The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Waste Management Market.
The medical waste management market is estimated at USD 9.72 billion in 2022 and is likely to grow at a CAGR of 5.65% during 2022-2028 to reach USD 13.52 billion in 2028.
What is Medical Waste Management?
Medical waste management is the proper management and disposition of biomedical wastes to protect the environment, the general public, and workers, especially healthcare and sanitation workers who are at risk of exposure to biomedical waste as an occupational hazard.
Medical waste management of different types, such as hazardous and non-hazardous that are used for onsite and offsite treatments.
COVID-19 Impact
An increase in the number of covid affected people led to an increase in medical waste tremendously. The increase in medical waste positively affected the market and it led to healthy growth in the medical waste management market.
Segment Analysis:
Based on the service type, the market is segmented as collection, transportation, and storage services; treatment disposal services; and recycling services. The collection, transportation, and storage services segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. The growth of the segment is triggered by the presence of stringent regulations for the collection, transportation, and storage of medical waste.
Based on the type of waste, the market is segmented as hazardous and non-hazardous. The non-hazardous waste dominates the market, owing to the large quantity of non-hazardous waste generated in healthcare facilities across the globe which creates a significant focus on its effective management.
In terms of regions, North America is estimated to be the largest as well as the fastest-growing market during the forecast period, with lucrative growth opportunities. The growth of the market is driven by the growing aging population and stringent regulations in this region.
Key Players
Some of the major players in the market are-
- Veolia Environnement S.A.
- Suez Environnement S.A.
- Sharps Compliance, Inc.
- Waste Management, Inc.
- Clean Harbors, Inc.
- Remondis Se Co. Kg
- Republic Services, Inc.
- Biomedical Waste Solutions LLC
- Daniels Sharpsmart Inc.
- Ecomed Services.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
About Stratview Research
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