Medical Waste Management Market to be Worth $17.02 billion by 2030—Exclusive Report
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According to a new market research report
titled, Medical
Waste Management Market by Waste Type (Non-Hazardous, Infectious, Sharps,
Pharmaceutical), Service (Collection, Treatment & Disposal [Incineration,
Autoclaving], Recycling), Treatment Site (Off-site, On-site), Source - Global
Forecast to 2030,’ published by Meticulous Research®, the global medical waste management market is projected
to reach $17.02 billion by 2030, at a CAGR of 5.4% from 2023 to 2030.
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Medical waste is the waste
produced in healthcare or diagnostic activities. It can be both non-hazardous
and hazardous waste. Those in contact with medical waste are potentially
exposed to various risks such as trauma, infection, chemical, fire or explosion,
and radioactivity. In Addition, medical waste also risks environmental
pollution and contamination. With the large amount of medical waste generated
by hospitals, laboratory and research centers, and nursing homes, there is a
high demand for medical waste management services. The report covers various
medical waste management services offered by key companies in terms of
non-hazardous and hazardous waste collection, transportation and storage,
treatment, and recycling. The growth of this market is
driven by the increase in the volume of medical waste generated globally, stringent
regulations for medical waste management, and growing government initiatives
to raise awareness regarding proper medical waste disposal.
Impact
of COVID-19 on the Medical Waste Management Market
The COVID-19 pandemic
affected most economies around the globe. Governments imposed countrywide
lockdowns and placed restrictions on social activities, travel, trade, and
manufacturing. The pandemic affected millions of people across countries,
burdening healthcare systems globally.
According to the WHO,
in February 2022, around 30% of healthcare facilities globally were not
equipped to handle medical waste loads. The global medical waste management
market experienced tremendous pressure during the COVID-19 pandemic due to the
high demand for healthcare waste management services. There were major
concerns about the hazardous medical waste produced during the COVID-19
pandemic and the risks of contamination associated with managing that waste.
According to the WHO, in 2022, an additional 10,000 tons of medical waste was
generated in response to the COVID-19 pandemic. While countries were actively
procuring personal protective equipment (PPE) kits, diagnostic test kits,
disinfectant chemicals, and vaccines, less attention and resources were
allocated to the safe and sustainable management of COVID-19-related medical
waste.
The World Health
Organization’s global analysis of healthcare waste in the context of COVID-19
estimates that between March 2020 and November 2021, approximately 87,000 tons
of PPE were procured and shipped to various countries to support COVID-19
response needs. Since the start of the pandemic till February 2022, over 140
million diagnostic test kits (that could generate 2,600 tons of medical waste
and 731,000 liters of chemical waste) were shipped, and over 8 billion doses
of COVID-19 vaccines were administered globally, which could potentially
generate 144,000 tons of additional medical waste in the form of syringes,
safety boxes, and needles (source: WHO). The companies operating in the
medical waste management market were under great strain due to the huge demand
for healthcare waste management services. Although these companies reported
increased revenues due to high demand for COVID-19-related waste management
and decontamination services, the tremendous volume of medical waste generated
exceeded their waste management capacities.
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According to the
United Nations Development Programme’s (UNDP) assessment of five Asian cities
(Manila, Jakarta, Bangkok, Ha Noi, and Kuala Lumpur) conducted in April 2020,
during the pandemic, the volume of medical waste generated per day increased
by 497.5% on average in 2020 compared to pre-COVID-19 levels.
Medical
Waste Management Market: Future Outlook
The global medical waste
management market is by waste type (non-hazardous waste, hazardous waste
[infectious & pathological waste, pharmaceutical waste, sharps waste, and
other hazardous waste]), services (collection, transportation, & storage, treatment
& disposal services [incineration, autoclaving, chemical treatment, and
other treatment & disposal services], and recycling), treatment site
(off-site treatment, on-site treatment) source (hospitals & clinics,
diagnostic laboratories, research laboratories, blood banks, and other
sources) and geography. The study also includes an analysis of the regional
and country-level markets.
Based on waste type, in 2023,
the non-hazardous waste segment is expected to account for the largest share
of the global medical waste management market. The major factor contributing
to this segment's large market share is increased surgical procedures globally.
Many surgeries are performed globally that generate various types of medical
waste, including non-hazardous waste such as plastic packaging, clean glass
and plastic, paper, and cardboard. Although the types of non-hazardous waste
generated are limited in number, they are generated in high volume,
contributing to the segment’s largest share. According to Eurostat, in 2020,
at least 1.12 million caesarean sections were performed in the EU. For
instance, a total of 637,100 caesarean sections were performed in Turkey,
while 234,000 and 147,600 caesarean sections were performed in Germany and
Poland, respectively (Source: Eurostat). Thus, the large number of surgeries
performed is expected to boost the demand for medical waste management
services.
Based on services, in 2023,
the collection, transportation, and storage segment is expected to account for
the larger share of the global medical waste management market. The large
market share of this segment is attributed to the large volume of medical
waste generated globally, which further creates demand for medical waste
collection, transportation, and storage services.
Based on treatment site, in
2023, the off-site treatment segment is expected to account for the largest
share of the global medical waste management market. The large market share of
this segment is attributed to technological advancements in R&D activities
in the healthcare sector and the high volume of medical waste generated
globally, especially after the pandemic.
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Based on source, in 2023, the
hospitals & clinics segment is expected to account for the largest share
of the global medical waste management market. Hospitals perform various
medical procedures that generate non-hazardous and hazardous wastes. The large
market share of this segment is mainly attributed to a large number of
hospitals and other healthcare facilities globally and government initiatives
to promote proper medical waste management. For instance, according to
American Hospital Association (AHA) Hospital
Statistics, 2022 edition, there are 6,093 hospitals with 920,531 staffed beds
in the U.S.
Key companies
operating in the global medical waste management market are Biomedical
Waste Solutions, LLC (U.S.), Clean Harbors, Inc. (U.S.), Daniels Sharpsmart
Inc. (U.S.), Stericycle, Inc. (U.S.), Veolia Environnement SA (France), Waste
Management, Inc. (U.S.), EcoMed Services (Canada), and Gamma Waste Services
(U.S.), REMONDIS SE & CO. KG (Germany), GIC Medical Disposal, Inc.
(Canada).
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