Medical Waste Management Market Is Predicted to Reach a Valuation of US$ 25.2 Bn by 2028

Medical Waste Management Market

The global medical waste management market, which projects market growth at a CAGR of 6.2% from 2021 to 2028. Revenue from medical waste management services accounted for US$ 15.3 Bn in 2020, and is estimated to surge to US$ 25.2 Bn by the end of 2028.

Over the past few years, waste management has become a critical issue. Especially due to rising focus on healthcare, the volume of medical waste has also increased in parallel, and is subsequently driving demand for pharmaceutical waste management and infectious waste management solutions.

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However, medical waste management is an expensive process. The Centers of Medicare and Medicaid Services (CMS) project that healthcare spending shall increase by 5.6% across the forecast period. As a result, healthcare settings have been outsourcing their medical waste management services to third parties, thus broadening the scope of the market. The ongoing coronavirus pandemic is also anticipated to leverage the need for proper medical waste disposal to avoid the spread of infection within healthcare settings.

Key Takeaways from the Medical Waste Management Market Study:

  • By nature, non-hazardous medical waste is anticipated to account for a major chunk of the medical waste management market. The segment is poised to capture a market share of nearly 70% across the forecast period.
  • By waste type, the infectious waste segment is expected to grow the fastest, at a CAGR of 6.0%. This is attributed to the growing prevalence of infectious diseases such as SARS, Hepatitis, Tuberculosis and influenza. However, the non-infectious segment shall remain dominant, owing to rising prevalence of chronic disorders in the wake of a rapidly aging population.
  • By waste generator, large quantity waste generators are poised to remain in the vanguard of the medical waste generators market. Hospitals constitute the major chunk of medical waste generators, owing to the large volume of surgical procedures happening in a day.
  • By service type, off-site waste management shall gain traction, attributed to stringent government regulations and increased burden of healthcare expenditure. Key healthcare settings have been outsourcing their waste management to outside parties.
  • Regionally, North America is set to dominate the market, capturing nearly 40% market share while Asia-Pacific is expected to be significantly leveraged. Stringent healthcare regulations are boosting medical waste management prospects in North America while a rapidly evolving healthcare infrastructure drives growth in the Asia-Pacific.

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Key Segments Covered in Medical Waste Management Industry Research

By Nature of Waste:

  • Non-hazardous Medical Waste Management
  • Hazardous Medical Waste Management

By Waste Type:

  • Sharps
  • Infectious & Pathological Waste
  • Radioactive Waste Management
  • Pharmaceutical Waste Management
  • Non-infectious Waste 

By Waste Generator Type:

  • Large Quantity Waste Generators
    • Hospitals
      • Public
      • Private
    • Pharmaceutical & Biotechnology Companies
  • Mid & Small Quantity Waste Generators
    • Clinics & Physician’s Offices
    • Retail Pharmacies
    • Ambulatory Surgical Centers & Long Term Care Centers
    • Laboratories
      • Pathological Laboratories
      • Diagnostic Imaging Laboratories
    • Academic & Research Institutes
    • Blood Banks
    • Others (Veterinary, Mortuary and Autopsy Centers, Home Healthcare, Military & Government, Nursing Homes, Tattoo Parlors)

By Service Type:

  • On-site Medical Waste Management Services
  • Off-site Medical Waste Management Services

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