Press Release Description
A USD 644 Million Latin America Medical Waste Management Market to Accelerate at a CAGR of Around 8.44% During 2024-30
The Latin America Medical Waste Management Market is projected to grow at a CAGR of 8.44% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. In 2024, the Latin American Medical Waste Management Market size is estimated to be around USD 644 million.
Driven by an increase in the patient population pool, the various healthcare facilities in the region have been generating huge amounts of medical waste. As a result, the need for medical waste management services has been increasing in the region. Also, there has been an increased emphasis on properly managing radioactive waste that is a risk to human health and the environment in the region’s healthcare facilities. This has significantly boosted the growth of the Medical Waste Management Market in Latin America.
Further, the healthcare industry in the Latin America region has been undergoing rapid transformation. Following that, modernization and expanded capacity creation in healthcare facilities are soaring. These facilities would require medical waste management services for appropriate disposal of medical waste, thereby propelling the growth of Latin America Medical Waste Management Market. The growing focus on proper disposal and management of animal waste generated by veterinary facilities has also been successful in boosting the Latin America Medical Waste Management Market growth. Also, blood donations happen regularly in blood bank facilities, during which hazardous medical waste is generated. This greatly generates demand for various services in medical waste management.
Moreover, governments and other authorities have made guidelines for the handling and disposal of medical waste to protect public health and the environment. These are to be followed by every other institution generating medical waste, which eventually boosts market growth, further states the research report, “Latin America Medical Waste Management Market Analysis, 2024.”
Segmentation Analysis
The Non-Hazardous Waste Segment Holds a Major Market Share
Based on the type of waste, the market is further bifurcated into, Non-Hazardous Waste and Hazardous Waste. The Non-Hazardous Waste category held the largest market share in 2024. The market growth is due to the rise in the number of surgical procedures in the region, where medical waste such as uncontaminated gowns, gloves, masks, hats, shoe covers, etc., is generated. Further, the strict regulations mandated by the concerned authorities to not oversee and follow proper protocol for the disposal of non-hazardous waste have also driven segmental market growth. Along with this, the growing offering of eco-friendly and sustainable medical waste management services by key companies for non-hazardous waste disposal has positively accelerated market growth.
Additionally, the fact that handling and disposal services of non-hazardous waste are less costly and cumbersome than those for hazardous waste has contributed to segmental market growth.
Brazil Dominates the Latin America Medical Waste Management Market
Brazil held a significant market share in 2024. The dominance has been credited to the establishment of newer hospitals, diagnostic labs, etc. in the country that are responsible for generating huge amounts of medical waste. Also, the awareness programs and international conferences on the handling and treatment of biomedical waste happening in the country have further enlightened the authorities about the importance and available technologies for medical waste disposal. This has led to an increased demand for medical waste management services in Brazil.
Moreover, the geriatric population, which is prone to a range of medical problems and is admitted to hospitals, nursing homes, etc., frequently contributes to the generation of medical waste products. With that, the demand for services meant for the disposal of medical waste has increased in the country. Brazil Medical Waste Management Market size and growth would continue to witness prosperity attributed to the listed factors during the forecasting years as well.
Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Stericycle, Biomedical Waste Solutions (BWS), Clean Harbors, Inc., Veolia, Triumvirate Environmental, Eco Medical Waste Solutions, Ingenium Medical Waste Solutions, MedClean Technologies, Red Bag Solutions, Daniels Health, Sanitec Solutions, and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping up across various countries?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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