The global medical waste management market is projected to reach USD
22.3 Bn by 2025 with the cumulative annual growth rate (CAGR) of over
5.1% from 2017 to 2025, according to a new report published by
Transparency Market Research (TMR) “Medical Waste Management Market
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2017 - 2025”. The report suggests that rise in the generation of
medical waste and stringent environmental and medical regulations
across the regions are the factors expected to boost the market
growth. North America will continue to be at the forefront of global
demand, with the market in the region growing at above 4% through
2025 owing to highly stringent regulations governing disposal of
medical waste especially sharps and infectious & pathological
waste. Growing economy, initiatives by NGOs, and increasing awareness
about the health risks associated with the improper management of
medical waste are dominating factors expected to drive the market in
Asia Pacific region in coming the coming years. Thus, the Asia
Pacific medical waste management market is expected to witness
significantly high growth rate during the period of 2017 to 2025.
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The report offers detailed segmentation of global medical waste
Management market based on nature of waste, waste type, and waste
generator type, and service type. The non-hazardous medical waste
segment is poised to account for leading share owing to high quantity
of non-hazardous medical waste generated and similarly stringent
regulations as that of hazardous waste for the disposal of it.
According to WHO, 85% of the medical waste generated is non-hazardous
in nature, however, it is not allowed to dispose in municipal
landfills without prior treatment as there are still chances of
mixing and contamination of non-hazardous waste with the hazardous
waste at the site of waste generation. The hazardous medical waste is
anticipated to grow at highest CAGR during the forecast period owing
to increase in the number of surgical procedures resulting in the
generation of waste sharps, rise in the aging population demanding
various treatments, and increase in the research and development
activities in pharmaceutical and biotechnology fields. In terms of
waste generator types, the market is divided into large quantity
medical waste generators and mid and small quantity medical waste
generators. The large quantity medical waste generators dominates the
global market owing to highest waste generated by this segment which
includes hospitals and pharmaceutical & biotechnological
companies. The mid and small quantity medical waste generators which
includes clinics and physician’s offices, retail pharmacies,
ambulatory surgical centers and long term care centers, laboratories,
academic and research institutes, blood banks, and others
(veterinary, mortuary and autopsy centers, home healthcare, military
& government, nursing homes, tattoo parlor) are expected to
witness highest CAGR during the forecast period owing to increasing
number of procedures performed in these centers.
Among the service type, the off-site medical waste management segment
is expected to dominate the global medical waste management market
owing to attractive packages offered by the leading service
providers, increasing preference given to the off-site medical waste
management owing to the high cost of on-site waste disposal which
includes the cost of establishing medical waste disposal equipments,
land cost, labor cost, and training cost; risk of non-compliance to
the regulatory standards of medical waste disposal, and possible
environmental hazards that may affect to the nearby population with
the released toxic gases from the incinerators. Thus, the off-site
medical waste management segment is expected to witness higher growth
rate during the period of 2017 to 2025.
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In terms of value, North America is likely to continue its dominance
in the global medical waste management market throughout the forecast
period, owing to the stringent regulations for the medical waste
management, highest awareness among the population regarding the
safety and risk concerns related to the possible bio-hazards, and
rise in per capita healthcare spending in the region. The Europe is
the second dominating region in the global medical waste management
market owing to presence of large number of pharmaceutical and
biotechnology industries, increasing prevalence of lifestyle diseases
such as diabetes, high blood pressure, and cancer among the
population, and stringent regulations for the protection of
environment.
Asia pacific is considered as an emerging market for medical waste
management owing to initiatives by NGOs for the proper medical waste
management, government enforcement, and growing economies to afford
the waste management services. Moreover, rise in the medical waste
generated per bed in the growing economies of the region such as
China, Japan, India, and Australia are expected to lift the market up
in the region. For instance, in richer countries like Japan,
Australia and New Zealand, around 2.5 kg to 3.0 kg medical waste is
produced per bed/day while countries like India, China, Pakistan,
Singapore and Malaysia produce 1.0 kg to 2.0 kg per bed/day.
However, low level of awareness regarding the risks associated with
improper medical waste disposal; economic barrier in major countries,
and lack of strict policies & guidelines are some major
challenges needed to be dealt in the region.
Latin America and Middle East & Africa are expected to witness
rapid growth in the global medical waste management market owing to
rise in the generation of medical waste due to the factors such as
increasing incidence and prevalence of various infectious and
lifestyle diseases, increasing urbanization, changing lifestyles, and
growing healthcare awareness. According to the website of the
Encyclopedia of Earth, Latin America produces on an average 3 kg of
medical waste per bed/day and Middle East produces in a range of 1 kg
to 1.5 kg per bed/day. Several key players are aiming towards
increasing their market penetration in these high growth potential
regions which is likely to contribute towards the growth of global
medical waste management market in Latin America and Middle East &
Africa.
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