Medical Waste Management Market - Increasing Volumes of Medical Waste is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 5.2% from 2022 to 2028

Medical Waste Management
  • Medical Waste Management Market

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,Service,Type of waste,Treatment Site,Waste Generator, and Region); the Global Medical Waste Management Market accounted for USD 6.5 Billion in the year 2021.

Healthcare means protecting health, and saving patients’ lives, but recently around 35-40 % of the global medical waste ends up in the sea, landfills, and other dumping sites. The risk associated with medical waste is quite high than diagnosing a patient. Poor waste management can lead to environmental pollution and contamination. This risk can be significantly reduced by simple and appropriate measures such as waste management plants, recycling, and avoiding carelessness.

Some of the factors that are expected to drive the Medical Waste Management Market are increasing volumes of medical waste, a rise in chronic diseases, and the growing geriatric population. For instance, the global growth rate of healthcare waste management costs is estimated to rise from USD 11.77 billion in 2018 to USD 17.89 billion in 2026 at a compound annual growth rate of 5.3%. Furthermore, inappropriate and unsafe medical disposal in developing countries is responsible for severe infectious diseases and accounts for 0.4-1 million deaths each year.

Medical Waste Management Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for the Medical Waste Management Market.

Moreover, the World Health Organization (WHO) has found out that new infections caused by contaminated syringes have been 21 million, 2 million, and 260,000, representing almost 32%, 40%, and 5% of all new infections of hepatitis B, hepatitis C, and HIV caused by, respectively.

Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The acceptance of new and more advanced technology in plastic waste management technology in the countries is high in this region. In addition, the South-East Asia Region (SEARO) including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and Timor-Leste of WHO, showed the lowest safe disposal setting, with only 44% of the facilities having a system for safely collecting, disposing, and destroying healthcare waste. These outcomes complicate health challenges in resource-limited settings with a high burden of disease in countries with economies in transition.

Some of the key players in the Global Medical Waste ManagementMarketinclude-Stericycle (US), Veolia Environnement S.A. (France), Suez Environnement (France), Clean Harbors (US), REMONDIS AG & Co. KG (Germany), Sharps Compliance Inc. (US), Waste Management Inc. (US), BioMedical Waste Solutions LLC (US), Daniels Sharpsmart Inc. (Australia), Republic Services Inc. (US), EcoMed Services (US), GRP & Associates (US), BWS Incorporated (US), MedPro Disposal (US), GIC Medical Disposal (Canada), Gamma Waste Services (US), Triumvirate Environmental (US), EPCO (Saudi Arabia), Casella Waste Systems Inc. (US), All Medical Waste Australia Pty Ltd. (Australia), and others.