The Insight Partners Latest Research for Report “Medical Waste Management Market to 2027″ Includes Global Analysis and Forecasts By Service Type (Collection, Transportation and Storage, Treatment and Disposal, Recycling); Treatment Type (Incineration, Autoclaving, Chemical Treatment, Others); Treatment Site (Offsite, Onsite) and Geography
The global medical waste management market is expected to reach US$ 16,495.8 Mn by 2027 from US$ 10,563.2 Mn in 2018. The market is estimated to grow with a CAGR of 5.2% from 2019-2027. The report highlights the trends prevalent in the global medical waste management market and the factors driving the market along with those that act as deterrents to its growth.
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Medical waste poses a growing problem across the world, jeopardizing the health of patients, staff, workers involved in disposal, and others. The primary reason behind the exponential increase in the volume of medical waste generated can be directly associated with the increasing number of patient admissions across various medical specialties. The healthcare authorities in almost all the countries of the world reports increase in the number of patient influx within the public as well as private healthcare facilities. For instance, according to a report by the Health Foundation published in February 2018, the annual number of hospital admissions in the English NHS has increased by 28.1% resulting from 14 million admissions in 2015/16 as compared to 11 million admissions in 2006/07. The NHS also reports that the number of patients admitted with at least one of the 22 long-term conditions has doubled from 2006 to more than 4.5 million patients in 2016. Thus, the increasing number of patient admissions for outpatient surgeries as well as inpatient hospital stays is likely to propel the increasing demand for medical waste management in these facilities, thereby promoting market growth.
Industry Players:
The prominent players in the medical waste management market focus on various growth strategies to enroot their presence and garner significant market share across the globe. Some of the notable players in the global medical waste management market include Medasend Biomedical, Inc, Bondtech Corporation, Sharps Compliance, Inc., Veolia, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., and Waste Management, Inc. Away from mainstream and conventional products, the research-based devices are likely to make a significant improvement in terms of performance, ease of use, and other benefits. For instance, in 2016, Sharps Compliance Corp. launched the TakeAway Recycle System designed for the safe collection, return transportation and recycling of single-use medical devices.
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Inorganic developments made by the companies that are operating in the medical waste management market have are acquisitions, agreements, and partnerships between companies. Companies such as Medasend Biomedical, Inc., Sharps Compliance, Inc., CLEAN HARBORS, INC., REMONDIS SE & Co. KG, and Waste Management, Inc. have been implementing various inorganic developments that have bought about dynamic improvements in the market they are operating. Due to the involvement of major players, which has led to the availability of better services and products in the market.
Industry Segments:
The global waste management market based on treatment type is segmented into incineration, autoclaving, chemical treatment, and others.
In 2018, the incineration segment held the largest market share of 39.2% of the medical waste management market, by treatment type.
This segment is also expected to dominate the market in 2027 as incineration is the most preferred technique used to destroy both hazardous and non-hazardous solids and liquid byproducts. Moreover, the same segment is also expected to grow at the fastest growth rate of 5.5% during the forecast period, 2019 to 2027.
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