Medical Waste Management Market will worth USD 41.4 billion by 2030 : GreyViews
Medical Waste Management Market Size By Treatment (Autoclaving, Incineration, Chemical Treatment, and Others), By Service (Onsite Treatment and Offsite Treatment), Regions, Segmentation, and forecast till 2030.
Pune India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the medical waste management market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the medical waste management market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the treatment, service and region. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below.
The significant global medical waste management market players are Veolia, Suez, Stericycle, WM Intellectual Property Holdings, L.L.C., REMONDIS SE & Co. KG, CLEAN HARBORS, INC., BioMedical Waste Solutions, LLC., LLC., EcoMed, MEDPRO Disposal, BWS Incorporated, among other. To achieve a substantial market share in the worldwide medical waste management market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Sharps trash, infectious waste, pathological waste, pharmaceutical waste, chemical waste, and radioactive waste are a few examples of garbage produced in research institutes and healthcare facilities. The waste products produced by healthcare operations have a higher risk of spreading disease and wounds. Inadequate or improper disposal of medical waste can negatively influence the environment and public health problems like HIV, TB, hepatitis, and other bacterial infections. Around 20% of medical waste in 2013 put patients at risk for trauma, infection, chemical exposure, or radiation exposure, according to the Journal of Hospital Infection. Effective medical waste management is essential for protecting the environment and human health. The World Health Organization (WHO) estimates that over 16 million syringes are administered annually in 2015. Yet, only a small percentage of them are disposed of appropriately, increasing the risk of infections and injuries. Additionally, UNICEF and WHO joined forces to create a global campaign in 2015 to guarantee that all healthcare facilities have access to quality and sufficient water, hygiene, and sanitation services, including managing healthcare waste. National and international organizations have chosen a variety of ways to create and implement educational and training programmes for patients and medical staff that emphasize safe medical waste management.
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Scope of Medical Waste Management Market Report
Market Share Unit
Treatment, Service, and Regions
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Stericycle, CLEAN HARBORS, INC., Suez, Veolia, WM Intellectual Property Holdings, L.L.C., EcoMed, REMONDIS SE & Co. KG, BioMedical Waste Solutions, LLC., and MEDPRO Disposal, LLC.
The incineration segment is expected to be the fastest-growing segment in 2022.
The treatment segment is autoclaving, incineration, chemical treatment, and others. The incineration segment will witness the highest growth rate during the forecast period. It is anticipated that this market sector would make up a sizable share of the total market because burning is the most well-liked and frequently used method of getting rid of medical waste, despite the fact that it is not environmentally safe because it contributes to global warming. Convenience and lower capital costs are anticipated to contribute to this segment's growth in the coming years. It is also projected that the debut of new companies and government initiatives would hasten the expansion of this market sector. For instance, the Indian government opened a facility in August 2021 in Buxar Municipality, Bihar, India, for the disposal of biological waste.
The onsite treatment segment is expected to be the fastest-growing segment in 2022.
The service segment is onsite treatment and offsite treatment. The onsite treatment segment is expected to witness the highest growth rate during the forecast period. Onsite treatment is expanding along with the management of medical waste.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for medical waste management include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North America region witnessed a major share. The presence of cutting-edge medical facilities is one of the key reasons driving the growth of the North American medical waste management market. The American Hospital Association 2022 reports that there are around 6,093 hospitals in the US, with 920,531 beds that are manned in total. According to the same source, all US hospitals spent USD 1,213,881,001,000 in total in 2020. This shows that Americans have access to high-tech and generally high-quality healthcare facilities, which in turn draws more individuals to take advantage of them if they have any form of a minor or serious medical issue.
Germany's medical waste management market size was valued at USD 2.01 billion in 2022 and is expected to reach USD 3.22 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. Germany is anticipated to contribute a small revenue market share and register a high growth rate in the global market for medical waste management due to the increasing need for systems for the correct treatment, disposal, and recycling of medical waste in the area.
China’s medical waste management market size was valued at USD 2.02 billion in 2022 and is expected to reach USD 3.34 billion by 2030, at a CAGR of 6.5% from 2023 to 2030. This can be ascribed to the region's proximity to state-of-the-art medical facilities, expanding senior population, government support, and local presence of key market players.
India's medical waste management market size was valued at USD 1.56 billion in 2022 and is expected to reach USD 2.56 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. The region has a greater demand for these cutting-edge medical treatments due to the frequency of diseases including cancer and other chronic disorders, the rising senior population, and traffic accidents.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the medical waste management market is mainly driven by the rise in demand.
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