Increasing number of patient admissions across healthcare facilities is expected to be responsible for the growth of global medical waste management market.
According to a new market research study titled Medical Waste Management Market - Global Analysis and Forecasts by Service Type, Treatment Type, Treatment Site, and Geography. The global medical waste management market is expected to reach US$ 16,495.8 Mn in 2027 from US$ 10,563.2 Mn in 2018. The market is estimated to grow with a CAGR of 5.2% from 2019-2027. The report highlights the trends prevalent in the global medical waste management market and the factors driving the market along with those that act as deterrents to its growth.
In 2018, the treatment and disposal segment held the largest market share of 40.7% of the medical waste management market, by service type. The consumables segment is also expected to dominate its market share in 2027 as treatment and disposal are one of the most crucial steps conducted for discarding hospital generated waste. On the other hand, recycling segment is anticipated to witness the fastest growth rate of 6.6% during the forecast period, 2019 to 2027 owing to the majority of the companies working towards developing eco-friendly solutions that includes recycling of medical wastes.
Medical waste poses a growing problem across the world, jeopardizing the health of patients, staff, workers involved in disposal, and others. The primary reason behind the exponential increase in the volume of medical waste generated can be directly associated with the increasing number of patient admissions across various medical specialties. The healthcare authorities in almost all the countries of the world reports increase in the number of patient influx within the public as well as private healthcare facilities. For instance, according to a report by the Health Foundation published in February 2018, the annual number of hospital admissions in the English NHS has increased by 28.1% resulting from 14 million admissions in 2015/16 as compared to 11 million admissions in 2006/07. The NHS also reports that the number of patients admitted with at least one of the 22 long-term conditions has doubled from 2006 to more than 4.5 million patients in 2016. Thus, the increasing number of patient admissions for outpatient surgeries as well as inpatient hospital stays is likely to propel the increasing demand for medical waste management in these facilities, thereby promoting market growth.
Some of the prominent players operating in the medical waste management market are Medasend Biomedical, Inc, Bondtech Corporation, Sharps Compliance, Inc., Veolia, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., and Waste Management, Inc. among the others. The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions, mergers, and agreements to sustain their position in the market. For instance, in February 2015, Clean Harbors, Inc. and Nuverra Environmental Solutions, Inc. signed an agreement to acquire Nuverra's subsidiary Thermo Fluids Inc.
The report segments the global medical waste management market as follows:
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