Global Medical Waste Management Market Is Predicted to Reach a Valuation of US$ 25.2 Billion by 2028

The market for managing medical waste globally, which anticipates market expansion at a CAGR of 6.2% from 2021 to 2028. The market for medical waste management services generated US$ 15.3 billion in revenue in 2020, and by the end of 2028, it is anticipated to reach US$ 25.2 billion.

The management of garbage has become a crucial concern in recent years. The volume of medical waste has increased concurrently, in part because of the growing emphasis on healthcare, which is also fueling demand for pharmaceutical waste management and infectious waste management solutions.

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Key Takeaways from the Medical Waste Management Market Study:

• By nature, non-hazardous medical waste is anticipated to account for a major chunk of the medical waste management market. The segment is poised to capture a market share of nearly 70% across the forecast period.
• By waste type, the infectious waste segment is expected to grow the fastest, at a CAGR of 6.0%. This is attributed to the growing prevalence of infectious diseases such as SARS, Hepatitis, Tuberculosis and influenza. However, the non-infectious segment shall remain dominant, owing to rising prevalence of chronic disorders in the wake of a rapidly aging population.
• By waste generator, large quantity waste generators are poised to remain in the vanguard of the medical waste generators market. Hospitals constitute the major chunk of medical waste generators, owing to the large volume of surgical procedures happening in a day.
• By service type, off-site waste management shall gain traction, attributed to stringent government regulations and increased burden of healthcare expenditure. Key healthcare settings have been outsourcing their waste management to outside parties.
• Regionally, North America is set to dominate the market, capturing nearly 40% market share while Asia-Pacific is expected to be significantly leveraged. Stringent healthcare regulations are boosting medical waste management prospects in North America while a rapidly evolving healthcare infrastructure drives growth in the Asia-Pacific.

“The medical waste management market is poised to gain traction across the forecast period, attributed to legal frameworks implemented for tackling medical waste. Key market players are capitalizing on their internal dynamics to provide efficient waste management solutions to potential clients,” says a Fact.MR analyst.

Competitive Landscape:

Key medical waste management service providers are investing in the expansion of their services by focusing on mergers and acquisitions that will help them strengthen their market presence across the world.

• In April 2022, Curtis Bay Medical Waste Services, a leading waste management organization based in Maryland, United States, was acquired by Aurora Capital Partners. This acquisition was aimed at bolstering the market presence of the firm in the global landscape.

Key Segments Covered in Medical Waste Management Industry Research:

·         By Nature of Waste:

• Non-hazardous
• Hazardous

·         By Waste Type:

• Sharps
• Infectious & Pathological Waste
• Radioactive Waste Management
• Pharmaceutical Waste Management
• Non-infectious Waste

·         By Waste Generator Type:

• Large Quantity Waste Generators
  • Hospitals
    • Public
    • Private
  • Pharmaceutical & Biotechnology Companies
• Mid & Small Quantity Waste Generators
  • Clinics & Physician’s Offices
  • Retail Pharmacies
  • Ambulatory Surgical Centers & Long Term Care Centers
  • Laboratories
    • Pathological Laboratories
    • Diagnostic Imaging Laboratories
  • Academic & Research Institutes
  • Blood Banks
  • Others (Veterinary, Mortuary and Autopsy Centers, Home Healthcare, Military & Government, Nursing Homes, Tattoo Parlors)

·         By Service Type:

• On-site Services
• Off-site Services

·         By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Report Benefits & Key Questions Answered

• Medical Waste Management Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
• Medical Waste Management Historical volume analysis: The report provides a comparison of Medical Waste Management’s historical sales and projected sales performance for 2021-2031.
• Medical Waste Management Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Medical Waste Management market. It carefully gauges the impact of changing healthcare needs of key demographics globally
• Medical Waste Management Consumption by demographics: The report investigates consumer behavior affecting Medical Waste Management demand outlook for the assessment period. Effect of their keenness for digital trends on Medical Waste Management market is carefully analyzed
• Post COVID consumer spending on Medical Waste Management: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Medical Waste Management market growth.

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