The environmental pollution issues due to the medical wastes are leading to an imperative implementation of proper medical waste management in various institutes such as hospitals, nursing homes, and clinics. This is driving the medical waste management market which is poised to attain a lucrative market size of $16.28 billion by the end of 2023 as the demand is going to observe a healthy compound annual growth rate (CAGR) of 5.3% during the forecast period of 2018 to 2023, according to a recently compiled market research report by IndustryARC’s analyst.
The medical waste management market intelligence report is comprised of a myriad of facts, figures, and statistics pertaining to market dynamics and factors affecting the revenues of existing players along with the scope for new vendors to emerge in the market. Further, the report also contains an in-depth analysis of current trends, opportunities, and challenges that will cause disruption in the market during the forecast period. The report is titled, “Medical Waste Management Market: By Waste Type (Sharps, Chemical Waste, and Others); By Treatment Technology (Non- Incineration System, Incineration System); By Service (Disposal, Recycling, and Other Processing, Collection, Transportation, & Storage); By Treatment Site (Offsite, Onsite); By Nature of Waste (Non-Hazardous, Hazardous); By Waste Generator (Hospitals, Retail Pharmacy, and Others); & By Geography - Forecast (2018-2023).”
Medical Waste Management Market: Leading Segments
According to the geographical analysis by the analyst, North America had the maximum medical waste management market share of 35.90% in 2017 followed by Europe. This is attributed to the existing best-in-class infrastructure in those regions along with the stringent government rules that are making it necessary for the healthcare institutes and clinics to have medical waste management facility. Moreover, the hospitals generated as much as 5 million tons of waste yearly in North America which further drives the medical waste management market.
The market is segmented on the basis of implementation of medical waste management facilities in hospitals and pharmaceuticals. Furthermore, it is also segmented based on services that include disposal, recycling, and other processes. The recycling and other processes will witness a growth in the future with global revenues that will translate to $8,276 million by 2023. This is owing to the fact that recycling and reprocessing keeps medical waste from filling community landfills and saves money for hospitals and other healthcare institutes.
Medical Waste Management Market: Disruptive Trends and Growth Drivers
- Government Regulations Pertaining to Medical Wastes –
Governments worldwide are regulating the waste generated from healthcare institutes in order to instill safety as some of these wastes are hazardous. Furthermore, the regulatory organizations are imposing taxes on the organization that fail to suffice the requirements regarding the management of medical wastes. These regulations are making healthcare facilities instill medical waste management systems, which is leading to growth prospects in the market.
- Non-Incineration Technologies Disrupting the Medical Waste Management Market –
There is a discernible demand for non-incineration technologies in the healthcare sector. These technologies are eco-friendly and cost-effective, and the conventional methodology releases a lot of toxins in the form of wastes which can be harmful to the environment and humans alike. The subsequent decline in the incineration technology is paving path for non-incineration technologies that are disrupting the medical waste management market.
- The Growth of the Healthcare Industry With More Facilities –
The last decade has witnessed a definite demand for medical facilities. Furthermore, the rapidly catapulting geriatric population is aiding to this already growing demand. This is leading a sudden surge in the incorporation of healthcare facilities worldwide, which is creating a sustainable medical waste management marketplace.
Medical Waste Management Market: Competitive Landscape
Some of the key companies identified in the medical waste management market intelligence report that are striving to stay ahead of the curve are Stericycle, Sharp Compliance, Inc., Suez Environment, Daniels Sharpsmart, Inc., Clean Harbors, Inc., Veoilia Environment, Republic Services, Advanced Disposal Services Inc., Trinova Medical Waste Solutions, LLC, Medasend Biomedical, Inc., United Medical Waste Management, and GRP & Associates.
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