The capabilities of advanced technologies to efficiently handle medical waste with eliminating human factor for better safety is poised to drive the growth of medical waste management market across the globe over the forecast period. Medical waste is generated from healthcare activities such as diagnosis, treatment or immunization of animals and human beings. This medical waste containing syringes, needles, diagnostic samples, radioactive materials and others have high potential of causing injury or infection when improperly disposed. The growing generation of medical waste and improper segregation in middle and low income countries has made medical waste handling vulnerable for humans. The advent of latest waste handling solutions featuring cutting-edge technologies is posed to eliminate the risk factor from medical waste management. For instance, the University of California, San Francisco Medical center has employed a fleet of mobile robots named TUG, designed by Aethon, for delivery of meals and transporting medical waste. Along with this medical center, TUG serves around 37 veteran hospitals across U.S., thus optimizing medical waste handling management methods. In similar instance, Cleveland Clinic uses a fleet of automated guided vehicles for handling waste generated in the clinic. When the segregated waste is transferred to the basement through chutes, automated guided vehicles transport them to assigned disposal locations. Along with the hospitals and clinics, third party medical waste management service providers are also adopting robotic solutions. For instance, Cleanaway operate a robotic wash line for decanting, sanitizing and drying of containers carrying medical waste. Thus robots are anticipated to boost the growth of global medical waste management market.
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The recent outbreak of COVID-19 pandemic with more than 5 million cases around the world has led to a surge in generation of medical waste. In hospitals flooded with patients, these robotic devices assist to increase the availability of healthcare professional by undertaking the tasks of waste management and reduces the risk of transmitted infections. Thus, the benefits of these latest technologies to eliminate the human factor from medical waste management is anticipated to fuel the growth of global medical waste management market over forecast period. Technologies such as artificial intelligence, big data and others are also greatly impacting the medical waste management practices around the globe. For instance, Hofonet Tech offers an internet based technology for medical waste processing which utilizes Big Data for intelligent waste collection and supervision of the process. These implications of advanced technologies in medical waste handling is poised to propel the growth of global medical waste management market over forecast years.
In terms of revenue, global medical waste management market was valued at US$ 8,407.11 Mn in 2019 and is anticipated to reach US$ 13,268.84 Mn by 2028, growing at a CAGR of 5.2% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
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The detailed research study provides qualitative and quantitative analysis of medical waste management market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global medical waste management market was valued at US$ 8,407.11 Mn in 2019 and is anticipated to witness a compound annual growth rate of 5.2% over the forecast period owing to rise in waste generation coupled with stringent regulations.
- Hazardous medical waste is anticipated to dominate the global medical waste management market over future years owing to improper segregation leading to rise in contaminated waste.
- North America held the highest market share in global medical waste management market in 2019. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years owing to rise in medical waste generation coupled with government initiatives.
- Some of the players operating in the medical waste management market are BioMedical Waste Solutions, LLC, SUEZ, Stericycle, Republic Services, Inc., Daniels Health, REMONDIS Industrie Service GmbH & Co. KG, Veolia and US Ecology, Inc. amongst other market participants.
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Global Medical Waste Management Market:
- By Offerings
- Treatment & Disposal services
- Solid Waste/Trash and Recycling
- By Waste Type
- Bio-Hazardous and Hazardous
- Non Hazardous
- By Treatment Site
- By End User
- Outpatient Facilities
- By Facility Type
- Small & Medium Facilities
- Large Facilities
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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