Latin America Medical Waste Management Market Research Report: Forecast (2024-2030)

Market Definition

Medical waste management involves the proper handling, disposal, management, and recycling of waste such as used needles & syringes, body fluids, pharmaceutical products, etc., generated by healthcare facilities, including hospitals, diagnostic laboratories, clinics, nursing homes, and others.

Market Insights & Analysis: Latin America Medical Waste Management Market (2024-30):

The Latin America Medical Waste Management Market is estimated to grow at a CAGR of around 8.44% during the forecast period, i.e., 2024-30. In 2024, the Latin America Medical Waste Management Market is estimated to be around USD 644 million. The chronic disease occurrence and a rise in the aged population have led to an increase in the set-up of new facilities across the region. A huge amount of medical waste generated in these facilities drives the need for effective and sustainable medical waste management services. In addition, the growing importance of correct disposal of biohazardous waste generated by veterinary facilities has also been successful in boosting the Latin America Medical Waste Management Market.

Further, stringent regulations and policies are implemented by the governments & other authorities of Latin American countries. These regulations have made it necessary for every other medical facility in the respective countries to follow the proper steps for medical waste handling and disposal, which otherwise would lead to dangerous consequences for public health. Due to these new healthcare facilities, they have been signing contracts with medical waste management service providers.

Further, in countries like Brazil, Mexico, etc., the government and private organizations have always been investing in the establishment and expansion of research centers. These centers conduct research studies for different purposes, such as to generate knowledge on human health and disease, for novel drug development, and to reduce dependency on foreign studies. Being the source of medical waste, the centers tie-up with medical waste management service providers for proper disposal of generated waste, thereby positively augmenting market growth.

Latin America Medical Waste Management Market Driver:

Growing Focus on Safety and Safe Disposal of Radioactive Waste – Healthcare institutions such as hospitals in Latin America, primarily in countries such as Mexico, Brazil, Argentina, Chile, and Peru, are increasingly using radioactive isotopes for diagnostic and therapeutic purposes in cardiology and oncology. This radioactive waste, if not properly managed, could pose a risk to human health and the environment. Realizing this, the government and concerned authorities of Latin American countries, such as the National Nuclear Energy Commission (CNEN) and the New Mexico Environment Department, among others, have mandated strict regulations for radioactive waste disposal. Driven by this, hospitals and other facilities in Brazil, Mexico, etc., have been especially partnering with companies that have knowledge and expertise in the handling, disposal, and treatment of radioactive medical waste.

Apart from healthcare facilities, university bodies, like Colombia University, have dedicated proactive radioactive waste management programs. Subsequently, the Latin America Medical Waste Management Market would witness steady growth & expansion in the coming years.

Latin America Medical Waste Management Market Challenge:

Inadequate Infrastructure and High Capital Investment to Hinder Market Growth & Development – Although awareness regarding proper handling and disposal of medical waste among healthcare authorities has been increasing in various Latin American countries, some areas present inadequate infrastructure for the safe disposal of medical waste. Even the economic powerhouses of the region, such as Brazil, Mexico, and Argentina, are struggling to maintain adequate infrastructure for waste management. The quantum of budgets allocated by private and public towards the creation of proper waste management facilities in healthcare settings in these countries is quite low.

Further, other operating costs, such as labor and consumables, contractual and overhead costs involved, and utility requirements, such as fuel, electricity, water, etc., are necessary for the effective running and management of biomedical waste management facilities. As a result, small and medium-scale enterprises’ investments in their medical waste management are almost negligible. The existing facilities of these enterprises do not have an effective waste management plan, resources, budget, or skilled manpower that can help them with effective waste management processes. 

Latin America Medical Waste Management Market Trend:

Growing Acceptance of Sustainable & Eco-Friendly Medical Waste Management Services – Amid growing concerns about pollution, the demand for sustainability in the medical waste management market of the Latin American region is soaring at an exponential pace. The companies, too, have started offering eco-friendly medical waste management services in the region to match the growing trend. For example, Veolia has been offering environmentally friendly services for infectious medical waste management in Colombia. Henceforward, as the preference for eco-friendly medical waste management continues in sectors generating medical waste, the companies offering such services in the region would gain a prominent share.

