Medical waste management refers to the consummate handling and thorough disposal of medical wastes like apparatus, needles, and other medical products that are generated from numerous healthcare sectors such as hospitals, diagnostics centers, clinics, and others while treating a patient. These wastes are segregated in two categories namely, hazardous and non-hazardous. Hazardous wastes encompass approximately 15% of the medical wastes including pathological and pharmaceutical wastes, and on the other hand non-hazardous wastes such as paper waste comprehends about 85% of the total medical waste.
Forecast Analysis of the Global Medical Waste Management Market
Growing medical waste generation, particularly in the healthcare sector across the globe is expected to drive the growth of the market. In addition, increased disease susceptibility rate among the geriatric population accompanies by their frequent hospital visits is further predicted to bolster the growth of the medical waste management market during the forecast period 2021-2028. Furthermore, stringent rules and regulations imposed by the government so as to cautiously manage the medical waste is expected to create ample opportunities for the growth of the market during the forecast period. However, extortionate cost of medical waste management services is expected to hinder the growth of the market during the forecast period.
According to the report published by Research Dive, the global medical waste management market is expected to generate a revenue of $16,395.80 million by 2028, growing rapidly at a CAGR of 7.0% during the forecast period 2021-2028. The prominent players of the market include Daniels Health Inc., Stericycle Inc., Waste Management Inc., EcoMed Services, Clean Harbors, Inc., Remondis Medison, Republic Services, Inc., Biomedical Waste Solutions, LLC, Republic Services Inc., Veolia Environmental Services, Suez Environmental Services, and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is considerably helping the global medical waste management market to grow exponentially.
For instance, in April 2021, Aurora Capital Partners, a dominant middle-market private equity firm, acquired Curtis Bay Medical Waste Services, an industry leader in medical waste collection, treatment and disposal services, in order to collaboratively provide innovative solutions to the customers.
In September 2021, Stericycle, Inc., a dominant provider of regulated medical waste management, secure information destruction and patient engagement solutions, received 2021 Sustainability Product of the Year by the Business Intelligence Group (BIG) for its medication collection program MedDrop. MedDrop provides a secure and seamless way to dispose obsolete medications for consumers.
In October 2020, Waste Management, an American waste management, comprehensive waste, and environmental services company, acquired Advanced Disposal, an innovative US-based waste disposal company, for about $4.6 billion in order to allow Waste Management to deliver unparalleled access to differentiated, sustainable waste management and recycling services to their customers.
Most Profitable Region
The North America region is expected to dominate the market, and generate a revenue of $7,099.38 million during the forecast period. Immense number of healthcare facilities in this region is expected to drive the growth of the market. In addition, increased fundings from government to accelerate the waste management procedures in this region is further is expected to stimulate the growth of the regional medical waste management market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had a significant impact on the growth of the global medical waste management market, owing to the prevalence of lockdowns in numerous countries across the globe. the number of infection cases surged exponentially, subsequently increasing the hospitalization rates among all sorts of patients be it the geriatric population or the millennials. This consequently increased the global medical waste, thereby, increasing the demand for medical waste management. Thus, the pandemic has had a positive impact on the growth of the market.