Medical Waste Management Market to Reach $12.83 Bn, Globally, by 2030 at 5.8% CAGR: Allied Market Research
Rise in volume of medical waste, surge in prevalence of chronic diseases, and increase in prevalence of chronic diseases drive the growth of the global medical waste management market.
PORTLAND, Ore., Sept. 2, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Waste Management Market by Service (Collection, Transportation, and Storage Services, Treatment & Disposal Services, and Recycling Services), Type of Waste (Non-hazardous Waste and Hazardous Waste), and Treatment Site (Offsite Treatment, and Onsite Treatment): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global medical waste management industry garnered $7.22 billion in 2020, and is expected to reach $12.83 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030.
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Drivers, restraints, and opportunities
Rise in volume of medical waste, surge in prevalence of chronic diseases, and increase in prevalence of chronic diseases drive the growth of the global medical waste management market. However, high cost of services restrains the market growth. On the other hand, advancements in technologies for effective treatment of medical waste present new opportunities in the coming years.
Covid-19 Scenario
- The demand for effective medical waste management increased significantly during the Covid-19 pandemic due to surge in diagnosis and treatment of infected patients. In addition, requirement for various types of services such as treatment, disposal, and recycling increased as the amount of waste exceeded the treatment capacity.
- According to the Central Pollution Control Board (CPCB), India created nearly 45,308 tons of biomedical waste between June 2020 and May 2021. This is due to rise in diagnosis and treatment activities of Covid-19 patients.
- Many countries implemented advanced technologies such as steam sterilization and chemical disinfection to treat an enormous amount of medical waste. Government authorities joined hands with private companies for effective disposal and management of mounting medical waste. The need to automate the waste treatment processes rose as the number of workers reduced from facilities.
The non-hazardous waste segment to maintain its lead position throughout the forecast period
Based on type of waste, the non-hazardous waste segment accounted for the highest share in 2020, contributing to around four-fifths of the global medical waste management market, and is estimated to maintain its lead position throughout the forecast period. Moreover, this segment is projected to garner the highest CAGR of 5.9% from 2021 to 2030. This is due to increase in number of hospitals & clinics and rise in demand for healthcare products for treatment of diseases. The report also analyzes the hazardous waste segment.
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The offsite treatment segment to continue its dominant share during the forecast period
Based on treatment site, the offsite treatment segment contributed to the highest share in 2020, holding nearly three-fifths of the global medical waste management market, and is expected to continue its dominant share during the forecast period. Moreover, this segment is projected to portray the largest CAGR of 6.2% from 2021 to 2030. This is attributed to rise in volume of biomedical waste and emerging key players for effective medical waste management. The research also discusses the onsite treatment segment.
North America to maintain its leadership status in terms of revenue by 2030
Based on region, North America held the highest market share in 2020, accounting for more than one-third of the global medical waste management market. This is due to increase in prevalence of chronic diseases, presence of leading market players, surge in environmental awareness regarding waste management, and rise in volume of medical waste in the region. However, Asia-Pacific is estimated to manifest the fastest CAGR of 7.1% during the forecast period, owing to rise in prevalence of chronic diseases, surge in demand for healthcare product and services, and increase in number of hospital and clinics.
Leading market players
- Biomedical Waste Solutions, LLC
- Clean Harbors, Inc.
- Daniels Health Inc.
- EcoMed Services
- Remondis Medison (A Subsidiary of Remondis Ag & Co.Kg)
- Republic Services, Inc.
- Stericycle, Inc.
- Suez Environmental Services
- Veolia Environmental Services
- Waste Management, Inc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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