Medical Waste Management Market Overview
In the coming years, the global medical waste management market size is predicted to witness a significant growth due to the surging amount of different types of medical waste, growing regulatory pressure regarding the adherence to guidelines for proper disposal of these wastes, and rising concern for the environment. Apart from this, the overall expansion of the healthcare industry, owing to the rising number of hospitals, increasing number of surgeries, and surging adoption of ambulatory surgical centers, is further resulting in the growing requirement for medical waste management.
Hazardous and non-hazardous are two types of medical wastes. Between these two, larger medical waste management market share was held by the non-hazardous medical waste in the past. The different treatment types for these wastes include autoclaving, incineration, and chemical. Among these, the incineration treatment type accounted for the largest share of the market in the past, as this method of waste treatment is cost-efficient and easy.
The different facilities included in the industry are pharmaceutical waste management and hospital waste management. Between these, the hospital waste management held the larger share of the medical waste management market in the past; however, both hospital and pharmaceutical waste management are projected to witness considerable growth in the near future. Hospital waste management is further categorized into regular and anatomical waste management, and pharmaceutical waste management is further divided into manufacturing and clinical waste management.
In North America, the U.S. held the larger medical waste management market share in the past. This is primarily ascribed to the strict government regulations in the country regarding the disposal of medical waste, increasing adoption of innovative equipment for waste disposal, highly developed medical infrastructure, rising healthcare expenditure, and presence of major players. In the Asia-Pacific region, Japan is expected to register the fastest growth in the near future because of the rapid adoption of advanced technology, increasing developments in the regulations regrading waste disposal, and surging geriatric population.
Medical Waste Management Market Dynamics
Drivers
One of the major driving factors of the medical waste management market is the growing implementation of strict environment and safety regulations by the governments around the world. The domain is regulated by different federal, state, and local regulations, which have formulated several rules for the different types of medical wastes. The local and state regulations generally adhere to containment, labelling, transportation, storage, and treatment of medical waste. In the U.S., as per the U.S. Environmental Protection Agency’s Resource Conservation and Recovery Act, the proper disposal of any drug which meets the criteria for being a hazardous waste is mandatory.
In addition to this, the surging number of different types of medical waste is also resulting in the growth of the medical waste management market. Due to the expansion of the pharmaceutical and healthcare industries, majorly in the emerging economies, the volume of various medical wastes, such as biological safety cabinets, infectious, cytostatic, photochemical & pathological waste, slides/paraffin blocks, old X-ray film, old medicines, solvents, and chemicals, is surging. This is predicted to lead to the rising demand for state-of-the-art recycling and disposal technologies for facilitating the treatment of different types of healthcare waste in an efficient and environment-friendly way.
Medical Waste Management Market Competitive Landscape
The companies operating in the medical waste management market offer a number of professional waste management solution for different facilities including laboratories & pharmaceuticals, university hospitals, surgeries, and clinics. For example, in 2014, the players in the domain provided different recycling services after the Ebola breakout in West Africa, which demanded effective disposal of infectious waste. Similarly, REMONDIS Industry Service recovers high quality precious metals from the discarded photographic and film chemicals and silver form X-rays and offers the facilities the current market price for these materials.
Some other key players in the global medical waste management market are Clean Harbors Inc., BioMedical Waste Solutions LLC, Hawaii Bio-Waste Systems Inc. (HBW), Daniels Sharpsmart Inc., MedClean Technologies Inc., Healthcare Environmental Services Group, Miller Group, Medasend Biomedical Inc., Republic Services Inc., Sharps Compliance Inc., Suez Environnement S.A., Waste Management Inc., Gamma Waste Systems, and Stericycle Inc.
MARKET SEGMENTATION
By Facility Type
By Type of Waste
By Treatment Type
By Services
By Treatment Site
By Geography
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