Categories: Pharmaceutical and Healthcare

Medical Waste Management Market | Global Outlook, Growth, Demand, Development and Forecast by 2025

Global Medical Waste Management Market Report

Medical Waste Management Market Report

Medical Waste Management Market

The global medical waste management market is valued at approximately USD19,690 million in 2017 and is anticipated to grow with a healthy growth rate of more than 5.4 % over the forecast period 2018-2025.

Growing focus on eco-friendly waste management procedures is the major key trend that is responsible for the wide adoption of medical waste management globally. The global medical waste management market is significantly driven by the growth in the healthcare industry. According to the Indian Brand Equity Foundation IBEF in December, healthcare has become one of the largest sectors in India both in terms of revenue and employment. The healthcare industry is expected to reach around $133.44 billion by 2022. Also, India is experiencing a growth of 22-25 % in medical tourism and would reach from $3 billion to $6 billion by 2018. In addition, there is significant scope for enhancing healthcare services due to the increasing healthcare spending as a percentage of GDP. As per the Wirein Organization, India’s Government healthcare expenditure increased to 1.4% in 2018 which was earlier 1.2% in 2014.

As per the James Lind Institute, the healthcare system in the United States accounts for $3 trillion yearly expenditures, which is around 20% of the United States’ GDP. According to the Offices of the Actuary at the Centers for Medicare and Medicaid Services, investment is anticipated to increase at a yearly rate of 5.9% through 2020, which is 1.2% greater than the US expected GDP development. Therefore, the growth in the healthcare industry would generate a high amount of medical waste. As a result, the demand for medical; waste management would increase, promoting the growth of the market. However, lack of awareness about health hazards is the major factor that impedes the growth of the medical waste management market over the forecast period.

The leading market players mainly include-

Stericycle
SUEZ
Clean Harbors, Inc.
Veolia
Biomedical Waste Solutions, LLC.
Remondis Se & Co. Kg
Sharps Compliance, Inc.
Waste Management, Inc.
Daniels Sharpsmart

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On the basis of segmentation, the medical waste management market is segmented into the type of waste, service type, treatment type, treatment site, category and source of generation. Based on the type of waste, the global medical waste management market is classified into hazardous waste and non-hazardous waste of which the non-hazardous segment dominates the market. The service type segment includes the collection, transportation, & storage, treatment & disposal and recycling. On the basis of the treatment type segment, the market is diversified into incineration, autoclaving, chemical treatment, irradiative and biological. The category segment includes controlled and uncontrolled. Based on the source of the generation segment, the global medical waste management market is bifurcated into hospitals, Physician offices, Clinical laboratories, Reverse distributors and Manufacturers.

The regional analysis of the medical waste management market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America, and ROW. North America has occupied a major share in the global medical waste management market. The major reasons for the dominance of North America are the presence of well-established healthcare facilities, rising prevalence of chronic and infectious diseases that need advanced medical and surgical aids. Whereas, Asia-Pacific is expected to emerge as the fastest-growing region in terms of market share. The growth of the Asia-Pacific region is witnessed owing to the establishment of stringent regulations for the disposal of medical residues and growing social awareness.

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The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By type of waste