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Medical Waste Management Market by Waste Type (Non-Hazardous, Infectious, Sharps, Pharmaceutical), Service (Collection, Treatment & Disposal [Incineration, Autoclaving], Recycling), Treatment Site (Off-site, On-site), Source - Global Forecast to 2030
Report ID: MRHC - 104666 Pages: 196 Jun-2024 Formats*: PDF Category: Healthcare Delivery: 2 to 4 Hours Download Free Sample ReportMedical waste is the waste produced during healthcare or diagnostic activities in hospitals & clinics, diagnostic laboratories, research laboratories, blood banks, mortuary and autopsy centers, and long-term care facilities. Its management comprises various techniques for collecting, transporting, storing, treating, and recycling non-hazardous and hazardous medical waste.
The growth of this market is driven by the increase in the volume of medical waste generated globally, stringent regulations for medical waste management, and the growing number of surgical procedures. Additionally, the growing utilization of single-use devices and emerging economies offer opportunities for market growth. However, the lack of standardized regulations for medical waste management is restraining the market growth. Additionally, the lack of awareness regarding medical waste management in developing countries is challenging market growth.
Developed economies such as the U.S. and European countries have contributed greatly to the medical waste management market. These markets are relatively better penetrated. Hence, the medical waste management market players are increasingly shifting their focus to underpenetrated markets in emerging economies. Emerging countries in Asia and Latin America, such as India, China, Brazil, and Singapore, offer vast growth opportunities due to their improving healthcare infrastructures, increasing aging populations suffering from chronic and infectious diseases, and initiatives supporting better medical waste management.
Healthcare spending is growing gradually in developing countries. Healthcare spending is an indicator of the flow of healthcare-related resources, health policy development, accountability of health systems, and penetration of health services. The rising healthcare spending in emerging economies is expected to create growth opportunities for medical waste management services providers. For instance, as per the Economic Survey of 2022, India’s public spending on healthcare was 2.1% of the country’s GDP in 2021–2022 compared to 1.8% in 2020–2021 and 1.3% in 2019–2020. (Source: India Brand Equity Foundation). Additionally, health spending as a percentage of GDP has increased over time in South Korea. For instance, in South Korea, health spending as a percentage of the GDP increased from 7.5% in 2018 to 8.8% in 2021. (Source: Organisation for Economic Co-operation and Development) Further, Singapore’s healthcare spending was estimated at 5.9% of the country’s GDP in 2020, which is expected to rise to 9% by 2029. (Source: The International Trade Administration).
Medical tourism in emerging countries such as Singapore and India is also rising, driving the demand for medical waste management services. Medical tourists travel to these destinations for better healthcare services at more affordable costs. Medical tourists' most common treatments in these destinations are cosmetic, dental, and heart surgeries and orthopedic, cancer, and reproductive treatments. As per data released by Budget Direct Insurance (Singapore), the country receives 500,000 medical tourists annually. Additionally, India was ranked 10th in the Medical Tourism Index (MTI) 2020–2021 out of 46 destinations. (Source: Medical Tourism Association).
Furthermore, public and private stakeholders in these countries are undertaking initiatives to streamline and better manage the growing volumes of medical waste. For instance, in December 2022, two hospitals in the Philippines were offered two autoclaves through support from China’s Global Development and South-South Cooperation Fund (GDF) operated by the China International Development Cooperation Agency (CIDCA), the United Nations Development Programme, and the Department of Health, Philippines. Also, earlier in June 2022, Inter-American Development Bank (U.S.) announced support for Brazil in modernizing waste management with 3D maps and interactive data.
Thus, the growing penetration of health services and initiatives supporting medical waste management in emerging countries offer market growth opportunities.
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Based on waste type, the global medical waste management market is segmented into non-hazardous and hazardous waste. In 2023, the non-hazardous waste segment is expected to account for the largest share of the global medical waste management market. The non-hazardous medical waste does not cause any particular biological, chemical, radioactive or physical hazards. The large market share of this segment is attributed to a large number of healthcare facilities globally, an increase in the number of surgical procedures, and government initiatives to promote proper medical waste management.
Based on services, the global medical waste management market is segmented into collection, transportation, & storage, treatment, and recycling. In 2023, the collection, transportation, and storage segment is expected to account for the largest share of the global medical waste management market. There is a huge demand for medical waste collection, transportation, and storage services due to issues faced by healthcare facilities, mainly in terms of proper transportation and packaging of non-hazardous and hazardous medical waste. Furthermore, a large volume of medical waste across medical facilities globally generates the demand for medical waste collection, transportation, and storage services.
Based on treatment site, the global medical waste management market is segmented into off-site and on-site treatment. In 2023, the off-site treatment segment is expected to account for the largest share of the global medical waste management market. This segment's large market share is attributed to the benefits of off-site treatment, such as cost-effectiveness and effective and proper management of healthcare waste outside the facility, designed to allow healthcare facilities to concentrate on the primary functions of healthcare.
Based on source, the global medical waste management market is segmented into hospitals & clinics, diagnostic laboratories, research laboratories, and other sources. In 2023, the hospitals & clinics segment is expected to account for the largest share of the global medical waste management market. The large market share of this segment is mainly attributed to the large volume of medical waste generated in hospitals and growing government initiatives to promote proper medical waste management.
Based on geography, the global medical waste management market is segmented into North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global medical waste management market. The large market share of this region is attributed to the large volume of medical waste generated, high healthcare expenditures, and government initiatives to raise awareness regarding proper medical waste disposal
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years. The key players profiled in the global medical waste management market report are Biomedical Waste Solutions, LLC (U.S.), Clean Harbors, Inc. (U.S.), Daniels Sharpsmart Inc. (U.S.), Stericycle, Inc. (U.S.), Veolia Environnement SA (France), Waste Management, Inc. (U.S.), EcoMed Services (Canada), and Gamma Waste Services (U.S.), REMONDIS SE & CO. KG (Germany), GIC Medical Disposal, Inc. (Canada).
Key questions answered in the report:
This study offers a detailed assessment of the medical waste management market, including the market size & forecast for various segmentation like waste type, service, treatment site, and source. The medical waste management market studied in this report also involves the value analysis of various segments of medical waste management services provided at regional and country levels.
The global medical waste management market is projected to reach $17.02 billion by 2030, at a CAGR of 5.4% during the forecast period.
Based on waste type, in 2023, the non-hazardous waste segment is estimated to account for the largest share.
Based on service, the collection, transportation, and storage segment is expected to account for the largest share of the market.
The growth of this market is driven by the increase in the volume of medical waste generated globally, stringent regulations for medical waste management, and the growing number of surgical procedures. Additionally, the growing utilization of single-use devices and emerging economies offer opportunities for market growth. However, the lack of standardized regulations for medical waste management is restraining the market growth. Additionally, the lack of awareness regarding medical waste management in developing countries is challenging market growth.
The key players operating in the global medical waste management market are Biomedical Waste Solutions, LLC (U.S.), Clean Harbors, Inc. (U.S.), Daniels Sharpsmart Inc. (U.S.), Stericycle, Inc. (U.S.), Veolia Environnement SA (France), Waste Management, Inc. (U.S.), EcoMed Services (Canada), and Gamma Waste Services (U.S.), REMONDIS SE & CO. KG (Germany), and GIC Medical Disposal, Inc. (Canada).
Emerging economies like China and India are projected to offer significant growth opportunities to the market players due to increased environmental awareness regarding waste management.
Published Date: Jul-2024
Published Date: Jan-2023
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