Medical Waste Management Market Regional Analysis:
North American Market Insights
North America in medical waste management market is expected to dominate over 47% revenue share by 2035. 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 Insights
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).
