According to Value Market Research, the Global Medical Waste Management Market was valued at USD 16.04 BN (by revenue) in 2018 and is anticipated to reach USD 20.41 BN by the end of year 2025. The market is expected to showcase a CAGR of 3.50% between 2019 -2025.The market study digs deep inside the industry to forecast the future market opportunities and identifies realistic growth path.
Medical waste is a waste that is generated from the healthcare sector like hospitals, pharmaceuticals industry, physician offices, clinics, and others. This waste is harmful for patients as well as the healthy population since they have a higher potential to spread infection. Inadequate or incorrect handling of medical waste may actually cause serious public health-related issues making effective medical waste management very crucial for the environment. To overcome this problem many organization has come up with a new strategy to ensure that all the healthcare facilities have proper hygiene and sanitation service, this also includes healthcare waste disposal management. Additionally, various strategies are adopted by national and international regulatory bodies on the development and implementation of training programs for medical staff and patients, emphasizing on proper medical waste management.
The report titled "Global Medical Waste Management Market Report By Type (Nonhazardous Waste, Hazardous Waste, Infectious and Pathological Waste, Pharmaceutical Waste And Other), Treatment Analysis (Incineration, Autoclaving, Chemical Treatment And Other) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2018-2025" studies the various dynamics influencing the market – key driving factors, challenges, and hidden opportunities along with profiling the key market players.
As per the report the growing volume of medical waste, rising focus on the management of medical waste, and a strict regulatory framework to dispose of healthcare wastes safely are some of the key aspects driving the medical waste management industry. Also, with the expansion of healthcare and biotechnology industry the volume of medical waste is increasing, to overcome with this many organizations are adopting various strategies to manage medical waste. Moreover, the market is also gaining benefit with the growing regulatory pressure and rising awareness regarding medical waste management. On the downside, the medical waste management requires high capital investment for managing hazardous by-products and disposal of infectious material. This disposal and recycling processes release hazardous gases and substances which may affect the ecosystem and are likely to impact the industry growth.
The market segmentation covers type, treatment, and region. By type the market has been split into nonhazardous waste, hazardous waste, infectious and pathological waste, pharmaceutical waste and other. Nonhazardous waste segment holds highest share in market as most of the waste generated by healthcare sector is non-hazardous. Treatment analysis is segmented into incineration, autoclaving, chemical treatment and other. Out of which, incineration segments holds the highest share in the market since it is an easy and old method of disposal. Geographical segmentation has been done across the top five regions, North America, Europe, Asia-pacific, Latin America, and the Middle East and Africa. North America is dominating the global medical waste management market owing to the rising funding on healthcare sector along with the advancement of technology in terms of waste management in the region.
The Report Segments Global Medical Waste Management Market -
Players Highlight In The Report:
Remondis Medison GmbH, Republic Services, Inc., Sharp Compliance, Inc., Stericycle, Inc., Suez Environment S.A, Veolia Environment S.A., and Waste Management, Inc.
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