the forecast period.

Country-specific valuation on demand for medical waste management has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of medical waste management, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering medical waste management has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the medical waste management domain.

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the medical waste management industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.