Medical Waste Management Market Size To Attain US$ 22.34 Bn By 2032

The global medical waste management market size reached US$ 11.41 billion in 2022 and is expected to surpass US$ 22.34 billion by the end of 2032, exhibiting a CAGR of 7% from 2023 to 2032.

Table of Contents

Key Takeaways:

The non-hazardous waste segment reached USD 8 billion in 2022.
The treatment and disposable services segment accounted for a 30% market share in 2022.
The hospital’s waste generation segment garnered a 33% market share in 2022.
North America’s medical waste management market is projected to reach a CAGR of 7% from 2023 to 2032.

Medical waste can be defined as a type of waste that comprises infectious substances. This contains waste produced by healthcare amenities like doctor’s offices, dental practices, hospitals, research laboratory, medicinal research amenities, and veterinary hospitals. The increasing patient population internationally is anticipated to increase the quantity of medicinal waste generated by the healthcare facilities. With the increasing quantity of medical waste, the administrations, worldwide, are undertaking several actions for the management of medicinal waste. The increasing number of actions by the government establishments is likely to support the medicinal waste management industry growth over the estimate timeframe. The advancement of innovative production techniques for medical devices and medicines in the healthcare industry is increasing rapidly in throughout the world. Moreover, the progress of the industry is also reflected by the effectual supply of inventories essential in the everyday functioning of diagnostic centers, clinics, and hospitals.

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Growth Factors:

Factors such as exponentially increasing volume of medical waste, rising geriatric population, increasing prevalence of chronic disorders such as cardiovascular diseases and diabetes, growing obese population, increasing requirement for sustainable and effective medical waste management, increasing focus of governments all over the world to tackle the issue of medical waste management, and increasing number of accidents are driving the growth of medical waste management market. Moreover, integration of latest technologies and growing investment by key manufacturers is driving the medical waste management market growth across the world. Additional features that are expected to fuel this business are increasing per capita healthcare expenditure and implementation of stringent regulations by governments related to medical waste management.

Above 65% of all deaths occur due to the five major chronic ailments viz., cancer, heart disease, diabetes stroke, and COPD. Chronic ailments are accountable for seven out of ten demises in the United States (more than 1.7 million individuals) each year. After heart ailments, cancer is the second predominant cause of demise in the U.S. Increasing elderly population, coupled with prevailing risk aspects (for example poor nutrition, absence of physical activity, and tobacco usage) and medical developments have led to the deduction that these difficulties are only going to amplify if not efficiently addressed over near future. The rising prevalence of chronic ailments is anticipated to result in a greater demand for healthcare devices, medicines, and equipment’s, which in turn is anticipated to bolster the progress of medical waste management industry over the forecast timeframe.

Medical Waste Management Market Scope

Report Highlights	Details
Growth Rate from 2023 to 2032	CAGR of 7%
Market Size in 2023	US$ 12.15 Billion
Market Size by 2032	US$ 22.34 Billion
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Treatment Type, Waste Type
Regional Scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Report Highlights:

Among the treatment segment, incineration dominated the overall market in 2020. Incineration is the lone method employed for pathological scrap such as identifiable tissue and body parts that augments the segmental share. The chemical treatment segment is estimated to grow at the uppermost CAGR through the forecast duration.
Hazardous waste accounted for the major share in the end-user segment with more than 65% share in 2020 due to high volume of hazardous waste generation. Moreover, implementation of stringent regulations for the safe disposal of hazardous waste by governments all over the world is expected to boost the demand for hazardous waste management in the near future.
Stericycle Inc., Waste Management, Inc., and Clean Harbors accounted for a significant share of the global medical waste management market.

Regional Analysis:

The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North America region dominated the worldwide market with a market share of higher than 42%. The U.S. indicated the highest slice in North America principally due to high incidence of cancer and early implementation of latest medical waste management techniques. Moreover, presence of major industry players and constant innovation also supported the high market portion of North America.

Europe was the subsequent significant market chiefly due to high geriatric population. Presence of positive reimbursement scenario in the European region is also expected to lift the demand for medical waste management in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around 6.8% in the estimate period due to increasing per capita healthcare expenditure and high number of accidents. Latin America and Middle East and African region will display noticeable growth.

Key Market Players and Strategies:

The key companies functioning in the worldwide medical waste management market are BioMedical Waste Solutions, Stericycle Inc., Clean Harbors, Citiwaste, MedPro Waste Disposal, Sanpro, Waste Management, Inc., and Sharps Compliance, Inc. among others.

Augmented spending on investigation and advance along with collaborations, acquisition, and mergers are the central strategies adopted by the major companies active in the global medical waste management market. Moreover, leading companies are investing heavily on research for improvements in the waste management technology. Major companies operating in the global market are focusing on development of new eco-friendly technologies that can be implemented for sustainable and efficient waste management.

Top Players Contending in the Market: