- Collection, Transpiration & Storage
Medical Waste Management Market size was estimated at USD 11.9 billion in 2022, growing at a CAGR of 6.6% during the forecast period 2023-2029. Medical waste, which includes potentially infectious materials generated in healthcare facilities like clinics, hospitals, veterinary hospitals, and research labs, poses significant health risks if improperly managed and can be categorized into infectious waste, pathological waste, sharps, chemicals, pharmaceuticals, genotoxic waste, radioactive waste, and non-hazardous waste. The global medical waste management market is expected to grow substantially due to efforts by government and non-government agencies to raise awareness and promote effective medical waste management, with countries like the U.S., UK, and India implementing regulations. Companies are adopting various strategies, including innovative management techniques and collaborations, to expand their market share, although the COVID-19 pandemic is expected to have a temporary impact on the market, and the report monitors recent innovations, key developments, and startup activities in the field.
Fastest Growing Market
Global medical waste management market is driven by awareness about complications related to inappropriate medical waste management and growth in healthcare industry. Furthermore, government regulations such as Medical Waste Tracking Act 1988, emergence of advanced waste disposal techniques and rising number of R&D activities and healthcare activities which produce more waste are expected to boost the market. However, lack of awareness and training in the proper medical waste management is expected hamper the market growth during the forecast period.
The Medical Waste Management Market is poised to grow at a significant CAGR of 6.6% during the forecast period
Waste Management, Inc. (U.S.), Stericycle, Inc. (U.S.), BioMedical Waste Solutions, LLC (U.S.), Republic Services, Inc. (U.S.), Remondis Medison GmbH (Germany), Suez Environnement S.A. (France), Clean Harbors, Inc. (U.S.), Veolia Environnement S.A. (France), Curtis Bay Medical Waste Services (U.S.), Tox Free Solutions Ltd. (Australia)
North America is the fastest-growing region for medical waste management market
Medical Waste Management Market size was estimated at USD 11.9 billion in 2022.
One of the threats to the medical waste management market is the potential for regulatory changes and stricter environmental regulations impacting disposal practices and costs.