Medical Waste Management Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Service (Collection, Transportation, & Storage Services, Treatment & Disposal Services, and Recycling Services); Type of Waste (Non-hazardous Waste and Hazardous Waste); Treatment Site (Offsite Treatment and Onsite Treatment); Waste Generator (Hospitals & Diagnostic Laboratories, and Other Waste Generators); Region and Country

Published:

Nov-2021

Pages:

312

Table:

61

Figure:

147

Report ID:

UMHE21517

Geography:

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Report Description
Table of content
Research Methodology

Report Description

Medical Waste Management Market 2
Medical Waste Management Market 2

Medical Waste Management Market was valued at US$ 6.6 billion in 2020 and is anticipated to reach US$ 9.4 billion by 2027 displaying an elevated CAGR of 5.26% over the forecast period (2021-2027). Medical waste is the waste produced by healthcare facilities like physician’s offices, hospitals, dental practices, laboratories, medical research facilities, and veterinary clinics that contain infectious material. Medical waste can include bodily fluids like a serum, blood, or other contaminants. According to the Medical Waste Tracking Act (1988), Medical Waste is a waste generated during medical research, testing, diagnosis, immunization, or treatment of either human beings or animals. Few examples are glassware, culture dishes, bandages, gloves, discarded sharps like needles or scalpels, swabs, and tissue. The demand for Medical Waste Management is increasing on account of the rising aging population, which in turn is increasing the number of patients suffering from chronic or infectious diseases leading to a rising volume of medical waste. Consequently, with the increasing volume of medical waste, government organizations, all over the world, are taking various initiatives for the management of medical waste. In addition, the rising awareness regarding medical waste management is also driving market growth.

Population Aged 65 and above (% of the total population)

Medical Waste Management Market 3
Medical Waste Management Market 3

Insights Presented in the Report

“Amongst Service, Collection, Transportation, & Storage Services segment holds the major share.”

Based on Service, the market is fragmented into Collection, Transportation, & Storage Services, Treatment & Disposal Services, and Recycling Services. The collection, transportation, and storage services segment are expected to grow at lucrative during the forecasted period owing to the presence of stringent regulations for the collection, transportation, and storage of medical waste. Moreover, the factors such as an increase in medical waste volume, and the development of research laboratories or hospitals also propel the segment growth.

“Amongst Type of Waste, Non-hazardous Waste segment holds the major share.”

Based on the Type of Waste, the market is bifurcated into Non-hazardous Waste and Hazardous Waste. The Non-hazardous Waste segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period owing to the rise in the number of clinics & hospitals, and surge in demand for healthcare products for the treatment of diseases. According to WHO, of the total amount of waste generated by healthcare activities, about 85% is general, non-hazardous waste.

“Amongst Treatment Site, the offsite segment is anticipated to grow at the highest CAGR during the analyzed period.”

Based on the Treatment Site, the market is bifurcated into Offsite Treatment and Onsite Treatment. The Offsite segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period owing to the rising prevalence of chronic diseases, high advancements in the R&D sector in healthcare, and the use of innovative technology in waste management. The growing geriatric population base with a higher predisposition to various age-related diseases such as cancer, cardiovascular diseases, arthritis, hypertension, etc. is a leading cause that is adding pace to the growth in the Waste Management Market.

“Amongst Waste Generator, the Hospitals & Diagnostic Laboratories segment is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Waste Generator, the market is fragmented into Hospitals & Diagnostic Laboratories, and Other Waste Generators. The Hospitals & Diagnostic Laboratories segment dominated the market in 2020 and is expected to grow at a lucrative growth during the forecast period owing to the rising number of Hospital and Diagnostic Laboratories all over the world, and the increase in medical waste generation. As per WHO, High-income countries generate on average up to 0.5 kg of hazardous waste per hospital bed per day, while low-income countries generate on average 0.2 kg.

“North America region signifies one of the largest markets and is expected to be the fastest-growing markets of Medical Waste Management market.”

