The global medical waste management market was valued at USD 12.7 billion in 2021 and it is anticipated to grow up to USD 25.4 billion by 2031, at a CAGR of 7.2% during the forecast period.
Medical waste management is the process of handling, transporting, and disposing of medical waste in a safe and responsible manner. Medical waste includes anything that may be contaminated with blood or other body fluids, including sharps (needles, lancets, etc.), lab samples, and used personal protective equipment (PPE). Medical waste management is an important part of any healthcare facility’s operations. Healthcare facilities must have policies and procedures in place to ensure that medical waste is properly handled and disposed of.
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Market Trends and Drivers
Increasing volume of medical waste globally is expected to accelerate the market statistics
Medical waste is usually generated at healthcare facilities including hospitals, dental practices, blood banks, clinics, medical research facilities as well as laboratories. For instance, according to the World Health Organization (WHO), 85% of waste generated in the healthcare sector is general and non-hazardous waste. The remaining 15% is hazardous waste which may be infectious, radioactive, or chemical that might be harmful to the environment. Similarly, according to the Center for Science and Environment (CSE), biomedical waste in India grew from 559 tonnes per day in 2017 to 619 tonnes per day in 2019. Moreover, the number of hazardous waste generating units in the country increased by 3.5%, leading to a decline of almost 7% in hazardous waste generation. Hence, these attributes will boost the demand for medical waste management proving favorable for the overall market progression.
Market Restraints and Challenges
Lack of awareness about the health hazards related to health-care waste, inadequate training in proper waste management, absence of waste management and disposal systems, insufficient financial and human resources and the low priority given to the topic are the most common problems connected with health-care waste may impede the market growth. Poor waste collection leads to environmental and marine pollution and can block water drains. Resulting flooding and other standing waters in waste items favour cholera and vector-borne diseases such as malaria and dengue.
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Major Players in the Global Medical Waste Management Market
The key players in the medical waste management market are Biomedical Waste Solutions. LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Gamma Waste Systems, GRP & Associates, Inc., Republic Services, Inc., Stericycle, Triumvirate Environmental, Veolia Environmental, Waste Management Inc., among others.
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