Medical Waste Management Market Size Worth over USD 19.4 Billion in 2035 | Roots Analysis

The growth in the medical waste management market size over the next decade is likely to be the result of a considerable increase in the generation of healthcare waste by waste generators including hospitals, labs / clinics and pharmaceutical companies. The management of medical waste requires specialized technologies and expertise for efficient disposal of waste in a timely and regulated manner. 

Further, owing to the several advantages offered by service providers offering medical waste management, such as increased human safety, reduced management timelines and cost-effectiveness, the market is expected to witness significant growth in the coming years.

Key Report Takeaways

§  Over 85% of the players offer waste management solutions for hazardous and infectious waste to cater to the diverse needs of customers; disposal services have emerged as a popular choice among stakeholders

§  In pursuit of gaining a competitive edge, stakeholders in this field are actively upgrading their existing capabilities and adding new competencies to enhance their respective service portfolios

§  A steady growth in the partnership activity has been observed in recent years; acquisitions emerged as the most prominent type of partnership model adopted by players based in the US

§  Considering the stringent regulatory guidelines for proper waste disposal and increasing number of surgical procedures, the adoption of waste management solutions is poised to witness a steady growth in coming future

§  The incineration treatment method segment captures the largest revenue share of over 50% in the medical waste management market; further, market size of pharmaceutical companies is likely to grow at a faster pace

Competitive Landscape of Medical Waste Management Companies

The medical waste management market landscape features the presence of over 95 medical waste management firms offering waste collection, treatment and disposal services. The current landscape is well-fragmented, featuring the presence of small, mid-sized and large players. It is worth highlighting that nearly 65% of the medical waste management companies are based in North America, followed by Europe and Asia-Pacific. Notably, over 95% of the companies offer management services for hazardous waste management, followed by infectious waste management.

Medical Waste Management Market Regional Outlook

Based on the key geographical regions, the market can be segmented into six major regions, including North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa, and rest of the world. Led by the US, North America is anticipated to capture the majority share of the market in 2024 and this trend is likely to remain unchanged during the forecast period. Further, the market is growing at a faster rate in Asia-Pacific.

Based on the key geographical regions, the medical waste management market can be segmented into six major regions, North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa, and rest of the world. Led by the US, North America is anticipated to capture the majority share of the market in 2024 and this trend is likely to remain unchanged in the forecasted timeframe. This can be attributed to the government support, increasing R&D expenditure and technological advancements taking place in this region.

Asia-Pacific is likely to exhibit lucrative opportunities owing to the significant improvement in healthcare facilities and increase in medical tourism. The emergence of several medical waste management companies in the area is one factor, promising growth not only in Asia-Pacific, but also in the countries in rest of the world.

Key Players

Examples of key companies engaged in medical waste management market (which have also been profiled in this market report; the complete list of companies is available in the full report) include ACE WASTE, Averda, Axil Integrated Service, Clean Harbors, Cleanaway Waste Management, Curtis Bay Medical Waste Services, E-Coli Waste Management, GreenTech Environ Management, Heritage Environmental Services, Initial Medical, Medicare, MedPro Disposal, REMONDIS Mendison, Stericycle, Trilogy MedWaste, Triumvirate Environmental, Veolia, WM.

It is interesting to note that in September 2023, WM invested a sum of USD 30 million in order to expand its manufacturing capacity at its facility based in Ohio, US. Such types of expansions are expected to drive enhanced medical waste management across the globe, resulting in substantial market growth during the forecast period.

Market Segments

Based on research, Roots Analysis has segmented the Medical Waste Management Market into type of service offered, type of waste, treatment site, treatment method, category of waste and key geographical regions.

by Type of Service Offered

§  Collection

§  Treatment

§  Recycling

§  Disposal

by Type of Waste

§  Hazardous Waste

§  Non-hazardous Waste

by Treatment Site

§  On-site

§  Off-site

by Treatment Method

§  Incineration

§  Autoclave / Steam

§  Chemical / Mechanical

§  Microwave

§  Irradiation

by Category of Waste

§  General

§  Infectious

§  Pathological

§  Sharp

§  Pharmaceutical

by Key Geographical Regions

§  North America

§  Europe

§  Asia-Pacific

§  Latin America

§  Middle East and North Africa

§  Rest of the World

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