The global medical waste management market size is expected to reach USD 33.4 billion by 2025, according to a new report by Grand View Research, Inc. The development of innovative manufacturing techniques in pharmaceuticals, medical devices is growing at a rapid pace. The rise in hospitals, multispecialty clinics, and diagnostic centers that require a large number of inventories for day to day functioning is also leading to the generation of more waste. Thus, overall growth in the healthcare industry coupled with the rising patient population requiring to prolong medical and surgical aid is fueling the market growth.
Rapid growth in initiatives by the government to support and raise funds for effective waste management is anticipated to drive the market growth. These programs are conducted for creating awareness regarding the importance of systems for proper waste disposal. Additionally, taking steps to set standards and guidelines for the same is anticipated to propel the market growth.
The medical waste management involves high capital investment for managing hazardous by-products and disposal of infectious material. This disposal and recycling processes are associated with the release of hazardous gases and compounds which may disturb the ecosystem and are likely to affect the industry growth.
Further key findings from the study suggest:
- The growing prevalence of infectious and chronic diseases coupled with the overall growth of the healthcare industry is augmenting the medical waste management market growth
- Most of the waste disposal treatments are performed offsite, however, to save cost and holding time, onsite treatment sites are expected to grow over the forecast period
- The incineration segment accounted for the largest revenue share in 2016 however, other sophisticated non-incineration processes that are ecofriendly are projected to replace traditional incinerators
- In 2016, North America dominated the global space with the largest revenue share of over 32.0% owing to the growing healthcare industry and development of innovative techniques for disposal of the material
- The Asia Pacific is expected to emerge as the fastest-growing region during the forecast period, mainly due to growing social awareness regarding effective disposal and recycling.
- Major players competing in the industry include but are not limited to Remondis Medison GmbH; Republic Services, Inc.; Sharp Compliance, Inc.; Stericycle, Inc.; Suez Environment, Inc.; Veolia Environment S.A.; Waste Management, Inc.
