Global Medical Waste Management Market to exceed USD 16.72 Billion by 2022
Sarasota, FL -- (SBWIRE) -- 10/13/2017 -- Zion Market Research has published a new report titled "Medical Waste Management Market by Type (Non-Hazardous Waste and Hazardous Waste) and by Treatment (Incineration, Autoclaving, Chemical Treatment and Others) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2022". According to the report, the global medical waste management market accounted for USD 11.36 billion in 2014 and is expected to reach USD 16.72 billion by 2022, growing at a CAGR of 5.0% between 2015 and 2022.
Medical waste is also known as biomedical waste. Medical waste includes waste associated with the medical origin that visually appears to be of medical or laboratory origin (e.g., packaging, unused bandages, infusion kits, etc.), as well research laboratory waste containing biomolecules or organisms that are restricted from environmental release. Segregation is an ideal technique used in medical waste management. Segregation prevents the contamination of non-hazardous waste by the hazardous waste. Thus, this method will reduce the toxicity and the volume of the waste stream. Moreover, segregation makes it easier to transport the waste. Waste is segregated depending on the quantity, composition, and the disposal method of the waste stream. These segregated medical waste further treated with chemicals, autoclave, incineration or others method depend on upon the type of waste. Examples of medical waste include discarded blood, sharps, unwanted microbiological cultures and stocks, identifiable body parts (including those as a result of amputation), other human or animal tissue, used bandages and dressings, discarded gloves, other medical supplies that may have been in contact with blood and body fluids.
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Medical waste management is driven mainly by the rapidly increasing number of the aging population across the globe. Moreover, increasing initiatives by government authorities is the key factor for fueling the growth of medical waste management market. In addition, advance research and technology are among the various factors which are directly responsible for increasing the growth of medical waste management market. However, the requirement of high capital investment is a key limitation which directly affects the growth of medical waste management market. Nonetheless, untapped market of Asia Pacific coupled with ongoing research and development in the healthcare sector are expected to open growth avenues for the market over the years.
Based on the type, the global market for medical waste management is bifurcated into two types: nonhazardous waste and hazardous waste. The hazardous waste is further segmented into infectious and pathological waste, pharmaceutical waste, and other medical waste. Global medical waste management market is dominated by nonhazardous waste followed by hazardous waste. In terms of revenue, nonhazardous waste accounted for 85% of total medical waste management market. Infectious and pathological waste segment is expected to experience significant growth with CAGR of 5.5% within the forecast period.
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Based on treatment, the global market for medical waste management is bifurcated into four types: incineration, autoclaving, chemical treatment and other treatments. Autoclaving treatment dominates the medical waste treatment market and is expected to grow at the highest CAGR with 5.4% among the entire segment within the forecast period. This growth is mainly attributed due to the various characteristics and effectiveness service provided by autoclaving. Autoclaving accounts for the largest market shares in terms of revenue and accounts for 35% of total medical waste management market, unlike chemical treatment which accounts for only 12% of total market.
In terms of geography, North America was the leading market for medical waste management in 2014 in terms of revenue generation. North America was followed by Europe due to the availability of advanced technologically and infrastructure. North America accounts for approximately 35% of the total market share of medical waste management market. Moreover, medical waste management market has the huge opportunity in emerging market like Asia Pacific, Latin America due to the public/government awareness, increase aging population, government initiatives, and healthcare infrastructure.
Key participants operating in the global medical waste management market include BioMedical Waste Solutions, LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., REMONDIS Medison GmbH, Republic Services, Inc., Sharps Compliance, Inc., Stericycle, Inc., Suez Environnement S.A., Veolia Environnement S.A., and Waste Management, Inc.
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