How has COVID-19 Spurred Demand for Pharmaceutical Waste Management: Check Latest Study
The demand for medical waste management is poised to expand steadily, growing at a CAGR of 5.1% across the forecast period (2020-2025).
As healthcare infrastructure has started to develop, the number of surgical procedures for treating various chronic and infectious diseases have also increased. This has necessitated the safe disposal of medical waste generated during the surgical process. Over the years, various governmental and non-governmental organizations have bolstered efforts to ensure the proper management of medical waste.
The Centers of Medicare and Medicaid Services (CMS) project that healthcare spending shall increase by 5.6% across the forecast period. As a result, healthcare settings have been outsourcing their medical waste management services to third parties, thus broadening the scope of the market. The ongoing coronavirus pandemic is also anticipated to leverage the need for proper medical waste disposal to avoid the spread of infection within healthcare settings.
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A detailed assessment of the medical waste management market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the medical waste management market along with their product portfolio enhances the reliability of this comprehensive research study.
Key Takeaways from the Medical Waste Management Market Study:
- By nature, non-hazardous medical waste is anticipated to account for a major chunk of the medical waste management market. The segment is poised to capture a market share of nearly 70% across the forecast period.
- By waste type, the infectious waste segment is expected to grow the fastest, at a CAGR of 6.0%. This is attributed to the growing prevalence of infectious diseases such as SARS, Hepatitis, Tuberculosis and influenza. However, the non-infectious segment shall remain dominant, owing to rising prevalence of chronic disorders in the wake of a rapidly aging population.
- By waste generator, large quantity waste generators are poised to remain in the vanguard of the medical waste generators market. Hospitals constitute the major chunk of medical waste generators, owing to the large volume of surgical procedures happening in a day.
- By service type, off-site waste management shall gain traction, attributed to stringent government regulations and increased burden of healthcare expenditure. Key healthcare settings have been outsourcing their waste management to outside parties.
- Regionally, North America is set to dominate the market, capturing nearly 40% market share while Asia-Pacific is expected to be significantly leveraged. Stringent healthcare regulations are boosting medical waste management prospects in North America while a rapidly evolving healthcare infrastructure drives growth in the Asia-Pacific.
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Medical Waste Management: Market Segmentation
Fact.MR has studied the medical waste management market with detailed segmentation on the basis of nature of waste, type of waste, waste generator type, service type and region.
|
Nature of Waste |
Type of Waste |
Waste Generator Type |
Service Type |
Region |
| Non-hazardous Waste | Sharps | Large Quantity Waste Generators:
|
On-site Waste Management | North America |
| Hazardous Waste | Infectious & Pathological Waste | Mid & Small Quantity Waste Generators:
|
Off-site Waste Management | Europe |
| Radioactive Waste | Asia Pacific | |||
| Pharmaceutical Waste | Latin America | |||
| Non-infectious Waste | Middle East & Africa (MEA) |
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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Medical Waste Management Market: Analysis on Market Size Evaluation
The medical waste management market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for medical waste management is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent medical waste management market segments, along with market attractiveness evaluation, has been incorporated in the report.
Medical Waste Management Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the medical waste management report, which have helped deliver projection on the regional markets. These chapters include the regional macros (economic and business environment outlook), which are expected to have a momentous influence on the growth of the medical waste management market during the forecast period.
Country-specific valuation on demand for medical waste management has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
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Medical Waste Management Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading providers of medical waste management services along with their detailed profiles. Essential and up-to-date data information related to market performers, who are principally engaged in the provision of medical waste management services, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolio, key strategies along with all-inclusive SWOT analysis of each player. Company presence is mapped and presented through the matrix for all the prominent players thus providing the readers with actionable insights, which helps in thoughtfully presenting market status, and predicting the competition level in the medical waste management market. Prominent manufacturers with established market presence in the medical waste management market are Stericycle Waste Management, Inc., Sharps Compliance, Inc., CLEAN HARBORS, INC., US Ecology, Inc., Medical Waste Solutions and Veolia.
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