Moreover, healthcare bodies in countries such as Mexico, and Brazil are planning to leverage IoT to ensure sustainability. The use of recyclables, real-time monitoring of medical waste and its timely disposal, analytics to identify waste generation patterns, etc., is gradually gaining traction. Eventually, the size of the Latin America Medical Waste Management Market would witness an expansion. 

Latin America Medical Waste Management Market (2024-30): Segmentation Analysis

The Latin America Medical Waste Management Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the regional level. Based on the analysis, the market has been further classified as:

Based on Type of Waste:

• Non Hazardous Waste
• Hazardous Waste
  • Infectious & Pathological Waste
  • Sharps Waste
  • Pharmaceutical Waste
  • Others

The non-hazardous waste segment had a significant market share in 2024. The growing number of patients requiring diagnostics and therapeutic treatment in Mexico, Brazil, Peru, Ecuador, Argentina, etc., has immensely contributed to the growth of non-hazardous waste. According to the World Health Organization, more than 80% of the medical waste generated in the Latin American region is of a non-hazardous nature, such as uncontaminated gowns, gloves, etc., which require appropriate disposal, thereby accelerating the demand for non-hazardous medical waste management services. Also, the handling and disposal services of non-hazardous waste are less costly when compared to hazardous waste.

With the rise in the number of patients suffering from cancer, cardiovascular disease, etc., hazardous waste emissions are soaring at an exponential pace. According to the WHO, Latin American countries release around 2.1 to 3.3 kg/bed of medical waste per day in 2022. The range has increased from around 1.8 to 2.4 kg/bed in 2018. Therefore, the share of hazardous waste in the Latin American Medical Waste Management Market is expected to soar during 2024-30. 

Based on Waste Generator:

• Hospitals
• Diagnostics Laboratories
• Blood Banks
• Dental Clinics
• Others (Nursing Homes, Veterinary Facilities, etc.)

The Hospitals segment accounted for the largest market share of the Latin America Medical Waste Management Industry. The dominance has been attributed to the fact that hospitals are major healthcare facilities that cater to a range of patients, including those suffering from various infectious and non-infectious diseases, thereby generating a large amount of medical waste. The total number of hospitals in the region exceeded 15,000 in 2024. Also, to ensure compliance with health standards, the hospitals in Colombia, Chile, etc. receive considerable investment in waste management infrastructure. This positively boosts the segment’s market share. Further, driven by increasing patient expectations, growing medical tourism, and the need for efficient healthcare delivery, the governments of various Latin American countries, particularly Brazil and Mexico, have been supporting and investing in the establishment of newer hospitals. These facilities would generate an opportunistic demand for various medical waste management solutions to protect public health and reduce environmental impacts. With that, the segmental market has been witnessing growth. 

Latin America Medical Waste Management Market (2024-30): Regional Projections

Geographically, the Latin America Medical Waste Management Market expands across:

• Mexico
• Brazil
• Argentina
• Colombia
• Chile
• Peru
• Rest of Latin America

Out of them all, Brazil accounted for the highest share in the Latin America Medical Waste Management Market in 2024. The key factor that can be held responsible for the majority market share of the country is its colossal network of healthcare institutes. In 2024, the country had around 7,200 hospitals, followed by Mexico (5,200) and Argentina (3,200). So, the hospitals in Brazil completely outpace those in other countries in terms of medical waste generation, eventually translating to a greater need for medical waste management.

The presence of a large number of elderly people who tend to suffer from various health conditions frequently has positively impacted the growth of the market. These old-aged individuals are often admitted to hospitals, nursing homes, etc., and a large number of healthcare products are invested in or used for them, eventually contributing to the generation of medical waste that requires proper disposal. For instance, the elderly population aged 65 and above was about 21,265,888 in 2022 in Brazil, up from 19,807,547 in 2020. The country's market is further set to benefit from the upcoming conferences and events in the country that would further boost awareness regarding the importance as well as provide information on available technologies or services for appropriate medical waste management.

Latin America Medical Waste Management Industry Recent Development:

• 2024: Waste Management (WM), Inc. and Stericycle announced that they have entered into a definitive agreement under which WM will acquire Stericycle for USD 7.2 billion.

Gain a Competitive Edge with Our Latin America Medical Waste Management Market Report

1. Latin America Medical Waste Management Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Latin America Medical Waste Management Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.