Medical Waste Management Market Trends, Industry & Size 2031

Report Description

Medical Waste Management Market Outlook 2031

The Global Medical Waste Management market size was USD 9.60 Billion in 2022 and is expected to reach USD 15.68 Billion by 2031 expand at a significant CAGR 5.6% during the forecast period, 2023–2031. The growth of the market is attributed to the growing amounts of biomedical waste. Medical waste is trash generated by healthcare facilities such as hospitals, doctor's offices, dental practices, medical research facilities, laboratories, and veterinary clinics that include hazardous substances.

Medical waste can consist of bodily fluids, such as blood, as well as other pollutants. The Medical Waste Tracking Act of 1988 describes it as waste produced while human or animal clinical treatment, diagnostics, testing, immunization, or treatments. Culture dishes, bandages, gloves, glassware, discarded sharps such as needles or scalpels, tissue, and swabs are just a few instances.

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Medical waste management systems have played a critical role in keeping harmful substances from entering land and water. Medical waste management systems use environmentally friendly treatment processes to deal with waste appropriately. The treatments are environmentally friendly, emitting no hazardous emissions, gases, or fumes, allowing trash to be reused into resources.

Medical Waste Management Market Trends, Drivers, Restraints, and Opportunities

• Rising concern about using environmentally friendly and safe waste management and treatment is anticipated to propel the market growth in the coming years.
• Increasing healthcare waste creation, combined with increased government programs is a major factor spurring the market expansion during the forecast period.
• Rising in the healthcare sector, as well as an increase in the number of patients who require long-term surgical and medical assistance is estimated to boost the market growth in the coming years.
• Lack of consciousness about the health risks related to medical waste act as a key factor that can impede the market growth.
• Lack of training for effective disposal combined with insufficient money is projected to restrict the market expansion.
• Increasing number of medical waste management awareness programs are expected to create lucrative opportunities for the market players.

Scope of the Medical Waste Management Market Report

The report on the global medical waste management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Medical Waste Management Market Segment Insights

Non-hazardous wastes segment is projected to represent a major market share

Based on types of wastes, the global medical waste management market is bifurcated into hazardous wastes and non-hazardous wastes. The non-hazardous wastes segment is expected to hold a key share of the market in the coming years due to the result of the COVID-19 outbreak, hospitals are producing more non-hazardous medical waste, including disposable wipes and unfilled disinfection containers, propelling the medical waste management industry forward.

Furthermore, federal agencies including the Drug Enforcement Administration (DEA) and Occupational Safety and Health Administration (OSHA) have specific disposal standards for COVID-19 medical waste. These regulations ease and simplify the medical waste management system, resulting in increased acceptance of medical waste management.

Incineration segment is expected to grow at a significant pace

On the basis of treatments, the market is segmented into autoclaving, chemical treatments, incineration, and others. The incineration segment is expected to account for a key share of the market during the forecast period owing to the most prevalent and favored option for disposing of medical waste, which is hazardous to the environment since it contributes to global warming.

Owing to increasing global warming, the Environmental Protection Agency has set strict rules on incineration, resulting in a reduction in the emission of dangerous gases that contribute to global warming. Moreover, the medical waste management market is expected to rise due to technological advances and a rise in the production of surplus medical waste around the world.

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Collection, transportation & storage segment is anticipated to register at a rapid CAGR

In terms of services, the global medical waste management market is segregated into treatment and disposal, collection, transportation & storage, recycling, and others. The collection, transportation & storage segment is expected to constitute a key share of the market in the coming years due to the existence of strict guidelines for the collection, transportation & storage of medical waste.

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Offsite treatments segment is projected to constitute a large market share

Based on treatment sites, the market is bifurcated into onsite treatments and offsite treatments. The offsite treatments segment is expected to represent a key share of the market during the forecast period due to the maximum of the waste disposal treatments are accomplished offsite, though, to save price and holding period, onsite treatment sites are anticipated to produce in the coming years.

Hospital’s segment is expected to expand at a robust pace

On the basis of sources of generation, the global medical waste management market is divided into laboratories and research centers, hospitals, nursing homes. The hospital’s segment is expected to hold a key share of the market in the coming years owing to the large number of procedures conducted in hospitals, it is the largest generator of medical waste. Moreover, the bulk of syringes and needles are used in hospitals, increasing biomedical waste generation.

Furthermore, owing to the COVID-19 epidemic, hospitals are expected to generate more medical wastes than usual. The increased generation of medical waste caused by the coronavirus can increase hazardous waste volume. Healthcare workers are expected to become infected due to their exposure to toxic medical waste.

North America is anticipated to dominate the market

On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at a healthy CAGR during the forecast period.

In the region, the US dominated the market share market growth can be attributed to the extreme better evolved healthcare sector, as well as the increased frequency of chronic and infectious diseases that necessitate improved surgical and medical equipment, and the treatments for these diseases, a considerable percentage of end-products and residues, are produced. Many hospitals in the United States have begun reusing single-use items, which are then later sold to the hospitals at a reduced price.

However, Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to increased public consciousness and the creation of severe rules for the correct disposal of medical wastes and end-products.

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