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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https://www.industryarc.com/Report/15174/plastic-waste-management-market.html

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Healthcare activities generates a lot of waste, especially from the frequently used consumables, which are harmful for in-patients and healthy population. Medical waste includes waste generated within research centers and health-care facilities for example, sharps waste, infectious waste, pathological waste, pharmaceutical waste, chemical waste, and radioactive waste. The waste product that are generated by the healthcare activities have higher potential to spread infection and injuries. Inadequate or incorrect handling of medical waste may cause serious public health issues such as HIV, tuberculosis, hepatitis, and other bacterial diseases and also have irreversible impact on the environment.

According to Journal of Hospital Infection, in 2013, around 20% of medical waste cause risks of trauma, infection, chemicals or radiation exposure. Effective medical waste management is crucial for environment and health protection. According to World Health Organization (WHO), in 2015, around 16 million syringes are administrated every year, among which only few are disposed properly, in turn creating risk of injuries and infection. Moreover, UNICEF and WHO collaborated in 2015, launched a global initiative to ensure that all healthcare facilities have proper and adequate water, hygiene, and sanitation services, which also include healthcare waste disposal management. Various strategies are adopted by national and international bodies on the development and implementation on education and training programs for medical staff and patients, emphasizing on proper medical waste management.

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Medical Waste Management Market Taxonomy

By Technique:

• Incineration

• Autoclaving

• Chemical treatment

• Others

Proper medical waste management in developed and emerging economies is expected to fuel growth of the medical waste management market

Government initiatives to support medical waste management is encouraging effective medical waste management. For instance, the Union Ministry of Environment, in 2017, issued a guideline for developing bar codes in the hospitals and clinics in compliance with Bio-medical Waste Managements, rule 2016. This aims to monitor the source of generation of medical waste and its proper disposal, which in turn is expected to control the hazardous effects caused by medical waste. This initiative by the government is expected to propel growth of the medical waste management market in the near future. Training given to the hospital staff to separate and dispose waste properly is critical for the success of such programs or initiatives. Developed regions such as North America and Europe are adopting proper medical waste management. For instance, many hospitals in U.S. have started recycling the single-use products, which are sold back to the hospitals at fraction of the original cost.

Strict rules imposed by government for proper disposal of medical waste is expected to augment medical waste management market growth in the near future

Incineration is the most commonly used method for disposing medical waste, however, it is not a safe procedure as it emits lots of gases, which are responsible for global warming. Environment Protection Agency (EPA) have imposed strict rules regarding incineration due to increasing global warming. Strict rules imposed by government bodies for proper medical waste disposal such as recycling and emission, is increasing the demand for medical waste management. Various non-incineration techniques are used such as autoclave treatment, non-ionization treatment, and some chemical treatment. Government and non-government bodies are working by spreading awareness among masses for proper technique of disposing medical waste in non-hazardous state. The key market players operating in the global medical waste management market include Stericycle, Sharps Compliance, Inc., Veolia Environment, Daniels Sharpsmart, Clean Harbors, Inc., MedWaste Management, Republic Services, and Waste Management.

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