Medical Waste Management Market Expected to Reach $23.88 Billion by 2028

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Overview and Scope

The medical waste management refers to services that provide collection, transportation, storage, and recycling of waste. Biomedical waste is generated during the diagnosis, treatment, and immunization of human beings or other living beings from healthcare facilities.

Sizing and Forecast

The medical waste management market size has grown strongly in recent years. It will grow from $18.79 billion in 2023 to $19.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increasing importance for effective waste management and growing government initiatives for medical waste disposal..

The medical waste management market size is expected to see steady growth in the next few years. It will grow to $23.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rise in the use of disposable medical products, increasing adoption of new guidelines by prominent industry players, innovative technologies, and increasing volume of medical waste are expected to drive the market.. Major trends in the forecast period include adapting new treatment methods, adopting emerging technologies like microwaving technology, introducing new recycling services, mergers and acquisitions, and adoption of environment friendly waste treatment. .

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Segmentation & Regional Insights

The medical waste management market covered in this report is segmented –

1) By Type: Non-Hazardous Waste, Bio-Hazardous/Infectious Waste

Bio-Hazardous/Infectious Waste Management sub segmented By Type: Sharps, Pharmaceutical, Radioactive, Others

2) By Treatment: Incineration, Autoclaving, Chemical Treatment, Others

3) By Services: Onsite Services, Offsite Services

4) By Waste Generator: Hospitals, Clinics, Ambulatory Surgical Centers, Pharmaceutical Companies, Biotechnology Companies, Others

Asia-Pacific was the largest region in the medical waste management market in 2023. North America was the second-largest region in the global medical waste management market share. The regions covered in the medical waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The rise in the use of disposable medical products in healthcare facilities is expected to drive the medical waste management market. In a healthcare setting, most of the products used are meant for single-use to limit cross-contamination among patients and decrease hospital-acquired infection. The use of single-use or disposal products surged due to the COVID-19 pandemic outbreak. The widely used disposables like surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, intravenous saline bags, and others account for most of the hospital waste. Therefore, the rise in the use of disposable medical products is expected to drive the growth of medical waste management market.

Key Industry Players

Major companies operating in the medical waste management market report are Stericycle, Inc., Waste Management, Inc., Veolia Environmental Services, Clean Harbors, Inc., Suez Environmental Services, Republic Services, Inc., Sharps Compliance Inc., Daniels Health Inc., Biomedical Waste Solutions, LLC, Remondis SE & Co KG, A2Z Green Waste Management Ltd, BVG India Ltd, Tatva Global Environment Ltd, Hanjer Biotech Energies Pvt. Ltd, The SafeGroup, Initial Medical, PHS, Medisort Ltd, Biffa Waste Services, BioSter SA, EKOMED Sp. z o.o, Medbox, Medikal Polska Sp. z o.o, ARTECH Reduction Technologies, Environmental Waste International Inc, Pilot Performance Resources Management, Inc., Eco Medical, United Medical Waste Management, MedPro Disposal, Sanpro, Myron L Company, Picvisa Machine Vision Systems S.L.U, Tana Oy, Presona AB, Lindner-Recyclingtech GmbH, DILO Armaturen und Anlagen GmbH, Propex Operating Company, LLC, Lamor Corporation Ab, Globalex Enviro LLC, Condor Medical Waste Treatment Company LLC, Green Mountains Environment And Transport Services, Mazaya Waste Management LLC, Averda Waste Management, Al Dhafra Waste Collection LLC, Compass Medical Waste Services (Pty) Ltd, Kudoti (Pty) Ltd, Med-X Waste Solutions (Pty) Ltd

The medical waste management market report table of contents includes: