Medical Waste Management Market: Overview
Medical waste refers to waste produced at health centers, hospitals, dental clinics, physicians’ offices, blood banks, and veterinary hospitals as well as clinical research centers and laboratories. Any waste which is produced at the time of services rendered or research carried out on animals or human beings need to be properly disposed to prevent unwanted disease or to prevent the spread of infection from them. Therefore, medical waste is not limited to blood-soaked bandages, rejected surgical instruments, or glassware and culture dishes.
Medical Waste Management Market: Key Trends
The continuous expansion of the healthcare industry along with the increasing number of diagnostic tests has led to the production of a substantial amount of medical waste across the world. This, along with the growth of the pharmaceutical and medical devices industries has contributed towards the high volume generation of medical waste. In some countries such as the U.S., medical waste is highly regulated to observe proper disposal and recycling norms. The U.S. is not only one of the largest producers of medical waste worldwide, it also has one of the most efficient medical waste management systems across the world. Government agencies, community-based organizations, and non-governmental organizations are persistently guiding healthcare facilities to adopt effective recycling and medical waste disposal techniques.
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Moreover, in developed countries, technological developments, emergence of innovative disposal techniques, and continual efforts by public and private agencies for the proper disposal of hazardous medical waste are favoring the growth of the medical waste management market.
The increasing number of diagnostic tests is the major reason for the generation of huge volumes of infectious wastes from diagnostic centers and pathological labs worldwide. The growing geriatric population susceptible to illness provides thrust for the rising demand for medical devices and diagnostic tests, which in turn, contributes to the rising volumes of medical wastes.
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Medical Waste Management Market: Market Potential
The adoption of advanced waste management techniques is what top companies in the market are striving for. In a recent industry development, Skyline Medical Inc. – producer of FDA certified STREAMWAY, automated system for direct-to-drain disposal of medical fluids has received an Innovative Technology contract from Vizient Inc. Innovative Technology contracts are presented to technologies that display capabilities to enhance patient safety or clinical care.
Medical Waste Management Market: Regional Outlook
North America accounts for a majority share of the global medical waste management market, which is followed by Europe. These regions are expected to continue their positions in the near future as well. Governmental mandates pertaining to proper disposal of medical waste has been the major factors driving the medical waste management market in these regions.
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.
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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.
Medical Waste Management Market: Competitive Landscape
Some of the leading companies in the global medical waste management market are Republic Services Inc., Stericycle Inc., Suez Environment SA, US Ecology Inc., Waste Management Inc., Clean Harbors Inc., and Veolia Environmental Services.
Mergers and acquisitions are the most beneficial growth strategies for new entrants as well for existing players in the market. Acquisition of small companies enables large-sized vendors to expand their operational efficiencies and expand their service capabilities.
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