Medical Waste Management Market by Type (Non-hazardous Waste and Hazardous Waste), Service (Collection & Transportation, Treatment & Disposal Services, and Recycling Services), and Treatment Site (Offsite Treatment and Onsite Treatment), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028

Medical Waste Management Market

The global medical waste management market was valued at $9,727.24 million in 2020 and is projected to reach $16,395.80 million by 2028, registering a CAGR of 7.0%.

Market Synopsis

Rising volume of medical waste by the healthcare sector is expected to drive the market of medical waste management market in the forecast time period.

However, high cost of services provided by the major market players is likely to restrain the market growth.

According to the regional analysis of the market, The Asia-Pacific medical waste management market accounted $1,750.90 million in 2020 and is projected to register a revenue of $3,180.78 million by 2028.

Medical Waste Management Overview

Medical waste management is defined as the proper handling and disposal of medical waste generated from healthcare sectors like hospitals, clinics, and diagnostic centers. The medical waste generated from the healthcare sector can be broadly classified under two categories as hazardous and non-hazardous waste. Hazardous waste contributes to about 15% of medical waste and includes pharmaceutical wastes and pathological wastes, whereas non-hazardous waste like paper waste contributes to about 85% of medical waste.

COVID-19 Impact on the Medical Waste Management Market

Prevalence of COVID-19 pandemic, since 2019, has had a positive impact on the growth of the medical waste management products market. Since the corona virus is highly transmissible, millions of people worldwide were infected by the infection. Thus, owing to high number of infection cases, the hospitalization rate has increased and number of patients has risen tremendously. This factor has contributed to the growth of medical waste management market. Also, number of established healthcare facilities such as clinics, diagnostic centers, and hospitals has increased the healthcare waste. To handle this increasing medical waste, the companies have worked excessively to manage the healthcare waste. This factor is anticipated to register a high medical waste management market share in the pandemic time period.

Rising Amount of Medical Waste to Drive the Medical Waste Management Market

Increasing medical waste generation, across the world, is expected to accelerate the growth of medical waste management market size. Increased volume of healthcare waste generation is attributed to rising geriatric population. Geriatric population is more prone to diseases such as high blood pressure and diabetes, due to which their hospital visits have increased in the past few years. This factors is anticipated to raise the medical waste management market shares in the forecast time period. Apart from this, strict laws and regulations defined by the government of many countries to manage healthcare waste are also likely to boost the market growth even further.

To know more about medical waste management market drivers, get in touch with our analysts here.

High Cost of Medical Waste Management Services is Likely to Restrain the Market Growth

It is expected that the medical devices market share growth will observe some hindrance in the next few years due to some factors like less knowledge about the hazardous effects of accumulation of biomedical waste in the environment. Since the waste generated from the healthcare facilities such as hospitals and clinics are also hazardous, they may spread infection in the environment. Thus, the lack of knowledge about the biomedical waste management among people is likely to hamper the market growth in the coming years. Also, the setup for waste management companies are costly and the services provided by them like autoclaving is also expensive. Such factors are further anticipated to impede the growth curve of medical waste management market size.

Stringent Policies by Government to Manage Medical Waste is Likely to Boost the Market Growth

As the volume of healthcare waste generation is rapidly increasing, worldwide, the need for proper healthcare waste management system and services has also increased. The government of many countries have also provided funds and support to the local governing bodies to set up strict regulations for proper healthcare waste treatment. For instance, according to a news published in The Times of India, on January 21, 2021, Chandigarh, a city in India, topped the scores in the biomedical waste management in its city in the year 2016. This was possible because of the efforts of the local authorities as they strictly followed the rules assigned for the management of the medical waste. Such factors are expected to drive the market in future.

To know more about medical waste management market opportunities, get in touch with our analysts here.

Source: Research Dive Analysis

The non-hazardous sub-segment is predicted to have the fastest growing market share in the global market and register a revenue of $13,900.22 million in 2028, with an increase from $8,222.31 million in 2020. This growth is projected to increased out-patient visits in hospitals and clinics. As the number of patients suffering from chronic diseases like diabetes has increased tremendously, many patients regularly visit the hospitals due to which the generation of non-hazardous waste has also grown in volume. Non-hazardous waste from healthcare facilities includes food and paper.

Source: Research Dive Analysis

The collection & transportation sub-segment of market is projected to have the fastest growth and surpass $5,356.74 million by 2028, with an increase from $2,972.16 million in 2020. This growth is attributed to increased volume of waste generated by hospitals, clinics, and diagnostic centers. As the number of patients suffering from various diseases like high blood pressure has risen, the hospital visits for regular checkups and follow ups have also increased which has resulted in the growth of the healthcare waste volume. Also, rise in the number of hospitals and clinics across the world is likely to boost the medical waste management market share in the future.

The treatment & disposal services sub-segment of market is projected to generate maximum revenue and reach $7,672.99 million by 2028 in a time frame of 2021-2028. This growth is attributed to the fact that, as the volume of biomedical waste has increased, the demand for various treatment options like incineration and autoclaving has also grown rapidly. Incineration and autoclaving methods are widely used to treat both hazardous and non-hazardous waste generated from hospitals and clinics.

Source: Research Dive Analysis

The offsite treatment sub-segment is predicted to have the fastest growing market share in the global market and register a revenue of $10,050.04 million in 2028, with an increase from $5,870.75 million in 2020. The sub-segment growth is due to the rapidly increasing volume of medical waste generated from hospitals. Also, various services provided by the major market players like collection and transportation facilities are further projected to raise the medical waste management market revenue.

Source: Research Dive Analysis

The Market for Medical Waste Management in North America to be the Most Dominant

The North America medical waste management market accounted $4,367.53 million in 2020 and is projected to register a revenue of $7,099.38 million by 2028. The medical waste management market share growth in North America region is because of large number of hospitals and clinics present in the region. Due to high number of healthcare facilities in America, the amount of healthcare waste generated every day is also high. Due to this factor, the government has laid more stress on proper biomedical waste management and treatment. For this, the government has also funded many projects to speed up the waste management strategies. These factors are expected to boost the market growth in the stipulated time period.

The Market for Medical Waste Management in Asia-Pacific to be the Fastest Growing Region

The Asia-Pacific medical waste management market accounted $1,750.90 million in 2020 and is projected to register a revenue of $3,180.78 million by 2028. The regional growth is attributed to the presence of countries like Japan and China and their strong healthcare facilities in the countries. Since the healthcare infrastructure in the above mentioned countries is advanced, the government has also ensured to make all means available for the proper handling and management of medical waste management. Also, rising number of patients suffering from different diseases such as inflammatory diseases and their increased hospital visits are likely to raise the volume of biomedical waste generated which is further anticipated to boost the medical waste management market size.

Competitive Scenario in the Medical Waste Management Market

Product launches and acquisitions are common strategies followed by major market players.

Source: Research Dive Analysis

The companies involved in the medical waste management market are Daniels Health Inc., Biomedical Waste Solutions, LLC, EcoMed Services, Clean Harbors, Inc., Remondis Medison, Republic Services, Inc., Suez Environmental Services, Stericycle, Inc., Veolia Environmental services, and Waste Management, Inc.

Porter’s Five Forces Analysis for the Medical Waste Management Market

• Bargaining Power of Suppliers: The suppliers for services in the medical waste management market are increasing in number. Several companies are working on providing best services in the less price.  
  Thus, the bargaining power suppliers is high.
• Bargaining Power of Buyers: Buyers are high in number and they demand best services in less price. This increases the pressure on the manufacturing companies to offer the best service in a cost-effective way. Thus, buyers can freely choose the waste management services that best fit their preference. 
  Thus, the bargaining power of the buyers is high.
• Threat of New Entrants: New companies entering the market are adopting new medical waste management services in the market in minimum time frame. 
  Thus, the threat of the new entrants is high.
• Threat of Substitutes: Currently the healthcare waste management is a high priority all around the globe. Thus, all substitutes available in the market are considered under services. 
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players. These companies are providing best waste management services in the international market and strengthening the footprint worldwide. 
  Therefore, competitive rivalry in the market is high.