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(Health-NewsWire.Net, March 20, 2020 ) The global medical waste management market size is expected to grow from USD 9.0 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 5.6%.
The increasing volume of healthcare waste and the growing geriatric and obese populations are the major factors driving the growth of the global medical waste management market. However, hospitals, healthcare institutes, and pharmaceutical companies have to make significant investments for the collection and processing of waste in an appropriate manner so as to reduce environmental pollution. This, coupled with the low awareness in developing countries, is expected to affect the growth of this market during the forecast period.
Collection, transportation, and storage services accounted for the largest share of the medical waste management market, by service, in 2019
Based on service, the medical waste management market is segmented into collection, transportation, and storage services; treatment & disposal services; and recycling services. The collection, transportation, and storage services segment accounted for the largest market share in 2019. This can be primarily be attributed to the presence of stringent regulations for the collection, transportation, and storage of medical waste.
Offsite treatment segment accounted for the largest share of the medical waste management market, by treatment site, in 2019
Based on the treatment site, the medical waste management market is segmented into offsite and onsite treatment. The offsite treatment segment accounted for the largest market share in 2019. The high cost associated with onsite treatment is a major factor compelling hospitals and other facilities to opt for the offsite treatment of medical waste.
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Hospitals & diagnostic laboratories are the major generators of medical waste
Hospitals and diagnostic laboratories are the major generators of medical waste. This is primarily attributed to the high and growing number of surgeries performed in hospitals. Some of the other generators of medical waste include biotechnology laboratories, medical research & academic institutions, blood banks & blood bank collection services, and nuclear medicine laboratories.
North America was the largest regional market for medical waste management in 2019
The global medical waste management market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of this market, followed by Europe. This is majorly attributed to the presence of stringent regulations for medical waste management and the high and growing number of surgical procedures performed in the region.
The prominent players operating in the global medical waste management market include Stericycle (US), Veolia Environnement S.A. (France), Suez Environnement (France), Clean Harbors (US), REMONDIS AG & Co. KG (Germany), Sharps Compliance, Inc. (US), Waste Management, Inc. (US), BioMedical Waste Solutions, LLC (US), Daniels Sharpsmart, Inc. (Australia), Republic Services, Inc. (US), EcoMed Services (US), GRP & Associates (US), BWS Incorporated (US), MedPro Disposal (US), GIC Medical Disposal (Canada), Gamma Waste Services (US), Triumvirate Environmental (US), EPCO (Saudi Arabia), Casella Waste Systems, Inc. (US), & All Medical Waste Australia Pty Ltd. (Australia).
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