Medical Waste Management Market is Expected to Reach $12.2 billion | MarketsandMarkets™
Chicago, March 28, 2024 (GLOBE NEWSWIRE) -- Medical Waste Management market in terms of revenue was estimated to be worth $9.2 billion in 2023 and is poised to reach $12.2 billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The increasing penetration of medical waste management in medical and pharmaceutical industry is driving the market growth.
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Medical Waste Management Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $9.2 billion |
Estimated Value by 2028 | $12.2 billion |
Growth Rate | Poised to grow at a CAGR of 5.9% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Service, type of waste, treatment site, waste generator and region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa and GCC Countries |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunity | Increasing number of awareness programs for medical waste management in developed countries |
Key Market Driver | Increasing volume of healthcare waste |
In recent years, the medical waste management market has witnessed the emergence of novel and innovative technologies that are revolutionizing the hazardous and non-hazardous waste management. The conventional approach for waste management involves landfill. However, novel techniques in are emerging as potential substitutes or complementary strategies in instances where traditional method fails. Additionally, certain innovative methodologies, such as the incineration, have the capability to accurately dispose the waste.
Based on services, the global medical waste management market is classified into collection, transport and storage services, treatment & disposal services and recycling services. In 2022, the collection, transport and storage services segment held the largest share of in the market. There has been a surge in the number of surgeries worldwide which has led to the notable rise in this market share.
Based on type of waste, the medical waste management market is broadly classified into non-hazardous waste and hazardous waste. In 2022, the highest share of medical waste management market was held by non-hazardous waste. The substantial large share of this segment can mainly be linked to the rising patient population and increased emphasis on advancements in healthcare.
Based on treatment site, the medical waste management market is divided into offsite treatment and onsite treatment. In 2022, the offsite treatment segment accounted for the predominant share of the market, primarily driven by rise in incidence of chronic and infectious diseases leading to the increase in the demand of healthcare services.
Based on waste generator, the medical waste management market is segmented into hospital & diagnostic laboratories and other waste generators. With the expansion of healthcare services there is an increase in number of hospitals, clinics, and other healthcare facilities corresponding to the rise in generation of medical waste. These factors accounted for the largest market share.
The global medical waste management market is segmented into six major regions, namely, North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa and GCC Countries. Asia Pacific market is estimated to have highest growth rate. Asia Pacific region have been experiencing steady growth in healthcare expenditure which has led to increase in generation of healthcare waste. Growth in this market can be attributed to the increasing prevalence of chronic conditions such as diabetes, the growing per capita income, the expansion of healthcare and pharmaceutical research in various APAC countries.
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Medical Waste Management market major players covered in the report, such as:
Veolia Environnement S.A. (France)
Clean Harbors, Inc. (US)
Stericycle Inc. (US)
Waste Management, Inc. (US)
Cleanaway Waste Management Limited (Australia)
Casella Waste Systems, Inc. (US)
Sharps Compliance, Inc. (US)
Covanta Holding Corporation (US)
Hazardous Waste Experts (US)
REMONDIS SE & Co. KG. (UK)
BioMedical Waste Solutions, LLC (US)
EcoMed Services (Canada)
GRP & Associates, Inc. (US)
BWS Incorporated (US)
MEDPRO Disposal LLC (US)
GIC Medical Disposal (Canada)
Gamma Waste Services (US)
Triumvirate Environmental (US)
EPCO (Saudi Arabia)
All Medical Waste Australia Pty Ltd. (Australia)
Pro-Disposal Medical Waste Services (Georgia)
SSO Medical Waste Management (US)
Safeguard Waste Solutions (US)
MedWaste Industries Inc. (US)
DULSCO (UAE)
and Among Others
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This report categorizes the medical waste management market into the following segments and subsegments:
By Service
Collection, transport and storage services
Treatment & disposal services
Recycling services
By Type of Waste
Non-hazardous Waste
Hazardous Waste
By Treatment Site
Offsite Treatment
Onsite Treatment
By Waste Generator
Hospital & diagnostic laboratories
Other waste generator
By Region
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Middle East & Africa
GCC Countries
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Key Market Stakeholders:
Medical Waste Treatment Device Manufacturers
Medical Waste Management Service Providers
Research Institutes
Research and Consulting Firms
Environment, Health, and Safety Organizations
Regulatory Bodies
Report Objectives:
To define, describe, segment, and forecast the medical waste management market by services, type of waste, treatment site, waste generator and region.
To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges).
To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market.
To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa and GCC Countries.
To profile the key players and comprehensively analyze their service portfolios, market positions, and core competencies2.
To track and analyze company developments such as Service launch, acquisition, agreement, Partnership in the medical waste management market.
To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and service strategy.
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