Global Medical Waste Management Market Forecasts: $20.13 billion in 2019
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As generators of medical waste, healthcare and other medical facilities are required to establish a medical waste management plan in keeping with federal and state laws. Depending on state regulations, generators may be required to employ the use of state regulated treatment, storage, transportation and disposal companies, for small and large-quantity medical waste.
With the health care industry experiencing exponential growth all over the world, so has the need for medical waste management support (medical waste treatment centers, haulers, etc.). This opens the opportunity for the creation of state regulated medical waste disposal companies, which can range from treatment to storage to transportation.
Transparency Market Research recently released a report of forecasts for the global medical waste management market. Looking at a forecast period from 2013 to 2019, with the expected growth rate (CAGR) of 4.8%, the market is valued at $20.13 billion in 2019.
The global medical waste management market has been sub-divided into the following main categories:
- Collection: The collection of medical waste from healthcare/medical facilities (generators).
- Processing: The treatment, and other processes, of medical waste.
- Disposal of medical waste.
Out of the three processes, according to a 2012 report, the collection sub-segment had the largest share of the global medical waste management market (54.5% in 2012) with the processing sub-segment expected to “grow at a faster pace” than the other sub-segments.
In analyzing the market from a geographical perspective, four sub-segments were created: the North American market, European market, Asia-Pacific market, and the Rest of the world (RoW).
From the results, the following was ascertained:
- North America and Europe make up the largest markets
- The Asia-Pacific region is expected to increase rapidly due to upcoming opportunities in various countries like Japan, Australia and New Zealand.
Not only were the process and geographical aspects of the medical waste management market looked at but the kinds of medical waste often disposed of. The most commonly generated medical waste includes, but is not exclusive to the following:
- Human and animal tissue
- Sharps e.g. (surgical instruments and scalpels, needles etc.)
- Bloods soaked material, including blood-soaked cotton, etc.
- Surgical gloves
These kinds of medical waste, on federal and state levels would be classified as regulated medical waste, including biohazardous waste and would need specialized methods for treatment, storage and disposal.
Overall the report has identified “key players” in the global market medical waste management. These key players contribute significantly to the market. They include Stericyle, Inc., Waste Management, Inc., Republic Services, Inc., Veolia Environment SA, Suez Environment SA, US Ecology, Inc., and Clean Harbors, Inc.