Medical Waste Management Market
Medical Waste Management Market Analysis, By Nature of Waste (Non-hazardous Waste, Hazardous Waste), By Waste Type (Sharps, Infectious & Pathological Waste, Radioactive Waste), By Waste Generator Type, By Service Type, By Region - Global Market Insights 2021 to 2028
Analysis of Medical Waste Management market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical Waste Management Market Outlook 2021-2028
The global medical waste management market size was valued at US$ 15.3 Billion in 2020, and is expected to reach US$ 25.2 Billion by the end of 2028, exhibiting a CAGR of 6.2% during the forecast period 2021 to 2028.
Over the past few years, waste management has become a critical issue. Especially due to the rising focus on healthcare, the volume of medical waste has also increased in parallel and is subsequently driving demand for pharmaceutical waste management and infectious waste management solutions.
Report Attributes |
Details |
---|---|
Market Size in 2020 |
US$ 15.3 Billion |
Projected Forecast Value 2028 |
US$ 25.2 Billion |
Global Market Growth Rate (2021-2028) |
6.2% CAGR |
Market Share of Off-site Services |
3/5 |
Key Companies Profiled |
|
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Medical Waste Management Demand Survey (2017-2020) in Comparison to Market Growth Forecasts (2021-2028)
The healthcare industry has witnessed major changes in its trends over the past decade and the industry is anticipated to be in a constant state of flux over the forecast period as well. The burden on healthcare institutions has increased as the rate of hospitalization due to chronic diseases has significantly risen which subsequently has increased the volume of waste generated.
Stringent government mandates to manage waste are also promoting healthcare institutions to deploy better services for radioactive waste management, genotoxic waste management, and chemotherapeutic waste management.
Increasing aging population, rising focus on healthcare, and increasing healthcare expenditure are other factors that will drive demand for medical waste management in the coming years.
Lack of awareness about the environmental and health hazards of improper waste management are expected to have a hindering effect on market growth. From 2021 to 2028, the market for medical waste management is projected to rise at a CAGR of 6.2% from 2021 to 2028, as per Fact.MR, a market research and competitive intelligence provider.
What Could Slow Down Medical Waste Management Market Growth?
“Lack of Awareness Regarding Hazards of Improper Infectious Waste Management”
While most of the hospital waste disposal is for non-infectious waste, there is a substantial amount of infectious waste as well which needs to be managed crucially in order to avoid environmental and health hazards. In multiple healthcare institutions in order to cut costs and save time infectious waste is coupled with non-infectious waste and disposed of which has serious implications on health and the environment alike.
This is mostly due to a lack of awareness of these hazards and this factor is majorly restricting the medical waste management market from attaining its full potential. Medical waste management service providers and governments are coming up with initiatives to create awareness for effective infectious waste management and are trying to overcome this restraint in the coming years.
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Which Regions Show High Demand for Medical Waste Management Solutions?
“High Volume of Medical Waste in North America & Europe Significantly Influence Market Growth”
The medical waste management market is expected to see high growth in the region of North America owing to the presence of stringent mandates regarding waste management and the presence of highly advanced healthcare infrastructure. Increasing instances of obesity, rising cancer cases, and a growing geriatric population are other factors that are increasing the medical waste in this region.
Europe medical waste management market is also projected to hold a prominent market share in the global landscape. Increasing prevalence of chronic diseases, rising hospitalization, presence of major pharmaceutical companies, and increasing focus on efficient waste management are expected to be prominent trends influencing medical waste management market growth through 2028.
Country-wise Insights
Will Chemotherapeutic Waste Management See High Demand in the U.S.?
“Increasing Incidence of Cancer Aiding Market Expansion”
The U.S. has been recording an increase in the number of cancer patients in the past years, and this trend does not seem to be slowing down. This has spawned huge demand for chemotherapy cancer treatment, and the waste generated by this treatment is also expected to see substantial increase through 2028.
Hence, demand for chemotherapeutic waste management will be prominent in the nation.
Genotoxic waste management and pharmaceutical waste management are also expected to be areas of interest for medical waste management service providers as the nation sees high pharmaceutical and biotechnology activity.
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Category-wise Insights
What is Propelling Demand for Off-site Medical Waste Management Services?
“Increasing Outsourcing of Waste Management to Drive Demand for Off-site Services”
On-site hospital waste disposal comes with multiple challenges associated with it and also incurs additional costs for medical facilities which could be cut down to some extent by outsourcing this to a third party.
Increasing popularity of outsourcing of services in the healthcare industry is expected to boost demand for off-site services across the world. This segment is anticipated to account for more than 3/5 of the global market share by the end of the forecast period.
These services are expected to be deployed especially for radioactive waste management and infectious waste management as the on-site nature of these would be a potentially high risk to healthcare professionals as well as patients in the vicinity.
Which Type of Waste Demand Most Medical Waste Management?
“Non-infectious Waste Holds Major Market Share”
Hospitals and other medical institutions produce multiple types waste of which are coarsely bifurcated into infectious and non-infectious. Non-infectious waste is more in volume and services for this waste management are high in availability.
The non-infectious waste management segment is projected to account for more than 70% of the global medical waste management market landscape over the forecast period.
However, demand for infectious waste management is also expected to rise as there is an increase in this waste owing to the rising prevalence of chronic and infectious diseases.
Did the Medical Waste Management Market See an Increase in Demand in 2020?
The COVID-19 pandemic revolutionized the healthcare industry in multiple aspects and this trend has influenced trends across the world. As infections spread across the world this led to a substantial increase in the use of healthcare infrastructure and this huge influx led to a major challenge for hospital waste disposal management.
Governments and medical institutions across the world struggled to manage this increased waste and hence increased the demand for genotoxic waste management, pharmaceutical waste management, infectious waste management, etc. in 2020.
The medical waste management market is expected to witness good growth in the post-pandemic era owing to increasingly strict mandates being introduced by governments across the world to manage waste and focus on environment conservation. Medical sterilization was a prime trend during the pandemic and increased awareness of hospital-acquired infections (HAIs) is expected to propel the demand for medical sterilization in the post-pandemic era as well.
Competitive Landscape
Key medical waste management service providers are investing in the expansion of their services by focusing on mergers and acquisitions that will help them strengthen their market presence across the world.
- In April 2022, Curtis Bay Medical Waste Services, a leading waste management organization based in Maryland, United States, was acquired by Aurora Capital Partners. This acquisition was aimed at bolstering the market presence of the firm in the global landscape.
Key Segments Covered in Medical Waste Management Industry Research
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By Nature of Waste:
- Non-hazardous
- Hazardous
-
By Waste Type:
- Sharps
- Infectious & Pathological Waste
- Radioactive Waste Management
- Pharmaceutical Waste Management
- Non-infectious Waste
-
By Waste Generator Type:
- Large Quantity Waste Generators
- Hospitals
- Public
- Private
- Pharmaceutical & Biotechnology Companies
- Hospitals
- Mid & Small Quantity Waste Generators
- Clinics & Physician’s Offices
- Retail Pharmacies
- Ambulatory Surgical Centers & Long Term Care Centers
- Laboratories
- Pathological Laboratories
- Diagnostic Imaging Laboratories
- Academic & Research Institutes
- Blood Banks
- Others (Veterinary, Mortuary and Autopsy Centers, Home Healthcare, Military & Government, Nursing Homes, Tattoo Parlors)
- Large Quantity Waste Generators
-
By Service Type:
- On-site Services
- Off-site Services
-
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- FAQs -
The global medical waste management market is predicted to reach a valuation of US$ 25.2 Billion by 2028.
The global market for medical waste management services is projected to progress at a CAGR of 6.2% from 2021 to 2028.
Non-infectious medical waste management is projected to hold a majority share of over 70% in the global industry landscape.
Value of the global medical waste management market in 2020 was US$ 15.3 Billion .
Key medical waste management solution providers are Stericycle, Republic Services Inc., Veolia, US Ecology Inc., BioMedical Waste Solutions LLC, Clean Harbours Inc., Waste Management Inc., Sharps Compliance Inc., Daniels Health, and BWS Incorporated.