Medical Waste Management Market size was over USD 15 Billion in 2023 and is anticipated to exceed USD 36 Billion by the end of 2036, growing at over 8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical waste management is assessed at USD 16.25 Billion.
The production of biomedical waste has increased significantly across the globe over the last 30 years, which has increased the significance of medical waste management initiatives in creating an environmentally friendly, long-lasting healthcare setting. As per the World Health Organization, (WHO), each hospital bed in high-income nations produces up to 0.5 kilograms of hazardous waste on average each day, compared to 0.2 kg in low-income nations.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
8% |
|
Base Year Market Size (2023) |
USD 15 Billion |
|
Forecast Year Market Size (2036) |
USD 36 Billion |
|
Regional Scope |
|
Service Offered (Collection, Transport and Storage, Treatment and Disposal, Recycling)
Treatment and disposal segment is anticipated to dominate medical waste management market share of over 35% by 2036. The segment growth can be accredited to the increasing number of hospitals. For instance, there are more than 15,000 hospitals worldwide.
This has caused a rise in the production of medical waste, which has encouraged the majority of healthcare facilities to either use methods other than burning or export their generated biomedical waste to huge, centralized incinerators for treatment and disposal.
Incineration of medical waste is a traditional medical waste disposal management procedure that entails burning medical waste generated by hospitals, veterinary clinics, and medical research organizations by heating the garbage to high temperatures.
Waste Generator (Hospitals, Laboratories and Research Centers, Nursing Homes)
The hospitals segment in medical waste management market is foreseen to gather the highest CAGR during the forecast through 2036. The growing incidence of hospital-acquired infections is the main driver of the segment's growth. Viral, bacterial, and fungal pathogens are the sources of healthcare-associated infections, which have extremely high rates of morbidity and mortality.
Moreover, every day, the quantity of garbage produced in hospitals grows geometrically, which necessitates the adoption of medical waste management services for lowering hospital infections and following infection control policies and procedures.
Hospital waste is a possible source of germs, with over 20% of it classified as hazardous. Worldwide, the projected rate of universal hospital-acquired infections is around 0.13, with an annual growth rate of 0.05.
Treatment Site (On-site, Off-site)
By the end of 2036, the off-site segment is slated to have the largest medical waste management market share. Hospital-produced medical waste used to be mostly handled on-site, however, regulations have forced clinics and other healthcare facilities to employ contractors to remove their waste for treatment and disposal off-site.
Our in-depth analysis of the medical waste management market includes the following segments:
|
Service Offered |
|
|
Type of Waste |
|
|
Treatment Site |
|
|
Treatment Method |
|
|
Category of Waste |
|
|
Waste Generator |
|
North American Market Statistics
North America in medical waste management market is expected to dominate over 47% revenue share by 2036. The market growth in the region is also expected on account of the growing awareness about waste management. Over time, "disposal in open dumps" gave way to "integrated waste management" in North America as the method of garbage management, leading to higher demand for smart waste management techniques.
The increasing spending on healthcare in the US is likely to fuel medical waste management market demand. For instance, healthcare spending in the United States increased by around 4% in 2022 to reach over USD 4 trillion, exceeding the 3% increase in 2021.
More than 45 infectious diseases exist in Canada among them are food poisoning, the flu, and measles, which rank fifth in terms of premature mortality and are a significant contributor to lost productivity.
APAC Market Analysis
The Asia Pacific region will also register a robust share of the medical waste management market during the forecast period and will hold the second position owing to the increasing medical tourism in this region. Asia's medical tourism industry is about to take off, with Thailand, Malaysia, and Singapore emerging as key international travel destinations.
This has led to a rise in the number of international patients visiting for medical treatment, leading to a higher requirement for managing and properly disposing of medical waste.
With over 5% of the global pharmaceutical industry, Japan is still one of the biggest medical waste management market in the world. As a result, medical waste management is an ongoing issue that is becoming more prevalent in the region.
China's fast urbanization has resulted in an annual rise in the generation of medical waste, which is dangerous and contagious and can have negative consequences on humans, and the environment.
The majority of medical waste processing in Korea takes place at specialized incinerators, which are monitored by the government using radio frequency identification (RFID).
The medical waste management market consists of many key players. These key players are launching various strategic initiatives to expand their market position in the medical waste management industry.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?