The Medical Waste Management Market Anticipated to Generate a Revenue of $16,395.80 million in 2021 to 2028 Timeframe - Research DiveDownload Sample Reports Overview
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%.
COVID-19 Impact on the Medical Waste Management Market
Since the emergence of COVID-19 pandemic, across the world, the infection rate has increased threefold due to which millions of people have severely been affected by the deadly corona virus. As a result, rate of patients being admitted to the hospitals and clinics has increased. This factor has resulted in the generation of large amount of biomedical waste such as used needles, syringes, papers, and cotton. To manage this waste, many companies initiated various healthcare waste management services such as waste collection and disposal services to manage biomedical waste. Thus, COVID-19 impact on the medical waste management market was observed to be positive and is also expected to continue a positive trend in the pandemic period.
Medical Waste Management Market Analysis
Rising prevalence of chronic diseases like diabetes and epilepsy among people of all age group is expected to register high medical waste management market growth in the forecast time period. As the number of patients has increased, the rate of hospital visits and admission has also paced up, which has resulted in high generation of healthcare waste. This factor is anticipated to raise the medical waste management market shares in the next few years.
However, high operating cost of medical waste management services offered by the market players is likely to restrain the market growth of medical waste management market shares in the next few years. Various waste management techniques such as incineration and autoclaving are highly expensive. Apart from this, many people are not aware about the harmful effects of healthcare waste on human health and on environment. Thus, they don’t know the importance of proper medical waste disposal and management. These factors are likely to impede the medical waste management market growth in the coming years.
As the rate of medical waste generated in developed countries like the U.S and Germany, has increased many folds in the last few years, the demand for proper medical waste management facilities and services has also grown tremendously. As a result, the companies offering such healthcare waste management services have established in the market in large number. Also, government has also taken great initiatives to fund these companies and spread awareness about the importance of medical waste management. Also, companies have adopted various strategies to spread their business and improve the biomedical waste management services across the world. For instance, according to a news published by Yahoo Finance, on October 25, 2021, Sharps Compliance Corp., a national provider of biomedical waste management solutions, announced that it has acquired a company named Affordable Medical Waste (“AMW”), which is also a provider of medical waste solutions in the U.S. Such factors are likely to stimulate the medical waste management market size growth in the forecast time period.
Medical Waste Management Market Segmentation
The medical waste management market is segmented based on type, service, treatment site, and region.
Based on type, the market has been divided into hazardous and non-hazardous waste. 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. The sub-segment growth is attributed to rising prevalence of chronic diseases such as heart diseases in continuously increasing geriatric population, across the world. Old people regularly visit hospitals and clinics for their checkups and treatment which in turn generates high volume of medical waste. This factor is likely to boost the market growth in the future.
Based on the service, the market is divided into collection & transportation, treatment & disposal services, and recycling services. The treatment & disposal services sub-segment of market is projected to generate maximum revenue and $7,672.99 million by 2028 in a time frame of 2021-2028. The demand for various biomedical waste management services like autoclave and sterilization has increased in the past few years owing to rising need for proper management of healthcare waste generated in large quantities from hospitals and clinics. This factor is likely to observe a positive growth in the future.
Based on treatment site, the market has been divided into offsite and onsite treatment. 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 expected to be generated due to rising facilities in the big hospitals to transport medical waste properly at different treatment sites. Small hospitals generally use small trucks and loaders to transfer waste at the treatment suite whereas high healthcare facilities have now started using special pipeline system to transfer their daily healthcare waste generated at the treatment facilities.
On the basis of region, 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 size in North America is expected to increase due to large volume of medical waste generated by the hospitals and diagnostic centers. Also, presence of major market players in the region for waste management is further expected to raise the medical waste management market size in the forecast time period.
Top 11 Companies Involved in the Medical Waste Management Market are -
- Daniels Health
- Biomedical Waste Solutions
- EcoMed Services
- Clean Harbors
- Remondis Medison
- Republic Services
- Suez Environmental Services
- Veolia Environmental services
- Waste Management
Porter’s Five Forces Analysis for the Medical Waste Management Market
- Bargaining Power of Suppliers: Due to high medical waste management demand, suppliers have choices to set medical waste management services prices according to their preference.
Hence, the bargaining power of suppliers is high.
- Bargaining Power of Buyers: Since the industry is emerging and expanding, the buyers have a variety of options available in the waste management services.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Due to its fast growth, there is a lot of scope for profits for small scale industries in medical waste management industries.
As a result, the threat of the new entrants is high.
- Threat of Substitutes: Many companies are introducing alternative services for medical waste management, but these services are used by majority of market players.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The companies are providing proper and advanced medical waste management services with alternative strategies and less harmful ways.
Therefore, competitive rivalry in the market is high.