Global Medical Waste Management Market is projected to Reach USD 9.0 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 5.6% from 2020 to 2025.
The increasing volume of healthcare waste and the growing geriatric and obese populations are the major factors driving the growth of the global medical waste management market. However, hospitals, healthcare institutes, and pharmaceutical companies have to make significant investments for the collection and processing of waste in an appropriate manner so as to reduce environmental pollution. This, coupled with the low awareness in developing countries, is expected to affect the growth of this market during the forecast period.
Collection, transportation, and storage services accounted for the largest share of the medical waste management market, by service, in 2019
Based on service, the medical waste management market is segmented into collection, transportation, and storage services; treatment & disposal services; and recycling services. The collection, transportation, and storage services segment accounted for the largest market share in 2019. This can be primarily be attributed to the presence of stringent regulations for the collection, transportation, and storage of medical waste.
North America was the largest regional market for medical waste management in 2019
The global medical waste management market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of this market, followed by Europe. This is majorly attributed to the presence of stringent regulations for medical waste management and the high and growing number of surgical procedures performed in the region.
The prominent players operating in the global medical waste management market include Stericycle (US), Veolia Environnement S.A. (France), Suez Environnement (France), Clean Harbors (US), REMONDIS AG & Co. KG (Germany), Sharps Compliance, Inc. (US), Waste Management, Inc. (US), BioMedical Waste Solutions, LLC (US), Daniels Sharpsmart, Inc. (Australia), Republic Services, Inc. (US), EcoMed Services (US), GRP & Associates (US), BWS Incorporated (US), MedPro Disposal (US), GIC Medical Disposal (Canada), Gamma Waste Services (US), Triumvirate Environmental (US), EPCO (Saudi Arabia), Casella Waste Systems, Inc. (US), & All Medical Waste Australia Pty Ltd. (Australia).
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