The medical waste management market is slated to witness significant growth by 2030 owing to increasing environmental concerns for efficient medical waste management across the world. Additionally, the expanding healthcare sector, along with supportive government initiatives, is likely to further foster market growth over the forecast period.
Notably, the COVID-19 pandemic led to an unprecedented surge in the need for waste management due to the generation of massive amounts of medical waste, which has fueled product uptake considerably. For instance, the Indian government reported that more than 656 tons/day of biomedical waste was generated in 2020. To deal with the escalating amount of COVID-related healthcare waste, in May 2020, the Central Pollution Control Board, a statutory agency, introduced COVID19BWM, an application designed to track waste generation, collection, and disposal.
Moreover, major players in the medical waste management market have been continuously innovating solutions to improve their business presence, thereby bolstering industry expansion. To cite an instance, in October 2021, Clean Harbors, Inc., an American hazardous waste disposal solutions firm, completed the acquisition of HydroChemPSC, a U.S.-based cleaning and waste disposal company. With the integration of HPC’s hands-free technology and automation capabilities, the acquisition was set to assist Clean Harbors in creating various cross-selling opportunities to extend its customer reach.
The medical waste management market has been bifurcated based on waste generator, type of waste, service, and region.
In terms of type of waste, the medical waste management industry has been categorized into non-hazardous and hazardous. The non-hazardous waste segment accounted for more than $9.9 million in revenue in 2021 as a result of soaring amount of medical waste generated globally.
From service point of view, the medical waste management market has been divided into treatment & disposal services, collection, transportation & storage services, recycling services, and others. In 2021, the others segment held around 13% market share on account of growing importance of effective & eco-friendly waste management methods.
The medical waste management industry has been segmented with reference to waste generator into laboratory & research centers, hospitals, nursing homes, and others. The others waste generator segment recorded revenue of approximately $2.3 billion in 2021 and is expected to grow massively due to increasing number of mortuary & autopsy centers and blood banks.
In the regional scenario, the Middle Eat & Africa medical waste management market is projected to witness an upsurge in growth through 2030, progressing at a CAGR of nearly 5.3% over the review timespan. This growth is attributed to prominent government initiatives to promote safe and efficient medical waste disposal across MEA.