Medical Waste Management Global Market Report 2023
Major players in the medical waste management market are Waste Management (WM), Citiwaste, Sanpro Waste, MedPro Waste Disposal, Sharps Compliance, BioServeUSA, BioMedical Waste Solutions, PureWay Total Compliance, Medasend, Veolia Environnement, Clean Harbors, EnviCare, and Battelle.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Waste Management Global Market Report 2023" - https://www.reportlinker.com/p06229761/?utm_source=GNW
The global medical waste management market is expected to grow from $16.23 billion in 2021 to $17.03 billion in 2022 at a compound annual growth rate (CAGR) of 5.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The medical waste management market is expected to reach $20.69 billion in 2026 at a CAGR of 5.0%.
Medical waste management consists of revenues earned by entities by providing services such as waste treatment and disposal.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The medical waste management refers to services that provide collection, transportation, storage, and recycling of waste. Biomedical waste is generated during the diagnosis, treatment, and immunization of human beings or other living beings from healthcare facilities.
Asia Pacific was the largest region in the medical waste management market in 2022.North America was the second-largest region in the medical waste management market.
The regions covered in the medical waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of medical waste management are bio-hazardous/infectious waste, non-hazardous waste, sharps, pharmaceutical, radioactive, and others.Any garbage containing infectious materials or potentially contagious compounds such as blood is classified as biohazardous waste, often known as infectious waste or biomedical waste.
The different types of treatments include incineration, autoclaving, chemical treatment, and others, and provide various services such as onsite services, and offsite services. The several applications include hospitals, clinics, ambulatory surgical centers, pharmaceutical companies, biotechnology companies, and others.
The rise in the use of disposable medical products in healthcare facilities is expected to drive the medical waste management market.In a healthcare setting, most of the products used are meant for single-use to limit cross-contamination among patients and decrease hospital-acquired infection.
The use of single-use or disposal products surged due to the COVID-19 pandemic outbreak.The widely used disposables like surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, intravenous saline bags, and others account for most of the hospital waste.
Therefore, the rise in the use of disposable medical products is expected to drive the medical waste management market.
Low awareness among developing countries is limiting the growth of the medical waste management market.Inadequate knowledge of healthcare professionals and sanitation health workers on biomedical waste regulations and medical waste management protocols is causing improper segregation of waste which is leading to increased hazardous waste, needle prick injuries, and infections like hepatitis which is increasing the load on the medical waste management companies.
Infectious waste (or hazardous medical waste) constitutes around 15 to 25% of total healthcare waste.According to the World Health Organization (WHO), in low-income countries, healthcare waste is not separated into hazardous and non-hazardous waste which is causing an increase in the actual quantity of hazardous waste.
Therefore, such a lack of awareness in developing countries is hindering the growth of the medical waste management market.
Recycling is expected to become a key trend in medical waste management.The ongoing medical supplies shortage due to the COVID-19 pandemic has resulted in the need for more sustainable recycling of medical products.
Battelle Critical Care Decontamination System, which was approved in April 2020 by Food and Drugs Administration (FDA), uses hydrogen peroxide for the decontamination of N95 respirators and PPE kits.
In April 2021, Aurora Capital Partners, a US-based private equity firm, acquired Curtis Bay Medical Waste Services for an undisclosed amount.This acquisition by Aurora Capital Partners would support Curtis Bay Medical Waste Services to enter in next stage of expansion.
Curtis Bay Medical Waste Services is a US-based company providing services for the collection, treatment, and disposal of medical waste. In addition to operating the largest medical waste incinerator in the country, the Curtis Bay Medical Waste Services is the only facility in the Northeast that converts infectious/biomedical substances and non-hazardous pharmaceuticals into innocuous waste.
The countries covered in the medical waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The medical waste management market research report is one of a series of new reports that provides medical waste management market statistics, including the medical waste management industry global market size, regional shares, competitors with a medical waste management market share, detailed medical waste management market segments, market trends and opportunities, and any further data you may need to thrive in the medical waste management industry. This medical waste management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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