For a better understanding of the market adoption of Medical Waste Management, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Medical Waste Management market on account of the growing aging population and stringent regulations in this region. In addition, the rising incidents of chronic diseases, the presence of key players, rise in environmental awareness regarding waste management, and rise in medical waste volume in the region also propels the market growth.  Some of the major players operating in the market include Stericycle, Veolia Environnement S.A., Suez Environnement, Clean Harbors, REMONDIS AG & Co. KG, Sharps Compliance, Inc., Waste Management, Inc., BioMedical Waste Solutions, LLC, Daniels Sharpsmart Inc., Republic Services, Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

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1.1.Market Definitions
1.2.Limitation
1.3.Stake Holders
1.4.Currency used in Report

 

2.1.Research Process of the Medical Waste Management Market
2.2.Research Methodology of the Medical Waste Management Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Medical Waste Management Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5GLOBAL MEDICAL WASTE MANAGEMENT MARKET COVID-19 IMPACT

 

6GLOBAL MEDICAL WASTE MANAGEMENT MARKET REVENUE (USD BN), 2019-2027F
7.1.Collection, Transportation, & Storage Services
7.2.Treatment & Disposal Services
 7.2.1.Incineration
 7.2.2.Autoclaving
 7.2.3.Chemical Treatment
 7.2.4.Other Treatments
7.3.Recycling Services

 

8.1.Non-hazardous Waste
8.2.Hazardous Waste
 8.2.1.Infectious & Pathological Waste
 8.2.2.Pharmaceutical Waste
 8.2.3.Sharp Waste
 8.2.4.Other Medical Waste
9.1.Offsite Treatment
9.2.Onsite Treatment
10.1.Hospitals & Diagnostic Laboratories
10.2.Other Waste Generators
11.1.North America Medical Waste Management Market 
 11.1.1.United States
 11.1.2.Canada
 11.1.3.Rest of North America
11.2.Europe Medical Waste Management Market 
 11.2.1.Germany
 11.2.2.U.K.
 11.2.3.France
 11.2.4.Spain
 11.2.5.Rest of Europe
11.3.Asia Pacific Medical Waste Management Market
 11.3.1.China
 11.3.2.Japan
 11.3.3.India
 11.3.4.Australia
 11.3.5.Rest of Asia Pacific
11.4.Rest of World Medical Waste Management Market 
12.1.Market Drivers
12.2.Market Challenges
12.3.Impact Analysis
13MEDICAL WASTE MANAGEMENT MARKET OPPORTUNITIES
14MEDICAL WASTE MANAGEMENT MARKET TRENDS
15LEGAL & REGULATORY FRAMEWORK
16.1.Demand Side Analysis
16.2.Supply Side Analysis
 16.2.1.Top Product Launches
 16.2.2.Top Business Partnerships
 16.2.3.Top Business Expansions, Investments and Divestitures
 16.2.4.Top Merger and Acquisitions
17VALUE CHAIN ANALYSIS
18.1.Competitive Landscape
 18.1.1.Company Shares, By Revenue
19.1.Stericycle
19.2.Veolia Environnement S.A.
19.3.Suez Environnement
19.4.Clean Harbors
19.5.REMONDIS AG & Co. KG
19.6.Sharps Compliance, Inc.
19.7.Waste Management, Inc.,
19.8.BioMedical Waste Solutions, LLC
19.9.Daniels Sharpsmart Inc.
19.10.Republic Services, Inc.
20DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Medical Waste Management were the three major steps undertaken to create and analyze the demand for Medical Waste Management for the different Services such as Collection, Transportation, & Storage Services, Treatment & Disposal Services, and Recycling Services. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Medical Waste Management sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Medical Waste Management through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Medical Waste Management, we conducted a detailed secondary analysis to gather historical market insights and share for different segments. Major segments included in the report are Service, Type of Waste, Treatment Site, Waste Generator, and region/country. Further country-level analyses were conducted to evaluate the overall adoption of Medical Waste Management in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Medical Waste Management. Further, we conducted factor analysis using dependent and independent variables such as the High prevalence of cardiovascular diseases and cancer cases, and the rapidly growing aging population.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Medical Waste Management Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (USD) and the adoption rate of Medical Waste Management across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Medical Waste Management market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Medical Waste Management Market 1
Medical Waste Management Market 1

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Medical Waste Management market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Service, type of waste, treatment site, waste generators, and region of the Medical Waste Management market.

Main Objective of the Medical Waste Management Market Study

The current & future market trends of the Medical Waste Management Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Medical Waste Management Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the sector
  • Segments in the study include Service, Type of Waste, Treatment Site, Waste Generator, and region/country
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
  • Define and analysis of the government regulations for Medical Waste Management Market globally
  • Analyze the current and forecast market size across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of the World
  • Define and analyze the competitive landscape of the Medical Waste Management Market sector and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry