Medical Waste Management Market Analysis and Professional Outlook 2021 to 2028
The market for managing medical waste globally, which anticipates market expansion at a CAGR of 6.2% from 2021 to 2028. The market for medical waste management services generated US$ 15.3 billion in revenue in 2020, and by the end of 2028, it is anticipated to reach US$ 25.2 billion.
The management of garbage has become a crucial concern in
recent years. The volume of medical waste has increased concurrently, in part
because of the growing emphasis on healthcare, which is also fueling demand for
pharmaceutical waste management and infectious waste management solutions.
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Key Takeaways from the Medical Waste Management Market
Study:
- By
nature, non-hazardous medical waste is anticipated to account for a major
chunk of the medical waste management market. The segment is poised to
capture a market share of nearly 70% across the forecast period.
- By
waste type, the infectious waste segment is expected to grow the fastest,
at a CAGR of 6.0%. This is attributed to the growing prevalence of
infectious diseases such as SARS,
Hepatitis, Tuberculosis and influenza. However, the
non-infectious segment shall remain dominant, owing to rising prevalence
of chronic disorders in the wake of a rapidly aging population.
- By
waste generator, large quantity waste generators are poised to remain in
the vanguard of the medical waste generators market. Hospitals constitute
the major chunk of medical waste generators, owing to the large volume of
surgical procedures happening in a day.
- By
service type, off-site waste management shall gain traction, attributed to
stringent government regulations and increased burden of healthcare
expenditure. Key healthcare settings have been outsourcing their waste
management to outside parties.
- Regionally,
North America is set to dominate the market, capturing nearly 40% market
share while Asia-Pacific is expected to be significantly leveraged.
Stringent healthcare regulations are boosting medical waste management
prospects in North America while a rapidly evolving healthcare
infrastructure drives growth in the Asia-Pacific.
“The medical waste management market is poised to gain
traction across the forecast period, attributed to legal frameworks implemented
for tackling medical waste. Key market players are capitalizing on their
internal dynamics to provide efficient waste management solutions to potential
clients,” says a Fact.MR analyst.
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:
· 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
- 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)
· By
Service Type:
- On-site
Services
- Off-site
Services
· By
Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia & Oceania
- MEA
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Report Benefits & Key Questions Answered
- Medical
Waste Management Category and segment level analysis: Fact MR
provides a detailed analysis of the factors influencing sales growth
across key segments. It highlights key growth drivers and provides useful
information for identifying sales prospects at the regional and local
level.
- Medical
Waste Management Historical volume analysis: The report provides a
comparison of Medical Waste Management’s historical sales and projected
sales performance for 2021-2031.
- Medical
Waste Management Manufacturing trend analysis: The report offers
a detailed analysis of manufacturing trends in the Medical Waste
Management market. It carefully gauges the impact of changing healthcare
needs of key demographics globally
- Medical
Waste Management Consumption by demographics: The report
investigates consumer behavior affecting Medical Waste Management demand
outlook for the assessment period. Effect of their keenness for digital
trends on Medical Waste Management market is carefully analyzed
- Post
COVID consumer spending on Medical Waste Management: Healthcare
industry has been largely influenced by COVID-19 pandemic. The Fact MR
Market survey analyzed consumer spending post COVID-19. It assesses how current
trends that will influence expenditure on healthcare services, thus
affecting Medical Waste Management market growth.
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