Medical waste management denotes to the suitable handling of liquid or solid waste produced during the treatment, diagnosis, and immunization of animals or humans from healthcare units like pharmaceuticals, hospitals, healthcare offices, nursing homes, and others. Effective waste management is vital for hospitals and clinics as medical waste can be pathogenic and environmentally harmful. Already several treatment options are present for the handling of these products, which comprises incineration.
The key factor contributing to the growth of the global medical waste management market is the escalating population globally resulting in elevated patient number, further intensifying the medical waste volume. Further, growing worries over implementing safe and eco-friendly waste treatment and management method will boost the market growth in upcoming period. Also, the ongoing COVID-19 pandemic has generated a considerable volume of medical waste comprising syringes, needles, pathological waste, infectious waste, and others, which should be managed appropriately, thereby fueling market growth.
The global medical waste management market is segregated based on service type, category type of waste, treatment site, treatment type, source of generation, and region. By service type, the market is divided into transportation & storage, collection, recycling, treatment & disposal, and others. The market, based on treatment site, is bifurcated into onsite and offsite. The onsite service type segment is sub-categorized into recycling, treatment & disposal, collection, and others. The offsite service type is further sub-divided into transportation & storage, collection, recycling, treatment & disposal, and others. the market, on the basis of type of waste, is classified into non-hazardous waste and hazardous waste. The hazardous waste segment is sub-divided into sharps, pharmaceutical waste, infectious & pathological waste, and others. the market, based on source of generation, is categorized into physician offices, hospitals, manufacturers, clinical laboratories, and reverse distributors. The market, on the basis of treatment type, is classified into biological, autoclaving, incineration, irradiative, chemical treatment, and others. The market, based on category, is divided into uncontrolled and controlled.
Regionally, the global medical waste management market is projected to be dominated by North America during the forecast period. the regional expansion can be attributed to rising aging population and stringent rules. Asia Pacific is also projected to witness lucrative expansion in the coming period owing to growing social cognizance and the enforcement of strict rules for the appropriate discarding of byproducts and residues. Also, the implementation of eco-friendly dumping and recycling methods is projected to drive market growth.
The actively participating players within the global medical waste management market include Stericycle, Inc., Republic Services, Inc., Waste Management, Inc., Remondis Medison GmbH, Clean Harbors, Inc., BioMedical Waste Solutions, LLC, Daniels Sharpsmart, Inc., Sharps Compliance, Inc. Veolia Environnement S.A., Suez Environnement S.A., and others.