Global Medical Waste Management Market is set to grow at a CAGR of 5-6% by 2027 - Changing Healthcare for a Healthier & Livable Future

Medical waste disposal can be defined as the subset of waste produced by hospitals, clinics, dental clinics, mortuaries, nursing homes, blood banks, veterinary clinics, medical research facilities and laboratories. The waste is disposed of by various waste disposal methods such as incineration, autoclaving, chemical treatment and other disposal methods.

The two main types of waste are segmented below:-

1. Hazardous Waste: Hazardous waste has properties that can have an adverse effect on the human health and the environment. It is derived from infectious, pathological (tissue), sharp, chemical, pharmaceutical, cytotoxic (mutagenic, teratogenic or carcinogenic substances) or radioactive sources.
2. Non-hazardous Waste: Non-hazardous waste does not cause any harm to humans or to the environment, and regulations for the disposal of non-hazardous waste are comparatively less strict. Examples of non-hazardous medical waste are plastic packaging, clean glass and plastic, paper and cardboard and office products. It makes up approximately 85% of all medical waste and 15% of it is hazardous.

WHO predicts that in developed countries for each taken hospital bed, 0.5kg of hazardous medical waste is generated, in developing countries this is closer to 0.2kg. However, predictions are tough to come to as hazardous and non-hazardous waste are commonly mixed up making the volume much more higher. Proper waste disposal is needed to decrease all the environmental risks, protection for all healthcare staff and further prevent contamination in the environment.

An Increasing Volume of the Hazardous Medical Waste to Fuel the Growth of the Medical Waste Management Market

Growth world population and healthcare application, primarily in developing countries, is fueling the growth of the medical waste management market. Overall life expectancies are enhancing further and the world is aging rapidly – growing morbidity and hence, an increase in medical waste.

Other major growth factors of medical waste management market are as follows:

• Increasing use of disposables : Hospitals are rapidly using disposables – common materials such as catheters and scalpels are disposed of as opposed to autoclaving or UV treating them.
• Prions (pathogens resistant to sterilization by autoclaving or UV) reveals the highest level of resistance to disinfection or sterilization. Reusable medical devices are always prone to become contaminated with prions. Further concerns on the growth of antibiotic-resistant bacteria are driving the shift to using disposables.
• Growing application of a broader range of radionuclides in medicine and medical research has triggered the volume of biomedical radioactive waste.
• Another key growth driver for the rise in hazardous waste is due to a poor waste management in developing countries. Incorrect or improper disposal causes a hazardous waste to be mixed with general waste, thus making the general waste more hazardous. This further increases the overall volume of waste which needs to be disposed of through incineration.

Fueled by Covid-19 Pandemic, Primary Focus on the Proper Disposal of Medical Waste is Projected to Continue to Trigger the Growth of the Medical Waste Management Market

The Covid-19 pandemic had brought into the focus the requirement for an effective and a safe medical waste management, placing plans for it higher on the government's agenda. Medical waste produced during Covid-19 pandemic in many countries exceeded the waste management capabilities available during that time period. During Covid-19 pandemic, in the Hubei Province, China saw a medical waste generation rate of 0.5kg/bed/day in many hospitals, which led to higher investments in growing capacity and emergency solutions to do waste disposal.

The primary emphasis on the safe processing of waste has brought legislation rules surrounding the safe disposal of waste from governments across the world, thus needing an effective disposal. The most common disposal methods are incineration, autoclaving, chemical disinfection and microwave treatment.

Examples of the growing focus on an effective disposal of medical waste are listed below:

Healthcare waste management was one of the major challenges which had arose due to the response to the Covid-19 pandemic. So, to strengthen and safely manage the harmful waste, in July 2020, the European Union (EU) and the Pan American Health Organization/World Health Organization (PAHO/WHO) donated two medical waste autoclaves to the Ministry of Health and Wellness (MoHW) in Belize (North-eastern coast of Central America).?

Competitive Landscape Analysis: Medical Waste Management Market

Some of the key, established and emerging players operating in the global medical waste management market are BioMedical Waste Solutions , Clean Harbors , Daniels Health , EcoMed Services , REMONDIS Medison (A Subsidiary of Remondis Ag & Co.Kg), Republic Services , Stericycle , SUEZ , Veolia and Waste Management Inc. .

The global medical waste management market is ordinarily fragmented, with some of the key players holding a larger market share in developed countries and regions. However, shortage of standardized regulations for medical waste management and lack of awareness on medical waste management in developing and emerging countries are some of the major factors which may impact the growth of the medical waste management market.

North America Holds the Largest Market Share in Medical Waste Management Market while the China Market is Growing Significantly as Companies Aim to Comply with Chinese Regulations

The United States has a fully-developed healthcare market, but there are a strict set of regulatory guidelines which healthcare service providers and waste disposal companies have to follow. The disposal of medical waste is supervised by many government bodies including the EPA, OSHA, and individual State Departments for Environmental Protection. The EPA had issued regulations on emissions produced by medical waste incineration, and other methods of waste disposal such as microwave, chemical and electro pyrolysis disposal are more commonly used – driving demand for these services.

As China and India begin to implement their medical waste disposal policy, the global medical waste disposal market is projected to see a healthy growth in the upcoming years.

Explore Detailed Insights on Medical Waste Management Market Report @ https://meditechinsights.com/medical-waste-management-market/

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