Publication Month: Jul 2019 | Report Code: TIPRE00005411 | No. of Pages: 136 | Category: Pharmaceuticals | Status: Published
Medical waste is referred to as the wastes that are generated at the medical facility centers and life science processing companies. The wasted generated by healthcare activities include body parts, blood, chemicals, soiled dressings, medical devices, diagnostic samples etc. the process of regulating the generation, handling, treating and disposal of these medical wastes are termed as medical waste management. The growth of the global medical waste management market is attributed to the increasing medical waste, initiatives undertaken for medical waste management and increasing number of patient admissions across the globe. However, lack of awareness about health hazards associated with medical waste is the major factor hindering the market growth.
The global medical waste management market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
With the modern medicine continuing to maintain and sustain current quality of wellness and care standards, the medical industry continues to produce enormous amount of byproducts that can pose adverse threat to both people and environment. Healthcare waste has witnessed comparatively lower attention in developing economies that has led to increasing diseases occurring due to side-effects of these waste products. According to the World Health Organization, an estimated of 16 billion injections are administered across the globe in 2018, however not all the sharps and needles and disposed orderly after their use. According to a report published by biomedical Waste Solutions, 5.9 million tons of medical waste was produced by American hospitals in 2018.
Furthermore, in emerging economies such as India that has high-tech medical facilities and is one of the most common destination for medical tourism also has a humongous amount of hospital waste generated in the country. For instance, according to the General Health Services India, the country generates approximately 550.9 tons of medical waste on a regular basis and is expected to produce775.5 tons of waste by 2022.
Moreover, according to the NHS UK, in 2015, the domestic material consumption was recorded to be 576 million tons, which is a slight decrease from 591 million tons in 2014. In addition, according to a survey conducted and published by Wockhardt Hospitals, on an average, high income countries generate up to 0.5 kg of hazardous waste per bed per day as compared to 0.2 kg that is generated in low income countries.
The rising volumes of these waste materials demands appropriate disposal mechanism that can be achieved through the services offered by medical waste management companies. Thus, the faster growing generation of medical waste products is likely to propel the growth of global medical waste management market over the forecast years.
In terms of service type, the global medical waste management market is segmented into collection, transportation and storage, treatment and disposal, and recycling. In 2018, the treatment and disposal segment held largest share of the market. However, the recycling segment is estimated to grow at the fastest rate during the forecast period.
Based on treatment type, the global medical waste management market is segmented into incineration, autoclaving, chemical treatment, and others. The incineration segment held the largest market share in 2018. Also, the same segment is estimated to grow at the fastest rate during the forecast period.
In terms of treatment site, the global medical waste management market is segmented into offsite and onsite. In 2018, the offsite segment held largest share of the market. The same segment is expected to register the highest CAGR during the forecast period.
|Market Size Value in||US$ 10,563.25 Million in 2018|
|Market Size Value by||US$ 16,495.8 Million by 2027|
|Growth rate||CAGR of 5.2% from 2019-2027|
|No. of Pages||136|
|No. of Tables||72|
|No. of Charts & Figures||63|
|Historical data available||Yes|
|Segments covered||Service Type ; Treatment Type ; Treatment Site , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The global medical waste management market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
The List of Companies - Medical Waste Management Market