Press Release Description

Global Medical Waste Management Market to Record a Substantial CAGR of Around 5.4% During 2024-30

The Global Medical Waste Management Market is projected to grow at a CAGR of 5.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. As the global population increases, the number of patients rises accordingly, leading to an upsurge in medical waste production. The World Health Organization (WHO) estimates that approximately 15% to 20% of all medical waste is hazardous, infectious, or radioactive. This increase is exacerbated by advancements in medical science and technology, the emergence of new infectious diseases, and the expansion of hospitals and healthcare facilities. The United States alone produces over 6 million tons of healthcare waste annually.

Furthermore, the total volume of medical waste worldwide is projected to increase by 2-3% each year, amplifying the need for effective management solutions. Also, the expansion of the Medical Waste Management Market is further propelled by a rising array of government-backed initiatives. Regulatory agencies such as the Occupational Safety and Health Administration (OSHA), the Centers for Disease Control (CDC), the U.S. Food and Drug Administration (FDA), the Department of Transport (DOT), and the Drug Enforcement Administration (DEA) enforce strict medical waste regulations.

Besides, technological advancements are significantly driving market growth. This technology positions Envetec as one of the pioneering companies globally to offer an environmentally friendly solution that eliminates traditional, harmful waste treatment methods. These developments suggest a continued upward trajectory for the Medical Waste Management Market, further states the research report, “Global Medical Waste Management Market Analysis, 2024.”

Global Medical Waste Management Market

Global Medical Waste Management Market Segmentation Analysis

Hazardous Waste Segment to Lead the Global Medical Waste Management Market Growth

Based on the type of waste segment, the market is further bifurcated into Non-Hazardous Waste, Hazardous Waste, and Others. The Hazardous Waste category in the Global Medical Waste Management Market has seen considerable growth, driven by the significant health and environmental hazards associated with hazardous or infectious waste.

Although it represents a smaller portion of the total waste volume, hazardous waste management demands rigorous protocols to mitigate its risks. This involves employing methods like advanced incineration and specialized chemical treatments that effectively neutralize dangerous pathogens and chemicals. Also, the stringent regulatory landscape and the necessity for advanced management technologies spur ongoing innovation and investment in this area.

North America to Dominate the Global Medical Waste Management Market Growth

North America is expected to dominate the Medical Waste Management Market, driven by its advanced healthcare infrastructure and the rising prevalence of infectious and chronic diseases that necessitate sophisticated medical and surgical treatments. Furthermore, an increasing trend in US hospitals is the adoption of recycling programs for used medical equipment, which they repurchase at significantly reduced costs, thus contributing to regional market growth. Market growth is further bolstered by strategic industry collaborations, such as the partnership formed in 2021 between Stericycle and UPS Healthcare to manage the reverse logistics of medical waste, where Stericycle assists in the classification and disposal of medical waste, thereby enhancing the logistical capabilities of the healthcare sector.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Clean Harbors, Inc., Veolia Environment S.A., Waste Management Holdings, Inc., Stericycle Inc., Cleanaway Waste Management Limited, TBS Energi Utama, MedPro Disposal LLC, REMONDIS SE & Co. KG, Ecomed Services, BWS Incorporated, MedWaste Industries, Inc., GIC Medical Disposal, EPCO, SSO Medical Waste Management, Triumvirate Environmental, etc. are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
  2. What are the market trends influencing the current scenario of the Global Medical Waste Management Market?
  3. What key factors would propel and impede the industry across the regions?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across the regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. 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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