The global market for Medical Waste Management is projected to reach US$14.5 billion by 2024, driven by the growing and undivided importance shed on protecting the environment, healthcare givers, patients, general public and waste handlers from infectious and hazardous clinical and medical waste. Stringent government legislations for safe handling, collection and disposal of biowaste coupled with hospitals’ focus on improving quality of care against the backdrop of the healthcare system’s migration to value based care are helping spur increased investments in hospital waste management systems. Few of the factors responsible for the growing volumes of clinical waste from healthcare facilities include increasing use of disposable medical products against the backdrop of rising emphasis on preventing cross-infections, growing population and a parallel increase in healthcare burden, and increasing number of surgeries and diagnostic medical procedures performed. Growing environmental concerns over biomedical waste, focus on diverting the same from landfills, and development of new treatment and disposal technologies, represent other major factors influencing growth in the market. The United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.1% over the analysis period led by factors such as developing healthcare infrastructure as evidenced by increased establishment of new private corporate hospitals, clinics, laboratories; rising social awareness about ethical disposal of medical waste; and growing stringency of hitherto lax waste disposal regulations as Southeast Asian countries increasingly focus on quality of care and safety as competitive differentiators to compete for a share in the rapidly growing medical tourism opportunity.
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Company and Industry News & Stories
- Clean Earth Takes Over MKC Enterprises, a Leading Provider of Hazardous and Non-Hazardous Waste Management Services
- Meridian Waste Solutions Buys EnviCare in a Move to Expand the Former’s Services into the Medical & Pharmaceutical Waste Sector
- With the Aim to Sustain its Formidable Position in Latin America, Estre Ambiental Takes Over Three Waste Management Companies
- Macau Capital Investments Acquires ECO Medical Waste Holdings in a Bid to Foray Into the Medical Waste Transportation & Disposal Market
- Freightways Buys State Waste Services in a Move to Diversify its Presence in the Australian Market
Product Definition & Scope
- Medical waste is defined as the solid waste generated during the diagnosis, testing, and treatment, as well as research of biological products of humans or animals. It is estimated that out of the total medical waste generated in hospitals, 80-85% of waste is non-hazardous, 8-12% is infectious, and the remaining is non-infectious but contains hazardous chemicals such as formaldehyde and methyl chloride. Disposal of medical waste is an expensive affair for medical care facilities. Medical waste management is largely influenced by environmental, professional safety, and economic parameters.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, Latin America, and Rest of World
- Biomedical Waste Solutions, LLC
- Bondtech Corporation
- BWS, Inc,
- Clean Harbors, Inc.
- Cleanaway Waste Management Limited
- Daniels Health USA
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