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.