Medical Waste Management Market Projected to Reach $12.34 Billion by 2032, Growing at a CAGR of 6.5%

Market Overview:

The global medical waste management market size is expected to reach USD 12.34 billion by 2032,exhibiting the CAGR of 6.5% during the forecast period.

Medical waste is any kind of refuse that involves infectious substances that are clearly contaminated. That indicates waste caused by healthcare prerequisites such as physician’s offices, hospitals, dental operations, laboratories, medical research provisions, and veterinary clinics is all involved beneath the bracket of medical waste. Some examples are anything that is submerged in blood, human or animal tissues generated in the course of the process, cultures of contaminated illness or agents, any refuse generated from patient’s chambers with infectious illnesses, and rejected vaccines. The types of medical waste include sharps that can penetrate the skin, including needles, scalpels, and so on. Another kind of medical waste is infectious waste, which involves tissues, swabs, and so on.

Key Players

Critical companies in the medical waste management sector fund contemporary technologies to improve waste cure coherence, decrease environmental influence, and conformity with strict directives. Major companies in the medical waste management market are noted below:

• BioMedical Waste Solutions, LLC
• Clean Harbors, Inc.
• Daniels Sharpsmart, Inc.
• REMONDIS SE & Co. KG
• Republic Services, Inc
• Sharp Compliance, Inc
• Stericycle, Inc
• Suez environment
• Veolia
• Waste Management, Inc

Market Highlights

• The demand for the market can be attributed to the imposition of strict administrative instructions worldwide. Governments and environmental bodies have accepted a thorough structure to sanction the secure garnering, conveyance, cure, and discarding of medical waste provided its prospective difficulties.
• The medical waste management market demand is further increased by progression in treatment techniques such as autoclaving and microwave cure, improved waste discarding precision, and environmental affability. Recycling inventiveness is associated with circular economy concepts.
• North America dominated the market with the largest share in 2023.
• Asia Pacific is expected to grow at a quickest rate during the forecast period.

Country-Wise Insights:

Medical Waste Management Market, Regional Outlook (Revenue – USD Billion, 2019-2032)

• North America
  • Service Outlook
    • Collection, Transport and Storage Services
    • Treatment & Disposal Services
      • Incineration
      • Autoclaving
      • Microwaving
    • Recycling Services
  • Treatment Site Outlook
    • Offsite Treatment
    • Onsite Treatment
  • Type of Waste Outlook
    • Hazardous Waste
    • Non-hazardous Waste
    • Pharmaceutical
    • Radioactive
    • Others

Recent Developments in the Industry

• September 2023 – Healthcare Waste Management System Upgrade:
  The Ministry of Health, in collaboration with UNDP and the Government of Japan, initiated a program to enhance the healthcare waste management system. This initiative includes the provision of 112 fully automated autoclaves (waste sterilizers), PPE gear valued at $81,000, and 100 weighing scales, with a total investment of $1 million. This effort is aimed at improving safety and efficiency in healthcare waste handling.

The global medical waste management market is on a steady growth trajectory, driven by increasing healthcare activities, and stringent regulatory standards enforced by governments and environmental agencies worldwide. Recognizing the hazards of improper medical waste disposal, management has demonstrated comprehensive frameworks for the safe collection, treatment, transportation, and disposal of medical waste.