Medical Waste Management Market

Global Medical Waste Management Market Research Report: By Service (Collection, Transportation, and Storage Services, Treatment & Disposal Service, Recycling Services, and Others), By Type (Non-Hazardous Waste, Hazardous Waste, Others), By Treatment Site (Offsite Treatment, and Onsite Treatment), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Pharma & Healthcare | January 2024 | Report ID: EMR00432 | Pages: 301

The global medical waste management market was valued at USD 13.62 billion in 2023 and is estimated to reach approximately USD 20.41 billion by 2031, at a CAGR of 6.54% from 2024 to 2032.

Medical waste is the byproduct of medical, surgical, and treatment procedures, which are performed at healthcare facilities. Waste generated from hospitals, diagnostic centers, and clinic requires proper handling and management. In addition, medical waste management ensures proper collection, storage, treatment, and disposal of biomedical waste to ensure safety of general population, animal, and environment.

 

 

MEDICAL WASTE MANAGEMENT MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

USD 13.62 Billion

Projected Market Value (2034)

USD 20.41 Billion

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Service, By Type, By Treatment Site& Region

Segments Covered

By Service, By Type, By Treatment Site& Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Medical Waste Management Drivers:

  • Increasing support by the government

Government attempts to improve medical waste management are driving global market growth. For instance, in 2019, the United States Environmental Protection Agency issued a regulation titled "Management Standards for Hazardous Waste Pharmaceuticals and Amendment to the P075 Listing for Nicotine," which establishes streamlined guidelines for managing hazardous pharmaceutical waste. Furthermore, growing funding for research projects and widespread usage of biomedical goods and technologies. This is expected to driving the demand of the global medical waste management market.

 

Opportunities:

  • Growth offered by developing nations

The medical waste management industry has benefited greatly from the developed economies of the United States and Europe. These markets have higher overall penetration rates. As a result, industry participants in medical waste management are increasingly concentrating on neglected areas in developing countries. Emerging Asian and Latin American countries such as India, China, Brazil, and Singapore offer tremendous growth prospects because to their developing healthcare infrastructures, aging populations with chronic and infectious diseases, and endeavors to enhance medical waste management.

 

Restraints:

  • Lack of awareness regarding hazards

The lack of awareness about the health risks associated with untreated medical waste would limit market expansion in the non-developing countries. Harmful gases such as ethylene oxide, poisonous fumes, anesthetic gases, and medical wastes can have a direct impact on a person's respiratory and cardiovascular systems. Excessive exposure to them can lead to serious medical conditions.

 

Segment Overview

  • By Service

Based on service, the global medical waste management market is divided into collection, transportation, and storage services, treatment & disposal service, recycling services, others. The treatment & disposal service segment dominated the market in 2023 and is expected to dominating during the medical waste management market in forecast period, due to the treatment and disposal services section is further divided into incineration, autoclaving, chemical treatment, and others. The garbage component is divided into non-hazardous and hazardous waste. The hazardous waste category is further subdivided into infectious and pathological waste, pharmaceutical waste, sharp waste, and others.

  • By Type

Based on type, the global medical waste management market is fragmented into non-hazardous waste, hazardous waste, others. The non-hazardous waste segment dominated the global medical waste management market in 2023. This is attributed to Increase the number of hospitals and clinics, as well as the demand for healthcare items used to treat ailments. However, the hazardous waste segment is expected to grow significantly during the forecast period, owing to the rise in the prevalence of chronic and infectious diseases, the rapid development of the pharmaceutical and biotechnology industries, and developments in R&D activities in the healthcare sector.

  • By Treatment Site

Based on treatment site, the global medical waste management market is segmented into offsite treatment, onsite treatment. The offsite treatment segment dominated the medical waste management market with the largest revenue share in 2023. This due to increased prevalence of chronic diseases, advances in healthcare R&D, and the usage of novel waste management technology. However, the onsite treatment segment is predicted to rise significantly throughout the forecast period, owing to an increase in biomedical waste volume and the emergence of important players in the effective management of medical waste.

 

Global Medical Waste Management Overview by Region

North America dominated the medical waste management market in 2023. This attributed to rise in occurrence of chronic diseases, presence of major players, growth in environmental awareness regarding waste management, and increase in amount of medical waste in the region. Growing patient population and healthcare sector in this region. Furthermore, increase in the number of strict laws issued by regulatory organizations like the Environmental Protection Agency (EPA). To prevent contamination and environmental dangers, the regulations require that medical waste be disposed of properly.

 

 

Global Medical Waste Management Competitive Landscape

In the global medical waste management market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global medical waste management market include

  • Veolia Environmental Services,
  • Waste Management, Inc.,
  • Clean Harbors, Inc.,
  • Biomedical Waste Solutions, LLC,
  • Suez Environmental Services,
  • Daniels Health Inc.,
  • EcoMed Services,
  • Remondis Medison (A Subsidiary of Remondis Ag & Co.Kg),
  • Stericycle, Inc.,
  • Republic Services, Inc., and others

 

Global Medical Waste Management Market Recent Developments

  • In 2022, the Japanese government, in collaboration with the United Nations Development Programme (UNDP), initiated a novel project aimed at supporting national health agencies and other crucial stakeholders in Bangladesh, Bhutan, and the Maldives in managing the extraordinary surge in infectious healthcare waste brought about by the COVID-19 pandemic.
  • In 2022, a new company named MediWaste was established in March to treat Bermuda's biohazardous waste. MediWaste is in charge of transporting, treating, and disposing medical waste using two specially designed incinerators.
  • In 2021, Veolia Environnement S.A. acquired Suez Environnement S.A., a global environmental services company, for $15.5 billion. This acquisition allowed Veolia to expand its waste management and recycling operations and strengthen its market position in the medical waste management sector.

 

Scope of the Global Medical Waste Management Market Report

Medical Waste Management Market Report Segmentation

ATTRIBUTE

DETAILS

By Service

  • Collection, Transportation, and Storage Services
  • Treatment & Disposal Service
  • Recycling Services
  • Others

By Type

  • Non-Hazardous Waste
  • Hazardous Waste
  • Others

By Treatment Site

  • Offsite Treatment
  • Onsite Treatment

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Medical Waste Management Market Size and Forecast: To identify and estimate the market size for the global medical waste management market segmented by lesion site, by application, by product shape, by end user& region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of medical waste management between 2020 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global medical waste management market
  • Market Influencing Factors: To find out the factors which are affecting the sales of medical waste management among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global medical waste management market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global medical waste management market forecast period is 2024 - 2032
According to medical waste management market research, the market is expected to grow at a CAGR of 6.54% over the coming years.
North America is expected to register the highest CAGR during 2023 - 2031.
Asia-Pacific held the largest share in 2023.
The major players operating in the global medical waste management market include Veolia Environmental Services, Waste Management, Inc., Clean Harbors, Inc., Biomedical Waste Solutions, LLC, Suez Environmental Services, Daniels Health Inc., EcoMed Services, Remondis Medison (A Subsidiary of Remondis Ag & Co.Kg), Stericycle, Inc., Republic Services, Inc., and others.