The medical waste management market was valued at US$ 13.61 billion in 2023 and is expected to reach US$ 20.42 billion by 2031. The market is expected to register a CAGR of 5.20% in 2023–2031. Technological advancements such as sterilization, waste-to-energy methods, and an inclination towards environmental waste management solutions will likely remain key medical waste management market trends.
The wastes produced at medical facility centers and life science processing businesses are called medical waste. Medical waste produced by healthcare operations includes soiled dressings, blood, chemicals, body parts, medical equipment, and diagnostic samples, among other things. Medical waste management controls these medical wastes' production, handling, treatment, and disposal. The rising amount of medical waste, the initiatives implemented to manage it, and the rising number of patient admissions worldwide all contribute to the global medical waste management market growth.
An integral component of health care is waste management. Healthcare personnel, waste handlers, and the general public are all at risk for infections, harmful effects, injuries, and environmental pollution when medical waste is not managed correctly. In 2014, the World Health Organization created safe management of wastes from healthcare activities, the first worldwide and comprehensive guidance document. Aspects like the legal framework, planning concerns, recycling and waste minimization, handling, storage, transportation, treatment and disposal options, and training are all covered in the guide.
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Medical Waste Management Market: Strategic Insights
A strong focus on more essential ways to anticipate and manage supply needs to enhance infrastructure will likely boost market growth. Clinical staff education programs on types of plastic waste and recycling and sorting procedures to maximize adherence to guidelines help to improve the operations. Develop pipelines to distribute unused medical supplies within local networks of institutions to reduce waste and financial spending. This, in turn, propels the market's expansion. For instance, in July 2022, the United Nations Development Programme (UNDP) in Iraq and the Ministry of Health (MoH) signed a US$ 25 million deal to improve medical waste management in the nation.
Increasing the funding for safe and recyclable medical plastic design, economical manufacturing of bioplastics and other alternatives to single-use plastics, as well as investments in regional infrastructures for the reprocessing of medical supplies and the creation of more value-added goods while preventing shortages across the entire system is likely to create significant opportunities for market growth. For instance, in April 2021, leading middle-market private equity firm Aurora Capital Partners announced that it had acquired Curtis Bay Medical Waste Services from Summer Street Capital Partners. Curtis Bay Medical Waste Services is a leader in medical waste collection, treatment, and disposal services.
Key segments contributing to the medical waste management market analysis derivation are service type, treatment type, treatment site, and geography.
The medical waste management market report's geographic scope is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the medical waste management market. In North America, the U.S. is the largest market for medical waste management in 2023. The presence of key players with significant investments in organic and inorganic strategies is anticipated to drive market growth in the region. For instance, in January 2024, the installation of GENERATIONS was announced by Northwell Health, the primary health care provider in New York State, and Envetec Sustainable Technologies Limited, a cutting-edge cleantech company committed to eliminating the present unsustainable practices of treating regulated medical waste. This innovative technology is intended for the secure and efficient on-site handling of controlled medical waste, such as single-use plastic laboratoryware, glass, protective personal equipment, and sharps containers.
The regional trends and factors influencing the Medical Waste Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Waste Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 13.61 Billion |
| Market Size by 2031 | US$ 20.42 Billion |
| Global CAGR (2023 - 2031) | 5.20% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medical Waste Management Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medical Waste Management Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The medical waste management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for medical waste management and strategies:
The “Medical Waste Management Market Size and Forecast (2021–2030)” report provides a detailed analysis of the market covering below areas: