The global market for medical waste management has been growing on account of the enforcement of safe, hygienic, and environment-friendly practices across hospitals, clinics, and healthcare centers.
The global market for medical waste management has been growing on account of the enforcement of safe, hygienic, and environment-friendly practices across hospitals, clinics, and healthcare centers. The amount of medical waste generated annually poses a negative toll on the environment and can cause fatalities on a global scale. Hence, there is a pressing need to ensure that medical waste is effectively managed and its negative consequences are reduced as much as possible.
Medical waste can be of different types including hazardous, non-hazardous, pharmaceutical, surgical, and autopsy waste. Despite the dire consequences that these waste have on the environment and on the general health of the vicinity, they cannot be entirely eliminated. Hence, managing such wastes is the ultimate option for the healthcare industry, which gives an impetus to the growth of the global market for medical waste management.
The World Health Organization (WHO) has defined several parameters for estimating average annual waste across regions and has even stipulated ways of effectively managing this waste. It is anticipated that the demand within the global market for medical waste management would escalate at a boisterous rate in the years to come.
The global market for medical waste management is prognosticated to expand at a CAGR of 5.10% over the period between 2017 and 2025, finds TMR. Furthermore, the total revenues accumulated by the global market are expected to be worth USD 22.3 Bn in 2025.
- Government Regulations
Although the government has given several perks to the healthcare industry in order to ensure its growth and development, the government authorities have been extremely strict with medical waste management policies and regulations. This has given a push to the growth of the global market for medical waste management and has created new areas of growth for market players. Furthermore, the outsourcing of medical waste management services by healthcare centers is also an important trend that has bolstered market demand.
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2. Lack of Awareness Amongst Medical Staff
Despite the vitality of medical waste management for the healthcare industry, the awareness levels about ways of waste management are extremely low. This has become a hindrance for the growth of the global market for medical waste management. Furthermore, the deployment of a medical waste management system across healthcare centers requires heavy initial investment. The inability of hospitals and healthcare centers to afford such expensive systems has also been a loophole for the global market.
3. Market Segmentation
The global medical waste management market has been segmented based on nature of waste, waste types, waste generator type, types of services provided by the players, and by geography. In terms of nature of waste, the global medical waste management market has been segmented into non-hazardous medical waste and hazardous medical waste.
The non-hazardous medical waste was estimated to hold maximum market share in 2016. However, the hazardous medical waste segment is anticipated to grow significantly faster during the forecast period. According to World health Organization (WHO), non-hazardous and hazardous waste contributes 85% and 15% of the total medical waste generated respectively, among these, the non-hazardous waste is not properly separated owing to low awareness in low income countries making the real quantity of hazardous waste much higher.
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In terms of waste type, the global medical waste management market has been segmented into sharps, infectious & pathological waste, radioactive waste, pharmaceutical waste, and non-infectious waste.
The non-infectious or general waste segment is estimated to dominate the market in the year 2017, whereas infectious & pathological waste segment is expected to grow at significantly rapid rate by the year 2025. According to WHO, improper management of sharps waste such as unsafe injections across the world, was responsible for 33 800 new HIV infections, 1.7 million hepatitis B infections and 315 000 hepatitis C infections, in the year 2010.
In terms of waste generator types, the market is divided into large quantity medical waste generators and mid and small quantity medical waste generators. Increasing number of mid and small quantity medical waste generators and increasing focus of leading players on this group of waste generators are the factors expected to boost the growth of this segment by the year 2025.
The large quantity medical waste generators segment is expected to dominate the global medical waste generators market owing to rapidly increasing number of hospitals and pharmaceutical and biotechnology companies. The mid and small quantity medical waste generators segment is anticipated to expand at highest CAGR during the forecast period.
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4. Market Players
The market players in the global market for medical waste management are tirelessly working towards developing economical and effective systems for waste disposal. This is expected to bring in greater revenues in the global market for medical waste management over the forthcoming years. Some of these key players are US Ecology, Inc., Daniels Health, BWS Incorporated, and Biomedical Waste Solutions, LLC.
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