Medical Waste Management Market Insight on the Important Factors and Trends Influencing the Industry

Medical waste management is the collection and management of various types of healthcare waste generated during medical or diagnostic procedures. For hospitals, clinics, laboratories, or diagnostic centres, waste management is crucial. These wastes can be extremely dangerous or non-hazardous, non-pathogenic, or pathogenic. Additionally, the amount of medical waste produced globally is expected to increase, and people are increasingly aware of environmentally friendly and efficient waste management, which is anticipated to bolster the sales growth of the medical waste management market in the years to come.

The byproduct of laboratories, hospitals, the research sector, and surgical centers is medical waste. The rising medical waste volumes, strict regulations enacted to manage them safely and sustainably, and the expansion of healthcare infrastructure all contribute to large waste generation, ultimately creating revenue generating opportunities for the medical waste management market.  Furthermore, the rising awareness campaigns, supported by governments of various nations regarding the management of medical waste are also projected to bode well for this market in the near future.

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Vendors opting for Sustainable Waste Management Strategies to Attract More Revenues

Leading players of the medical waste management market are focusing on effective treatment of infectious & pathological waste since the coronavirus pandemic shook the world with high mortality and morbidity rates. To lessen the burden of initial capital investment, players of this market should seek funding assistance from governmental agencies. Such cooperative and societal development initiatives support the credibility of the government and the facility managers, ultimately promoting the growth of the medical waste management market on a global level. 

The adoption of multiple treatment methods places a greater economic burden on medical waste management service providers, even though non-incineration technologies like non-ionization therapies help to reduce the emission of toxic gases into the environment. Off-site waste treatment is expensive in the eyes of waste generators who prefer on-site medical waste management for their personal medical waste disposal facility. Therefore, market players should be well aware of the strict government regulations concerning the disposal of hazardous and non-hazardous waste. Companies can avoid penalties for breaking rules by adhering to government regulations. Some of the key players of the global medical waste management market include Alba Services GmbH & Co. KG, BWS Incorporated, Daniels Health, Sharps Compliance Inc., Waste Management Inc., Clean Harbours Inc., LLC, BioMedical Waste Solutions, US Ecology Inc., Veolia, Republic Services Inc., Stericycle, and others.

Rising Rate of Geriatric Population and High Patient Pool Contributes Significantly to Regional Markets

Demographically, North America emerged dominant and is further expected to continue so in the coming years on account of the high patient pool for chronic diseases. The increasing prevalence of diseases requiring hospitalization and surgical procedure contributes to large amount of medical waste generation, thereby attracting more revenues to the overall market. Additionally, the presence of latest and most innovative therapeutic and diagnostic procedures and the advent of environmental awareness also propel governments of the United States and Canada to take stringent waste management strategies for the betterment of the society and their people. On the other side, Asia Pacific is projected to witness notable gains on account of the rapid improvement in healthcare scenario and construction of medical infrastructure. Furthermore, the rise in geriatric population and the commonness of multiple diseases of the heart, liver, lungs, and teeth will also help the medical waste management market in this region grow significantly in the foreseeable future.

Growing Medical Facilities Pave Opportunities for Expansion of Medical Waste Management Market

Advances in healthcare infrastructure followed by growing global population has pushed the demand for medical waste management. Lately, increasing number of hospitals, physician clinics, veterinary hospitals, labs, and research facilities are some of the main sources of medical waste. The waste may contain bodily fluids, and other potential infectious contaminants. Hence, mounting medical waste is becoming one of the main concerns as it poses severe threat to healthcare workers and environment as well. This, in turn, is contributing to expansion of the global medical waste management market.

Medical waste management market is witnessing high demand from emerging economies due to expansion of the healthcare industry and growing concerns for proper waste disposal. Moreover, growing number of diagnostic test centers is leading to generation of medical waste consistently. This is one of the leading factors augmenting expansion rate of the medical waste management market.

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Further, medical waste consists of gloves, discarded sharps, culture dishes, and bandages among others. Each of the waste category should be disposed through different procedures. The need for new and safe disposal techniques has resulted in emphasis on research and development activities in the medical waste management market.

Companies Adopt Strategies to Remain Competent

Registering the growing demand, the medical waste management market has been witnessing upsurge in investment inflow from various stakeholders. The investment is likely to accelerate expansion of the market size in forthcoming years.

Some of the key companies operating in the medical waste management market include- Republic Services Inc., Waste Management Inc., REMONDIS SE & Co. KG, Clean Harbors Inc., Veolia, Stericycle Inc., Sharp Compliance Inc., US Ecology Inc., and Suez environment among others.

These companies hold prominent position in the market space and have strong hold in the global market. Moreover, these companies are adopting various strategies strengthen their foothold in the market.

In a recent development, Skyline Medical Inc., which develops FDA certified STREAMWAY, an automated system for direct-to-drain disposal of medical fluids, has received a contract from Vizient Inc. Innovative Technology. The contract is associated with technologies that display capabilities to improve clinical care and safety.

Meanwhile, new entrants are following various methodologies to mark their presence in the global medical waste management market. Mergers and acquisitions is one of the widely undertaken strategies. Acquisition of small vendors in the market enable large companies to expand their operational capabilities and distribution channels.

North America to Dominate Regional Segment

Further, the global market is categorized in various regions. Among all the regions, North America regional medical waste management market holds prominent share of the global market. The region is anticipated to continue its dominance in coming years as well, owing to its well-developed healthcare infrastructure.

As per market analysts, the Europe market is likely to follow the growth trajectory of the North America market. Prominence of the regional market is attributed to mandatory government policies pertaining to disposal of medical waste. This is one of the significant factors fuelling growth of the regional market.

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Further, Asia Pacific countries such as Japan and Australia present lucrative growth opportunities for expansion of the medical waste management market. On the other hand, emerging economies in the region such as India and China has limited growth opportunities to offer. This is due to low awareness regarding the medical waste disposal among people. Also, dearth of strict regulations limit growth of the market.

In Rest of the World, countries such as Mexico, Turkey, UAE, Israel, and South Africa among others are projected to present lucrative opportunities for expansion of medical waste management market.