Stratview Research delivers key insights into the global Medical Waste Management Market. According to Stratview Research, the market is segmented by Service Type(Collection, Transportation, and Storage Services; Treatment Disposal Services; and Recycling Services), byType of Waste(Non-Hazardous Waste, Hazardous Waste), byTreatment SiteType(Offsite Treatment, Onsite Treatment), byWaste Generator Type(Hospitals Diagnostic Laboratories, Others), and byRegion(North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The report suggests that the overall medical waste management marketwas estimated atUSD 9.72 billion in 2022and is likely to grow at aCAGR of 5.65%during 2022-2028to reachUSD 13.52 billion in 2028.
The market is witnessing significant growth on account of the growing geriatric and obese population along with the increasing volume of healthcare waste.
COVID-19 Impact
An increase in the number of covid affected people led to an increase in medical waste tremendously. The increase in medical waste positively affected the market and it led to healthy growth in the medical waste management market.
What is medical waste management?
Medical waste management is the proper management and disposition of biomedical wastes to protect the environment, the general public, and workers, especiallyhealthcareand sanitation workers who are at risk of exposure tobiomedical wasteas an occupational hazard.
Medical waste management of different types, such as hazardous and non-hazardous that are used for onsite and offsite treatments.
Market Segments' Analysis
Based on the service type, the market is segmented as collection, transportation, and storage services; treatment disposal services; and recycling services.The collection, transportation, and storage services segment held the largest share of the market in 2021 and is expected to remain dominantduring the forecast period. The growth of the segment istriggered by the presence of stringent regulations for the collection, transportation, and storage of medical waste.
Based on the type of waste, themarket is segmented as hazardous and non-hazardous.The non-hazardous waste dominates the market,owing to the large quantity of non-hazardous waste generated in healthcare facilities across the globe which creates a significant focus on its effective management.
In terms of regions,North America is estimated to be the largest as well as the fastest-growingmarketduring the forecast period, with lucrative growth opportunities. The growth of the market is driven by the growing aging population and stringent regulations in this region.
Key Players
The following are some of the key players in the Medical Waste Management Market:
- Veolia Environnement S.A.
- Suez Environnement S.A.
- Sharps Compliance, Inc.
- Waste Management, Inc.
- Clean Harbors, Inc.
- Remondis Se Co. Kg
- Republic Services, Inc.
- Biomedical Waste Solutions LLC
- Daniels Sharpsmart Inc.
- Ecomed Services.
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions
- What is the global demand for the Medical Waste Management Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share of the market?
- How did the Covid19 impact the market?
- How long will it take to recover from the Covid impact?
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