Medical Waste Management Market Expected to Reach $12.834 Billion by 2030

According to a new report published by Allied Market Research, titled, “medical waste management market by service, type of waste, and treatment site: global opportunity analysis and industry forecast, 2021–2030," 

The global medical waste management market size was valued at $7.226 billion in 2020, and is estimated to reach $12.834 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030. 

Medical waste management is defined as the measures taken to ensure safe and environmentally sound management of health care waste. It enables to prevent adverse health and environmental impact from medical wastes, which are produced by release of biological & chemical hazards and drug resistant microorganisms. Medical waste management services aim to protect health of patients, physicians, health workers and the general public. There are various types of medical waste generated from hospitals, clinics, and pharmaceutical industries such as infectious waste, pathological waste, sharps waste, chemical waste, pharmaceutical waste, cytotoxic waste, and non-hazardous waste. 

Factors that drive growth of the medical waste management market include rise in prevalence of chronic diseases such as hypertension, cancer, cardiovascular diseases, and diabetes; increase in number of geriatric populations; increase in volume of medical waste, and surge in demand for healthcare services & products. For instance, according to the American Heart Association, more than 100 million Americans had hypertension in 2018. According to the World Health Organization (WHO), in 2021, annually 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths were reported due to cardiovascular disease, cancers, respiratory diseases, and diabetics, respectively. Thus, rise in prevalence of chronic diseases, increase in volume of medical waste from hospitals and clinics drive growth of the market. Market players are focused on development of novel services and program for management of medical waste. Moreover, in 2019, Johnson & Johnson Vision, an American multinational corporation announced launch of ACUVUE contact lens recycling programme, in the UK, which enable consumers to recycle their contact lenses, blisters, and foil packaging after use. Furthermore, Biomedical Waste Solution, a nationwide medical waste disposal company, aims to offer various services to consumers such as compliant bio hazardous waste disposal management, red bag medical waste removal and management, and array of containers, boxes, and bins for sharps disposal service. 

Increase in volume of medical waste, rise in demand for medical waste management services, and surge in number of hospitals and clinics are anticipated to drive growth of the medical waste management market. In addition, increase in demand for healthcare products, diagnostic tools, and technologies have led to development of huge amount of medical waste, which propels growth of the market.

Moreover, initiatives taken by governments for effectively managing medical wastes and increase in awareness regarding hazards caused, owing to rise in biomedical waste are the key factors that boost growth of the market. Furthermore, increase in per capital healthcare expenditure and surge in number of funding for various research activities propel growth of the market. In addition, rise in concern regarding ecofriendly and safe environment and enforcement of various regulations for management of biomedical waste fuel the market growth. 

The medical waste management market is segmented on the basis of service, type of waste, treatment site, and region. On the basis of service, the market is divided into collection, transportation, and storage services, treatment & disposal services, and recycling services. The collection, transportation, and storage services segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in demand for incineration, rise in prevalence of chronic diseases, and advancement in technology for medical waste treatment. 

On the basis of type of waste, the market is classified into non-hazardous waste and hazardous waste. The non-hazardous waste segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to surge in number of hospitals & clinics and increase in demand for healthcare products for treatment of disease. On the basis of treatment site, it is classified into offsite treatment and onsite treatment. The offsite treatment segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic diseases, advancements in R&D activities in the healthcare sector, and use of innovative technologies in the waste management.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global medical waste management market. The COVID-19 pandemic has stressed healthcare systems in the world and increased volume of medical waste, which are produced from hospital, diagnostic centers, research centers, laboratories, and clinics. According to the Central Pollution Control Board (CPCB), in 2020, it was reported that approximately 18,000 tons of COVID-19 related biomedical waste are produced in India, between June and September 2020. Biomedical waste produced due to COVID-19 are gloves, face masks, head covers, personal protective equipment, and other medical equipment. As per the data published in CPCB, 198 common Bio-medical waste treatment facilities (CBWTFs) are engaged in treatment and disposal of COVID-19 biomedical waste in India. Furthermore, as per the data of the Organization for Economical Co-operation and Development (OECD), in 2020, it was reported that hospital in Wuhan city of China, produced more than 240 tons of single use plastic based medical waste in one day. Subsequently, this leads to increase in demand for medical waste management services. 

KEY FINDINGS OF THE STUDY 

• By service, the collection, transportation, and storage services segment was the highest contributor to the market in 2020.
• By type of waste, the non-hazardous waste segment was the highest contributor to the market in 2020.
• By treatment site, the offsite segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global medical waste management market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, presence of key players, increase in environmental awareness regarding waste management, and increase in volume of medical waste in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases, rise in geriatric population, increase in demand for healthcare product & services, and rise in number of hospital and clinics.