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.

Medical Waste Management Market Thrives in Emerging Economies

San Francisco, California, December 21, 2017: A recent market research report by TMR Research presents an analytical overview of the global market for medical waste management. The detailed market research report is titled “Medical Waste Management Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.”

Waste management activities in the medical industry call for highly specialized operations, procedures, and devices owing to the complex and often toxic nature of the waste. Poor management of medical waste may lead to many health issues among patients, their families, the employees handling the waste, as well as the ones who come in contact with the waste. Owing to the vast rise in healthcare procedures of a variety of kinds, a vast rise in diagnostic procedures, and rising patient population in the past few years, the need for effective management of medical waste has massively increased.

The report states that the increased demand for effective medical waste management practices will emerge as the key growth driver of the global medical waste management market in the next few years. The market will also benefit from vast technological advancements, the increased adoption of non-incineration techniques, and stringent government regulations pertaining to the proper disposal of medical waste across the globe. The market is also driven due to the thriving medical device and pharmaceutical industries, vast rise in research and development activities in the life sciences sector, and increasing awareness regarding the need for proper disposal of medical waste.

From a geographical standpoint, the market for medical waste management is most developed and established in developed economies across regions such as Europe and North America. Presently, the market in North America accounts for the dominant share in the overall revenue of the global market, followed by the market in Europe. These regions are also expected to remain the leading regional markets for medical waste management over the report’s forecast period, thanks to the thriving healthcare, medical devices, and biotechnology industries, and early adoption of advanced technologies. Strict governmental regulations regarding the proper management of medical waste will also make these regions the most promising in terms of revenue opportunity for companies operating in the medical waste management market.

In Asia Pacific, Australia, Japan, and Australia present the most lucrative opportunities for the growth of this regional market. However, countries such as India and China present fewer opportunities to the growth of the regional market due to a low level of awareness about medical waste disposal and due to the absence of strict governmental mandates for the same.

In Rest of the World, Israel, countries such as South Africa, Mexico, Brazil, Turkey, and UAE present the maximum opportunities to waste management companies that operate in this region.

The report also presents a thorough account of the competitive landscape of the global medical waste management market. Along with an overview of the detailed business profiles of some of the leading companies operating in the global market, the report also presents an account of the development trajectory of the market in the past years. The report includes data such as recent collaborations, mergers, acquisitions, and their details. Some of the leading companies operating in the market are Suez Environment SA, Republic Services Inc., Clean Harbors Inc., Waste Management Inc., US Ecology Inc., Stericycle Inc., and Veolia Environmental Services.

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