San Francisco, 07 Dec 2018 - According to a report by Grand View Research, Inc., global medical waste management market is anticipated to value USD 33.4 billion by 2025. Growing requirement for disposal of infectious material getting generated from hospitals and diagnostic centers can augment medical waste management.
Global medical waste management market by services, 2016 (USD Million)
Growing cases of chronic disorders and diseases such as cancer are anticipated to propel growth of market. Increasing number of geriatric population and road accidents are likely to surge demand for advanced medical solutions. Commercial availability of advanced medical solutions is expected to generate large amount of medical waste and byproducts. This, in turn, can stimulate market growth in next few years. Efficient supply of inventories required in day-to-day functioning of clinics, hospitals, and diagnostic centers is expected to generate huge waste. These byproducts and residues are likely to require proper system or service for collection, recycling, and disposal of specific materials or byproducts, if required. Favorable initiatives from governments across various nations to support and raise funds in effective waste management can drive market growth. These programs are expected to be conducted for creating awareness regarding importance of systems for appropriate disposal of waste. Growth of healthcare and medical sector globally owing to continuous R&D resulting in advanced surgical, diagnostic, and treatment solutions can fuel market growth. In addition, proper guidelines and set standards for same are likely to fuel growth of market during the forecast period (2014 to 2025).
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The medical waste management market can be segregated on the basis of services, treatment, and region. Based on services, the market can be categorized into onsite and offsite. In 2016, onsite segment dominated the market and accounted for largest market share. It is predicted to grow at similar pace over the forecast period owing to increasing adoption of onsite disposal and treatment. Most companies are likely to setup their own onsite treatment, disposal systems, and recycling units. This, in turn can augment growth of market during the forecast period. This segment is likely to include treatment, recycling, collection, and others sub segments. In 2015, treatment and disposable of waste segment accounted for largest market share. However, recycling segment is estimated to grow well over the forecast period attributed to development of ecofriendly techniques.
Drastic shift in the market from large players to small scale local players is predicted to restrict growth of market. Developing countries are likely to invest huge capital for adoption of advanced technologies to curb pollution and other hazardous effects on ecosystem during disposal and treatment. However, these countries are expected to lack clear & stringent regulations for management of medical waste, thereby hindering market growth.
Based on treatment, the market can be classified into autoclaving, chemical treatment, incineration, and others. Incineration segment is expected to hold largest market share as it is easy and old method of disposal. However, incineration can lead to emission of harmful gases and compounds that can result in water, air, and land pollution. Hence, treatments including chemical processing and other nonincineration methods can replace incineration in near future.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2016, North America dominated the market and accounted for 32% market share. Continual development of healthcare infrastructure can fuel growth of market in the region. In addition, growing prevalence of infectious and chronic diseases that require medical & surgical aids generating large number of byproducts and residues can fuel market growth.
In Asia Pacific, the market is expected to witness highest growth over the forecast period attributed to rising social awareness and strict regulations for propel disposal of residues and byproducts. In addition, rising adoption of recycling processes and ecofriendly disposal can augment market growth in the region.
Some of the leading companies offering medical waste management are Sharp Compliance, Inc.; Republic Services, Inc.; Stericycle, Inc.; Suez Environnement; and Veolia. Most companies are likely to hold strong position in market owing to brand equity and their commercial availability across the globe. In addition, these companies can also adopt various business strategies to remain competent in the market.
Grand View Research has segmented the medical waste management market by services, treatment and region:
Medical Waste Management Services Outlook (Revenue, USD Million; 2014-2025)
- Onsite
- Collection
- Treatment
- Recycling
- Others
- Offsite
- Collecting, transportation, storage
- Treatment
- Recycling
- Others
Medical Waste Management Treatment Outlook (Revenue, USD Million; 2014-2025)
- Incineration
- Autoclaving
- Chemical treatment
- Others
Regional Outlook (Revenue, USD Million; 2014-2025)
- North America
- US.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- Japan
- Latin America
- Mexico
- Brazil
- MEA
- South Africa
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-medical-waste-management-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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