Report Overview

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global medical waste management market was pegged at US$ 76.53 billion in 2021 and is expected to register a revenue CAGR of 5.9% to reach US$ 128.2 billion in 2030.

Market Fundamentals 

The term "medical waste" refers to garbage produced during medical research, diagnosis, testing, treatment, or immunization of either humans or animals. Examples of such waste include glassware, culture dishes, gloves, bandages, discarded sharps like needles or scalpels, swabs, and tissue. Medical waste, which includes waste from doctor's offices, hospitals, dentist offices, labs, medical research facilities, and veterinary clinics, is waste that is infectious in origin. The pharmaceutical business is quickly expanding its development of cutting-edge production methods for pharmaceuticals and medical equipment. The efficient supply of inventory needed for hospitals, clinics, and diagnostic facilities to operate daily is another indicator of the market's expansion. This causes more garbage to be produced. For the proper collection, transportation, disposal, and recycling of materials or by-products, as needed, these by-products and residues need a system or service.

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Market Dynamics

The rise in the geriatric population, the rise in chronic disease incidence, and advancements in technology for the efficient treatment of medical waste are the main factors driving the revenue growth of the global market for medical waste management. For instance, The Central Pollution Control Board (CPCB) revealed that due to a rise in the usage of various diagnostic procedures and the treatment of COVID-19 patients, India produced roughly 45,308 tons of biomedical waste between June 2020 and May 2021.

Market Ecosystem

The global medical waste management market has been analyzed into five perspectives into service, type of waste, treatment site, waste generator, and region.

Medical Waste Management Market by Service

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Based on service, the global waste management market has been segmented into collection, treatment, disposal, incineration, and recycling. 

The collection segment accounts for the largest revenue share in the market. The segment’s revenue growth can be primarily attributed to the increasing volume of medical waste globally. Many healthcare institutes have started outsourcing the management of medical waste due to challenges in proper transportation and packaging of non-hazardous and hazardous medical waste. These overall factors are expected to contribute to the growth of the segment in the market.

Medical Waste Management Market by Type of Waste

Based on the type of waste, the global waste management market has been segmented into non-hazardous, infectious, and pharmaceutical. 

The non-hazardous segment dominates the market in terms of the largest revenue share during the forecast period. Non-hazardous medical waste includes clean glass, paper, plastic, cardboard, and others, which does not potentially harm human or environmental health. According to WHO, of the total amount of waste generated by healthcare activities, about 85% is non-hazardous, and the rest is considered hazardous.

Medical Waste Management Market by Treatment Site

Based on the treatment site, the global waste management market has been segmented into offsite and onsite. 

The offsite segment accounts for the largest revenue share in the market. As compared to on-site, offsite medical waste treatment is a more cost-effective option for most small and mid-sized medical facilities. In contrast, on-site treatment of medical waste is limited to large healthcare facilities, which requires expensive equipment to manage and run. Furthermore, stringent regulation for using and maintaining such equipment presents another challenge. Thereby increasing the adoption of offsite treatment sites.

Medical Waste Management Market by Waste Generator

Based on waste generators, the global waste management market has been segmented into hospitals and labs. 

The hospital segment accounts for the largest revenue share during the forecast period due to an increase in the number of awareness campaigns for medical waste management.

Medical Waste Management Market by Region

Based on region, the global medical waste management market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

North America dominates the global medical waste management market during the forecast period.  Growing government measures for the disposal of medical waste are attributed to significant revenue growth. For instance, the California Department of Public Health's Medical Waste Management Program (MWMP) controls the application of the Medical Waste Management Act and manages the generation, handling, storage, treatment, and disposal of medical waste (MWMA). Additionally, medical waste transfer stations and offsite treatment facilities are inspected and given permits under this statute. Key industry participants are also concentrating on managing medical waste in an efficient and environmentally responsible way, which should accelerate the market revenue growth in the years to come.

The Asia Pacific region is expected to experience the fastest revenue growth during the forecast period due to growing social awareness and the implementation of strict rules for the proper disposal of residues and by-products. Additionally, the revenue growth is expected to be driven using environmentally friendly disposal and recycling methods.

Competitive Landscape

The prominent players in the global medical waste management market include: 

• Biomedical Waste Solutions. LLC
• Clean Harbors, Inc.
• EcoMed Services
• Daniels Sharpsmart, Inc.
• Gamma Waste Systems
• GRP & Associates, Inc.
• Republic Services, Inc.
• Stericycle
• Remondis Medison 
• Triumvirate Environmental
• Veolia Environmental
• Waste Management Inc.

To maintain market competition in the medical waste management market, these market competitors are using a variety of growth strategies with ongoing technological advancements.

Strategic development

• In August 2022, to address the unprecedented rise in infectious healthcare waste brought on by the COVID-19 pandemic, the Government of Japan and the United Nations Development Programme (UNDP) started a new project to assist the national health agencies and other important stakeholders in Bangladesh, Bhutan, and the Maldives.
• In August 2021, lean Harbors acquired Littlejohn & Co., LLC affiliate HydroChemPSC for USD 1.25 billion. This acquisition helped the business in enhancing its revenue-generating potential by bolstering its opportunities with strong brand equity and customer service reputation.
• In February 2020, Stericycle announced an agreement to sell its Domestic Environments Solutions business to Harso Corporation for USD 462.5 million. This strategy has helped the firm to improve its margin percentages and drive long-term value to its shareholders.

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