Medical Waste Management Market size to exceed $23.6bn by 2030

Medical Waste Management Market size is set to exceed USD 23.6 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Rising importance of effective and eco-friendly waste management and surging healthcare industry in developing countries will drive market expansion. Growing government initiatives for medical waste disposal and increasing volume of medical waste globally will foster market revenue.
 

Increasing government initiatives for medical waste disposal will fuel the medical waste management market progression

Medical waste is usually regulated by state environmental and health departments through various agencies such as the United States Environmental Protection Agency (EPA), Central Pollution Control Board (CPCB), and others. Some of the federal agencies such as U.S. Food and Drug Administration (FDA), Centers for Disease Control (CDC), Occupational Safety and Health Administration (OSHA), and others have initiated with rules and regulations regarding medical waste.
 

Recently, during COVID-19 spread across various regions, the government focused on introducing strategic initiatives for medical waste management to avoid the spread of the disease. New policies and guidelines are introduced to handle medical waste with additional capacity and resources required to maintain proper waste management. Moreover, in India, along with Biomedical Waste Management Rules, new regulations for treatment, handling, and disposal of waste generated during diagnosis, treatment, and quarantine of COVID-19 patients were issued by the Central Pollution Control Board.
 

Increasing non-hazardous waste will propel the medical waste management market demand

Non-hazardous waste segment exceeded USD 9.9 billion in 2021. This is attributed to the rising infectious and non-infectious diseases across the globe. For detection and diagnosis of infectious diseases, different tests are being conducted at the laboratories. This increases medical waste such as waste including, syringes, needles, and scalpels used during laboratory testing.
 

In addition, recently medical waste generated from hospitals and clinics is growing drastically due to the COVID-19 outbreak. For instance, according to the World Health Organization (WHO), in February 2022, more than 140 million COVID-19 test kits, 2,600 tonnes of non-infectious waste along with 144,000 tonnes of additional waste in the form of syringes, needles, and safety boxes were witnessed.
 

Browse key industry insights spread across 140 pages with 173 market data tables & 16 figures & charts from the report, “Medical Waste Management Market Analysis By Type of Waste (Hazardous, Non-hazardous), By Service (Collection, Transportation & Storage Services, Treatment and Disposable Services, {Incineration, Autoclaving, Microwaving}, Recycling Services), By Waste Generator (Hospitals, Laboratory and Research Centers, Nursing Homes), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-waste-management-market
 

Collection, transportation, and storage services will boost the medical waste management market size

The collection, transportation, and storage services segment surpassed USD 3 billion in 2021. This is due to the growing government initiatives for medical waste disposal. For instance, the Resource Conservation and Recovery Act (RCRA) gives the United States Environmental Protection Agency the authority to control hazardous waste.
 

This includes transportation, generation, storage, treatment, and disposal of hazardous waste. Various federal agencies have reimbursed Environmental Protection Agency for the costs of treatment, storage, and disposal facility. Therefore, RCRA is mainly focused to protect human health and the environment from adverse effects of medical waste management.
 

Growing preference for laboratory and research centers will accelerate the medical waste management market trends

Laboratory and research centers segment accounted for 36.6% revenue share in 2021 is set to register a significant CAGR through 2030.This is owing to the surging laboratory and research centers in developing countries. Laboratories and research centers often use needles, syringes, razors, blades, glass instruments, pipettes, and test tubes that are collected and managed separately. The used medical sharps are often contaminated with body fluids or chemicals that are collected and stored in different color bins. This is followed by sterilizing sharps by incineration, autoclaving, and microwaving all laboratory instruments.
 

Highly competitive medical waste management market in Europe will contribute to market expansion

Europe industry is expected to grow at 6.8% CAGR during the forecast period driven by the surging healthcare industry. According to the European Union (EU), Eurostat, in 2019 Germany and France had the highest healthcare expenditure relative to their GDP. With the increasing importance of effective and eco-friendly waste management, firms are focusing on growing their research and development activities, to manage medical waste which will further fuel the regional business landscape.
 

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the prominent market players operating in the medical waste management industry include Biomedical Waste Solutions. LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Gamma Waste Systems, GRP & Associates, Inc., Republic Services, Inc., Stericycle, Triumvirate Environmental, Veolia Environmental, and Waste Management Inc. These market players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.